Wealthsimple chequing: new fall features 

At our inaugural Wealthsimple Presents event back in June, we set out an ambitious mission to build the future of finance in Canada, starting with our flagship banking product: Wealthsimple chequing. Just a few months later, we’ve already delivered on the majority of what we promised. Here are the latest features and improvements.

Free ATMs, anywhere

Our ATM reimbursements are going international: you can now withdraw cash using your prepaid Mastercard from almost anywhere in the world, and we’ll cover 100% of the fees (no more $5 cap). 

International money transfers

Need to send money abroad? Clients can now send payments in 11 currencies (and counting) from right in our app – and with low fees. Currencies supported: USD, AUD, BRL, EUR, GBP, HKD, INR, JPY, MXN, PHP, THB. Powered by Wise®.

Mobile cheque deposits 

Take a picture and the money’s yours: clients can now deposit cheques with their smartphones and use the added funds instantly, up to their personal deposit limit. Spend it, save it, invest it — whatever you want, right away.

Anywhere bank drafts

Clients can now send bank drafts directly to a recipient or third party, rather than just to your home address. No hand deliveries, branch visits, or extra coordinating required.

Interac e-Transfer improvements

Clients can now deposit e-Transfers via their personal email address, set up recurring deposits, and manage their e-Transfer limits directly in the app. Bonus: eligible clients can e-Transfer up to $25K a day.

24/7 support

We take support seriously. That’s why clients can now reach our team 24 hours a day, 7 days a week — not just for their chequing account, but for self-directed investing, managed investing, tax support, and more.

All these improvements build on market-leading features like no account balance minimums, no monthly fees, no Interac e-Transfer fees, and $1 million in CDIC insurance coverage. But we’ve got a few more improvements to Wealthsimple chequing in the pipeline, too — and they’re all coming soon.

Cash deliveries 

ATMs come with ATM fees — and while we already reimburse you for those, getting cash still requires a trip around the block. Coming soon, clients will be able to get same-day cash deliveries directly to their door. We’re already testing this feature with a limited group in Toronto and will release it to more clients in the coming months.

Cheque deliveries

Chuck your chequebook — it’s all in-app here. Our new cheque delivery feature lets you write them in-app and send them straight to your recipient’s footsteps. We’re testing this out with a small group and will be rolling it out to everyone in the coming weeks.

International wire transfers

Our fees for outgoing domestic wire transfers are already among the lowest in Canada* ($15), and we charge nothing to receive wires from anywhere on the planet. Now it gets better, because by November, clients will be able to send low-cost international wires to anywhere in the world using SWIFT, with 3 currencies to start: USD, EUR and GBP. 

Portfolio line of credit 

You’ve worked hard to build up your investments. Now, we’re letting you use them as collateral to borrow money when you need it, with rates as low as 4.20%. Plus, you only pay interest on what you use, whether it’s for renovations, consolidating debt, or seizing a market opportunity. We started testing in August, so stay tuned.

Trusted places and contacts

Watch out for new layers of protection that help keep your money even safer. Trusted Places will let you designate a secure location (like your home or office) for high-value transactions, with extra verification required elsewhere. Trusted Contacts will allow select individuals to help validate transactions if something seems off. Both features will roll out to all clients by the end of the year.

Our mission is simple: help Canadians achieve financial freedom. That’s why we’re constantly re-imagining what banking looks like in Canada, inching our way towards our goal with smart tweaks and new feature launches — all in the name of saving our clients time, money, or both. We’ve got lots more on the roadmap, too, and we’re excited to roll them out in the months to come. Stay tuned.

Legal

^{Our Chequing product is offered by Wealthsimple Investments Inc., 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.}

^{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.}

^{Interac e-Transfer® is a registered trade-mark of Interac Corp. Used under license.}

^{*Data collected as of May 7, 2025. As compared to all outgoing domestic wire fees from Canadian financial institutions as listed under Schedule I under the Bank Act.}

^{What’s coming next: We’re still building these features and products, terms and conditions will apply and be available when the features and products are launched.}