Pay your bills

Wealthsimple offers a variety of ways for you to pay your bills, specifically through the following methods:

Pre-authorized debit

Using your Cash account to pay bills through pre-authorized debit (PAD) is the easiest way to pay your bills with Wealthsimple. A pre-authorized debit allows billers (like hydro, cell phone companies, and internet providers) to automatically withdraw an authorized amount of money from your bank account when a payment is due. This means that you don’t need to remember to pay your bills on your own as it is automatically done for you.

Learn more about pre-authorized debits with Wealthsimple

Note: Certain billers may not accept PAD through Wealthsimple. In these cases, you can use one of the alternative methods listed below.

Your Wealthsimple Cash card

Your Wealthsimple Cash card is recognized online just like a standard VISA or Mastercard debit card. This means you can use it to pay bills like subscriptions like Spotify, Netflix, Crave, mobile, and internet. 

Provide your Wealthsimple Cash card details to the biller, and they will automatically charge your card for your bill each month. This means that you don’t need to remember to pay your bills on your own as it is automatically done for you.

Learn more about using your Wealthsimple Cash card

Instant withdrawals using a VISA debit card

Instantly withdrawing funds using a VISA debit card allows you to move funds instantly from your Wealthsimple Cash account directly to your external bank account through a linked VISA debit card. This means that you won’t have to wait 1-2 business days for your funds to arrive back in your account.

Learn more about instantly withdrawing funds using a VISA debit card

Note: There is a 2.5% fee associated with instant withdrawals.

Standard withdrawals to an external bank account

Alternatively, you can withdraw funds from your Wealthsimple account to your linked bank account to pay your bills. 

Learn more about withdrawing funds to your bank account

Tip: Standard withdrawals take 1-2 business days to complete. We recommend withdrawing funds for bill payments a few days before your bills are due to ensure your funds arrive in time. 

Interac e-transfer

Some billers, most commonly landlords, allow you to pay via e-transfer. 

Learn more about sending an e-transfer with Wealthsimple

Note: There is a $1,000 limit per transaction when sending an e-transfer.

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