Wealthsimple offers a variety of ways for you to pay your bills, specifically through the following methods:
- Pre-authorized debit (PAD)
- Your Wealthsimple Cash card
- Instant withdrawals using a VISA debit card
- Standard withdrawals to an external bank account
- Interac e-transfer (most commonly for rent)
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.
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.
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.
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.
Some billers, most commonly landlords, allow you to pay via e-transfer.