In this article, you will learn about the following:
- Daily, weekly, and monthly limits for e-transfer deposits
- What kinds of fees to expect with e-transfer funding (Wealthsimple does not charge fees for e-transfers, but your bank may charge fees)
- How soon your e-transfer will be available to use
- What accounts can and cannot be funded through e-transfer funding
- What institutions don't support e-transfer funding
Instead of making a deposit to add funds to your Wealthsimple account, you can add funds using an INTERAC e-transfer. By funding your account through an e-transfer, you can deposit up to $3,000 instantly per transaction. You can make up to five e-transfer funding transactions in a 24-hour period (keep in mind that your financial institution that you are sending from might have different e-transfer limits).
More details
- Wealthsimple does not charge fees when processing an e-transfer. Your bank may charge you a fee depending on their fee schedule for your account.
- Funds that come from an e-transfer will be available to send, spend, invest, trade and withdraw right away. Withdrawals may take up to 2 business days to show up in your linked bank account.
Supported accounts
Below you can see what accounts are available to fund instantly with INTERAC e-transfer:
|
Account type |
Can be funded with an e-transfer? |
|
Managed investing accounts (Personal, TFSA, RRSP) |
Yes |
|
Managed investing RESP accounts |
No |
|
DIY trading accounts |
Yes |
|
Cash accounts |
Yes |
|
Save accounts |
Yes |
|
Joint Save accounts |
No |
Send yourself an e-transfer
To fund your account with INTERAC e-transfer, you will need to send a request for an e-transfer from your Wealthsimple account to your bank account.
When requesting an e-transfer from your bank account, we will automatically use the email address on file with Wealthsimple. If your bank account is not associated with the email address as your Wealthsimple profile, you will need to update your Wealthsimple email address to match the email on file with your bank.
To send yourself an e-transfer request, follow these steps:
- Log in to your Wealthsimple mobile app
- Tap the Move tab
at the bottom of the screen
- Choose Deposit
- Select Add funds
- Choose an account and tap Continue
- Select the Interac e-transfer menu option
- Enter an amount and tap Continue
- Review your details and Submit request
Stocks, ETFs & Crypto
- Log into my.wealthsimple.com and sign in to your Stocks, ETFs & Crypto profile
- Click Move funds at the top of your screen
- Select Add funds
- Under From, choose INTERAC e-transfer
- Fill out the rest of your information and click Continue
- Review your details and Confirm
Once you request your e-transfer, INTERAC will send you an email stating that you have received an e-transfer request from yourself. This email will prompt you to open your online banking portal to action the request. From there, you can follow the prompts from your online banking portal to set up the e-transfer to your Wealthsimple account.
Cancel an e-transfer request
Once you send an INTERAC e-transfer to yourself, you will be unable to cancel it. If you no longer want to fulfill the request, you can ignore it.
Receiving e-transfers from someone else
E-transfer deposit requests can only be accepted from a personal bank account in your name. This is in order to remain compliant with CRA rules for investment accounts (such as TFSAs). Please make sure to consult with a tax professional if you have any questions about the tax implications regarding your accounts and income.
To receive money into your Cash account from friends and family, check out these articles:
Comments
0 comments
Please sign in to leave a comment.