Wealthsimple Cash announced on Monday users can now send money to anyone, regardless if they are a user of the app or not.
The Toronto-based app says you can send an Interac e-Transfer to anyone with an email address via the company’s Wealthsimple Cash app. Previously, it was only possible to send money from one app user to another. There are no fees to send an e-Transfer. But one needs to have funds in their Wealthsimple Cash account before they can send money.
Now, when sending money through Wealthsimple Cash, you can just enter a contact’s email address to send them money through an option called “Email Money”. When the recipient receives the email of incoming cash, they have the option of downloading the Cash app or depositing the e-Transfer to their bank account.
The Interac e-Transfers will come through Vopay International Inc. and there are daily send limits of $1,000 CAD, and $2,000 CAD per week. Every 30 days, the max e-Transfer limit is $5,000 CAD. These limits apply to those that have verified their identity with FINTRAC in the Cash app.
Any e-Transfer sent by Wealthsimple Cash will require a security question and answer for the first time, as the company says it cannot detect if a recipient has auto-deposits enabled.
Click here to sign up for Wealthsimple Cash and get $1 free for joining.
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I don’t get the point of this, we can email money via etransfer, unless this is designed to skip the entry of the contacts into the banking app?
You’re assuming people have free e-transfers with their banks and they actually use banking apps.
Some people stay away from the minefield of fees known as the big banks.
I thought e- transfers are now free at every bank? Simplii and Tangerine opened the competition…all my accounts have no charges for these operations. I could be wrong…but if not, people have no incentives to use yet another account and app.
Gary has to pay the bills, Wealthsimple is a sponsor 😌
I assume it’s free to send and Cash will withdraw the funds from your bank for the e-transfer? I guess this is a good option for those getting charged an e-transfer fee from their bank.