In this article:
Overview
Instead of making a deposit to add funds to your Wealthsimple account, you can use an INTERAC e-Transfer®. By funding your account through an e-Transfer, you can deposit up to your bank’s e-Transfer limit. Check your e-Transfer sending limit before making a deposit.
Funds coming from an e-Transfer are available to send, spend, invest, trade and withdraw right away.
Supported accounts
You can fund the accounts below instantly with INTERAC e-Transfer:
|
Account type |
Supports funding with e-Transfer |
|
Managed investing accounts (non-registered, TFSA, RRSP) |
Yes |
|
Managed investing RESP accounts |
No |
|
Self-directed investing accounts |
Yes |
|
Chequing accounts |
Yes |
|
Corporate accounts |
No |
INTERAC e-Transfer limits
Most bank accounts are subject to daily, weekly, and monthly e-Transfer limits set by each bank. Individual limits may vary depending on the bank's policies.
You can review the e-Transfer limits for the most popular banks below. If you don’t see your bank or you aren't sure what your personal limit is, please contact your bank.
| Bank | Personal account limits |
| BMO | Varies by individual. Follow these steps to find your limit. |
| CIBC | 24 hour limit: $3,000 7 day limit: $10,000 30 day limit: $30,000 Source: CIBC |
| RBC | RBC has an e-Transfer fulfillment limit* of $1,500. Contact RBC for more information. |
| Scotiabank | Varies by individual. Follow these steps to find your limit. |
| Tangerine | 24 hour limit: $3,000 7 day limit: $10,000 30 day limit: $20,000 Source: Tangerine |
| TD Bank | 24 hour limit: $3,000 7 day limit: $10,000 30 day limit: $20,000 Source: TD Bank |
Fund your account with e-Transfer
To fund your account with INTERAC e-Transfer, you need to send a request for an e-Transfer from your Wealthsimple account to your bank account.
When you request an e-Transfer from your bank account, we'll automatically use the email address on file with Wealthsimple. If your bank account is not associated with the email address on your Wealthsimple profile, you 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
- Select an account
- Tap Add money
- Choose INTERAC e-Transfer as the funding source
- Tap Next
- Enter an amount and tap Next
- Review your details and tap Submit
- Log in to your Wealthsimple account
- Select Add money from the Home page
- Choose Interac e-Transfer as the funding source
- Choose a destination account
- Enter an Amount to deposit
- Select Next
- Review the details and select Submit
Completing the e-Transfer
Once you request your e-Transfer, INTERAC will send you an email within approximately 5 minutes 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 e-Transfer to yourself, you can't cancel it. If you no longer want to fulfill the request, you can ignore it.
Receiving e-Transfer transactions from someone else
You can't make e-Transfer deposits from banks that aren't in your name. This is to remain compliant with Canada Revenue Agency rules for investment accounts. Consult with a tax professional if you have any questions about the tax implications regarding your accounts and income.
To receive money into your chequing account from friends and family, check out these articles:
Frequently asked questions
Why don't I see my e-Transfer in my Wealthsimple account?
Sometimes, banks will hold an e-Transfer as a security measure. If you don't see your e-Transfer in your Wealthsimple account within 30 minutes, please contact your bank and ask for their fraud department to push your e-Transfer through.
Does Wealthsimple charge fees for e-Transfer transactions?
Wealthsimple doesn't charge fees for processing an e-Transfer. Your bank may charge you a fee, depending on your account's fee schedule.
Comments
0 comments
Please sign in to leave a comment.