The chequing account that brings the branch to you

We built our chequing account to offer a better alternative to the clunky, high-fee and low-interest options Canadians settle for with big banks. With $0 everyday fees, the highest interest rate for a chequing account in Canada, and up to $1 million in CDIC coverage on eligible deposits, it’s designed to make spending and saving seamless — while helping your money grow.

Next, we’re tackling the pain points of everyday banking. E-Transfer limits that make it hard to move your own money. High fees and long processing times for wire transfers. Inconvenient branch visits for bank drafts. We’re changing that with new mobile app features that put the branch in your pocket.

Here's what's new

Easily send and receive wire transfers - now at $0

You can now send wire transfers within Canada or receive wires from almost anywhere in the world — all from the app, and with no paper forms required. Outgoing domestic wire transfers arrive within 1 business day, and 100% of your incoming wire funds are available to move, withdraw, or invest as soon as you receive them.

Send up to $25,000 per day in free Interac e-Transfers^®

We’ve made it even easier to move money with Interac e-Transfers: eligible clients can now send up to $25,000 per day**, far above the $5,000 limit at most banks. Whether it’s a one-time payment or a recurring transfer, our high limits and $0 transfer fees give you more flexibility.

Receive Interac e-Transfers to your personal email and import your contacts

We heard your feedback and have added the option to have Interac e-Transfers sent to your personal email. This new feature comes with the option for auto-deposits so that transfers you receive can be deposited without requiring a password. Plus, you can import your list of pre-existing Interac e-Transfer contacts from any other bank account in a few clicks (no more copy-pasting).

Pay for big purchases with bank drafts

Skip the branch visit; you can now order bank drafts directly from your app. Handle the entire process in just a few steps, and we’ll email you a tracking link once your bank draft is en route to be securely delivered to your door as soon as the next business day.

Deposit cheques with your phone

You asked, we listened: you can now deposit cheques using the Wealthsimple app. Just snap a photo, and your cheque will be uploaded to your chequing account where it can start earning interest. Funds are processed within 6 business days, and soon you’ll be able to get instant access to part of your deposit. It's one more way to fund your account — and one less reason to pay fees at a big bank.

Your cheque can be uploaded in just a few steps:

Here's what’s next

These updates are one part of a much bigger roadmap that’s focused on building the best everyday chequing and savings accounts in Canada. 

In the next few months, we’ll be working hard to deliver even more features that can fully replace branch visits, and give you greater control over how you manage your money. 

These upcoming features include:

To try out these features, open a free Wealthsimple chequing account

Have an idea for what we should build next? We’re all ears:

Legal

^{Wealthsimple $0 Wires and $0 Bank Draft Orders Promotion (the “Promotion”).}

^{This Promotion is sponsored by Wealthsimple Technologies Inc. (together with its affiliates ​ “Wealthsimple”).}

^{Promotion Period. From June 11, 2025 at 12:01AM ET to August 31, 2025 at 11:59PM ET (the “Promotion Period”).}

^{Eligibility. To be eligible for the Promotion, the person must, at the time of participation:}

^{Qualifying Action. Clients who send an outgoing wire or bank draft order from their Wealthsimple Account with this functionality during the Promotion Period will not be charged fees associated with outgoing wires or bank drafts by Wealthsimple. Outside of the Promotion Period, each outgoing wire and bank draft order will be charged at their ordinary respective rates, and all other applicable fees apply. For more information regarding sending bank drafts and wire transfers from your Wealthsimple Account, see https://help.wealthsimple.com/hc/en-ca/articles/34840483290139-Order-a-bank-draft-with-your-chequing-account-beta and https://help.wealthsimple.com/hc/en-ca/articles/37721419687963-Wire-funds-from-your-Wealthsimple-account.} 

^{There are no fees associated with the creation of a Wealthsimple Account. A Client can open a Wealthsimple Account by visiting https://www.wealthsimple.com/en-ca and following the instructions on how to create an account. Further details on transferring an account to Wealthsimple can be found at https://wsim.co/transfer-account.}

^{Combinability. Unless specified in the terms of other promotions, this Promotion can be combined with other offers or promotion codes.}

^{Currency. All currency shown in these terms and conditions are in Canadian dollars.}

^{General. Wealthsimple reserves the right to cancel, amend, withdraw or restrict the Promotion at any time without notice. Wealthsimple is the sole arbiter of these rules and any other issue arising under the Promotion. If Wealthsimple suspects fraudulent or abusive behaviour, gaming of the system, inappropriate, offensive or derogatory language or information or a violation of these terms, as determined in Wealthsimple’s sole and absolute discretion, Wealthsimple reserves the right to remove all promotions from the Wealthsimple account(s) and take any other action it deems appropriate including, but not limited to, closing the Wealthsimple account(s). This Promotion cannot be used in conjunction with any other promotional offer, unless specified herein. An invitation to participate in this Promotion does not provide assurance that you will be accepted as a customer of Wealthsimple. This Promotion is only valid for individuals in the location cited above that otherwise meet our eligibility requirements. The standard terms (https://www.wealthsimple.com/en-ca/legal/terms) relating to the use of Wealthsimple and any agreements that apply to the Wealthsimple account(s) each apply and are not affected in any way by this offer.}

^{In the event of any discrepancy or inconsistency between the terms and conditions of the Promotion and disclosures or other statements contained in any related materials, including but not limited to the point of sale, print or online advertising, the terms and conditions of the Promotion shall prevail, govern and control.}

^{Our chequing product is offered by Wealthsimple Investments Inc. (“WSII”), a member of the Canadian Investment Regulatory Organization, and Wealthsimple Payments Inc., a Financial Transactions and Reports Analysis Centre of Canada registered money services business. The funds added to chequing account(s) (the "Funds") are ultimately held securely in trust in the name of the primary account holder with a single or multiple members of the Canada Deposit Insurance Corporation ("CDIC"). CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. Wealthsimple Payments Inc. and WSII are not CDIC member institutions. Under the trust framework, CDIC insures eligible cash balances up to $100,000 per beneficiary, per member institution, provided certain disclosure rules are met. Coverage is free and automatic. Learn more about how CDIC protection works. Funds must be spread across at least 10 CDIC member institutions in order for up to $1,000,000 in deposits to benefit from applicable CDIC coverage. The advertised interest rate for the chequing account is derived from interest earned by Wealthsimple on the funds. The Funds are settled with any CDIC member(s) one business day following the date that Funds are reflected in the account.}

^{Self-directed Investing is offered by WSII. WSII is a member of the Canadian Investment Regulatory Organization. Customer accounts held at WSII are protected by Canadian Investor Protection Fund (“CIPF”) within specified limits in the event WSII becomes insolvent. A brochure describing the nature and limits of coverage is available upon request or at CIPF.}

^{** Individual's actual e-transfer limit will depend on various factors including, but not limited to, total assets with Wealthsimple, direct deposit amount, and previous transfer amounts. For more information, contact our Client Success team. Interac e-Transfer® is a registered trade-mark of Interac Corp. Used under license.}