Wealthsimple has rolled out a series of significant upgrades to its Interac e-Transfer service, aiming to give clients more flexibility and higher limits than regular Canadian banks. The Toronto-based fintech now allows users to send up to $25,000 daily, a move that doubles the standard limit found at most major financial institutions.
Beyond the increased limits, the update introduces new features designed to streamline how Canadians move money. Users can now assign different email addresses to specific accounts within the app. This Autodeposit flexibility ensures that incoming transfers land exactly where the user wants them, whether that is a spending account or a high interest savings account.
Wealthsimple has also simplified the sending process by allowing transfers via phone numbers. Instead of requiring an email address, users can simply select a contact from their phone to send funds.
Other Internet e-Transfer features from Wealthsimple include the ability to set up scheduled and recurring transfers, allowing for weekly, bi-weekly, or monthly payments to be sent automatically. Incoming transfers usually feature instant availability, meaning funds can be spent or invested immediately upon arrival.
All of these services are available with zero fees for sending or receiving money, whereas some big banks still ding you for receiving or sending e-Transfers. However, it is important to point out that Wealthsimple does not yet support the ability to receive or fulfill Interic e-Transfer Request Money notifications sent from other banks, so maybe that might be coming next.
Most big banks only let you send up to $25,000 Interac e-Transfers if you’re a business banking customer or if you’re a private banking customer with a deep bank account. Usually, you can only send like $3,000 per 24 hours, $10,000 per week and $20,000 per 30 days. So Wealthsimple’s new limit definitely adds flexibility in how you want to send your money.
You can click here to sign up for Wealthsimple and get $25 free.
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