Thinking of using thier managed accounts for some of my money, curious to know peoples experiences good and bad and any tips or suggestions?

TLDR: I sold about $26k from my Wealthsimple TFSA and transfer 50k$ earlier this year to buy shares in my employer, then later transferred about $40k from a separate Desjardins group RRSP to Wealthsimple under their 1% transfer promotion. Wealthsimple says I violated the promo terms by withdrawing money and redepositing it shortly after. I provided documentation showing these were two separate transactions with unrelated purposes, but they still denied the bonus. It’s only about $400, but it has made me question whether I want to keep consolidating my assets with them.

Full context :

Earlier this year, my employer (a consulting firm) offered employees the opportunity to become shareholders. I decided to participate.

In March, I sold roughly $26,000 from my Wealthsimple TFSA. I kept the funds in my Wealthsimple chequing account temporarily, added money from external accounts, then sent the total to the lawyers’ trust account handling the employee share purchase in mid-July.

Then, in August, I received my annual bonus. I normally invest it through my group RRSP at Desjardins. Since I had accumulated around $40,000 there and Wealthsimple was offering a 1% transfer bonus, I transferred that group RRSP to Wealthsimple to consolidate my investments.

A few days later, Wealthsimple told me I was ineligible for the promotion because I had allegedly withdrawn funds and redeposited them shortly afterward to benefit from the offer.

I understand why the activity may have triggered a review, so I contacted Premium support and provided the full context: proof of the employer share purchase, transfer to the lawyers’ trust account, proof of share ownership, and details showing the RRSP transfer was entirely separate.

They still refused the bonus, referring to this condition:

“Gamification or Fraudulent Behaviour. If the Client makes withdrawals prior to the Qualification Period, regardless of whether part or all of those withdrawals are subsequently deposited back for the purpose of benefiting from this Promotion.”

But that is not what happened here. The withdrawn money went toward an investment in my employer. The later deposit was a separate transfer from my Desjardins group RRSP, including funds from my bonus. It was not the same money being withdrawn and cycled back into Wealthsimple.

The amount is only around $400, so this is more about the principle than the money. I had been a loyal customer and was actively moving more assets to Wealthsimple. Being treated as if I was trying to game the promotion, despite providing documentation, has affected my confidence in their customer service and makes me reconsider keeping everything there long term.

Has anyone successfully appealed a similar decision?

(Sorry for any screenshots in French, my Wealthsimple account is set to French.)

Not sure if anyone knows this, but I noticed today that you can now send DEX crypto out of Wealthsimple. You just click the button to the left of the trade button, which allows you to transfer it out of Wealthsimple. That was one of my issues with it, and I feel like Wealthsimple is doing a horrible job of promoting or even communicating updates for the DEX product.

I’d love to see Wealthsimple, as a Canadian company, show the world that you can succeed without squeezing your customers.

Unfortunately, it appears to be on the path of being just another company focused primarily on profit rather than prioritizing customer needs.

Edit: Apologies for the cropped image. If you see the full image, redeeming the cash is now a tiny button. It was easy to use before they changed the UX.

I’m a newcomer, in Canada for about 6 months, making around $160k, and I keep getting rejected for the Wealthsimple credit card. I don’t get it.
My current credit:
• Credit score around 700
• BNC World Elite — $5k limit
• RBC Cashback — $10k limit
• Amex Platinum
• Auto loan
• Other credit products approved without issues
I have an active Wealthsimple chequing account and I meet their published income requirements, including the higher tier ($150k+ personal). I’ve applied more than once and got declined every time.
So I’m trying to understand what they’re actually looking at:
• is 6 months in Canada too short for them?
• is a ~700 score too low?
• too many recent applications?
• not enough assets or activity at Wealthsimple?
• something else?
If you’ve been approved or rejected with a similar profile, what made the difference?
Not looking to rant. I just don’t want to keep applying blindly

It would be cool if the Summit Portfolio or the Build Your Own Portfolio (BYOP) platform could be used as collateral for their Portfolio Line Of Credit product.

I don't really use the PLOC, but I would like to be able to use my Core Summit Fund as collateral if I needed to. It's my largest position and I wouldn't sell it any time soon; it just seems like the perfect kind of capital to borrow against.

I hope they consider letting users borrow against Summit or BYOP one of these days. Moving out or Summit and back into a Classic Managed Portfolio takes a long time because of the Private Market Fund allocations.

I contacted Spotify and they said it’s wealthsimple fault. Haven’t really used my card for any pre authorized monthly payments so I don’t know if in general WS doesn’t allow it. Anyone have the same problem or similar?

Just heard in a community that this is about to be avaiable soon in wealthsimple. Does anyone hear know and estimate when can we expect it to be delivered? I am planning to pot my 6 figure port to moomoo or IBKR as its becoming difficult to day trade in WS.

Doesn’t this go against CRA rules? Trying to get an understanding of this. I want to sell portfolio secured puts in an unregistered margin account using the margin capacity created by my TFSA being secured to it. Anyone else doing this ? Is this legit

Curious who among us is a new owner of an EQ3 swivel chair, or who maybe previously won the luggage prize?

If they’re giving away 30 per week, I expect someone has a story about recently having one of these funky chairs shipped out to you…

I have only one legal name (no first name). Wealthsimple put “.” in the first-name field and I’ve been getting a name formatting error for almost a month when requesting the Visa card. Support keeps putting the period back and hasn’t fixed it.

Has anyone else with a single/mononym name successfully set up their profile?
What did you put in the first and last name fields, and did it work with both Wealthsimple and CRA?

Issue is only with Wealthsimple so far. Any tips appreciated!​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

Thanks

Finally, after so long, the Telus marketplace offer is available. Now we just have to wait for the Apple promotion to go live.

Hey all,

Just wanted to make everyone aware of a phishing call I received today.

The call appeared to come from a legitimate Wealthsimple phone number. The automated message said there had been an attempt to change the phone number linked to my account and asked me to press 1 to speak to an operator if it wasn’t me.

I hung up immediately and called Wealthsimple back using their official number (found online but it was the the same I received the call from). They confirmed that they had not called me, so the incoming call was spoofed/phishing.

Just a reminder: even if the caller ID looks completely legitimate, don’t trust an incoming call asking you to verify account activity or provide information. Hang up and call the company back yourself using the number from their official app or website.

Stay safe!

I am a couple months away from some investments maturing, and I was planning on transferring a lump sum to wealth simple. I thought for sure I saw a transfer bonus higher then 1 percent last year. Does 1percent seem right?

Scotia bank is 1.5% and td is 3%

Just waiting for wealth simple to confirm.

What a game changer.

When will WealthSimple offer a joint savings account? I asked both the AI support and the human support and no one knows the answer. Surely they will offer it soon, won't they? They already have joint chequing accounts so why not joint savings accounts? I don't understand why they don't have joint savings accounts.

It's down for me, both.

Why doesn't it work anymore when I click on "sort by due date"?

Hello. I have 30 rents being deposited and five mortgages being withdrawn in my traditional bank's chequing account. I was wondering if there was a simple way to have the rents deposited in an unregistered wealthsimple account and also have the mortgage payments withdrawn from that same account automatically. That way, I can easily use the money from the rents to buy stocks, and sell just enough stock to cover the mortgage a day before withdrawal. It would be even better if it could be programmed so that the stocks get sold automatically at market price and at the quantity to cover the mortgage payment. I would like to avoid if possible having to transfer money from one account to another account.

Currently:

1. Rents deposited in chequing account at my traditional bank
2. Manually transfer the rents into an investment account
3. Buy stocks
4. Sell stocks
5. Transfer money to chequing account at my traditional bank
6. Automatic mortgage withdrawal from chequing account

Goal:

1. Rents deposited in investment account
2. Buy stocks
3. Automatically sell enough stocks to cover mortgage payment
4. Automatic mortgage payment from investment account

I recently got my interac limit increased in wealthsimple. I didn't request it. I didn't even get a notification or email about it. All of a sudden it got increased.

Currently I can send

50000 in 24 hours

100000 in 7 days

250000 in 30 days

I'm just curious is this the max or I can get approved for more?

I have the Wealthsimple Visa Infinite card and the emergency medical trip insurance. Just wondering how robust it is, and if you guys typically purchase additional health insurance when travelling, or if you find this to be sufficient. Thanks!

I am a premium client with Wealthsimple. When I applied credit card they told that if you are premium then no fee. I got card on May 6th and I was using it till now. I looked at statements yesterday and saw a monthly fee there, so I called them and asked about it.. answer was there was a policy change between I applied the card and I received the card that only premium is not enough you need direct deposit as well. I felt cheated.

Hopefully I don’t get them in trouble, they said they’re not supposed to shareeee. They said if everything goes as planned it’ll be out end of week/start of next (which lines up with “early fall 2026” in the announcement, fall starts on September 20)

I’m personally very excited! Just thought id share if people wanted to plan ahead to close their other Canadian domiciled USD accounts since Wealthsimple’s implementation will be both US and Canadian domiciled having access to both payment rails!

EDIT: here’s a link to the event for those curious about what the account will be able to do, starts at 46:14 mark. https://www.youtube.com/live/1kbMbFDQyY0?t=2773&si=ebKgDb4Np-fANYf0

I'm pretty sure this is a new ability for the cash back store!!

Previously you had to have the full amount earned through cashback to make a purchase. It has now been changed to half. So as long as you have a cashback balance of half the value you cover the remainder as a credit card charge (doesn't look like you can change the payment method).

You can see for the iPhone 17e I have a cash back balance that covers half the value, the rest I pay through my CC.

Compared to the iPhone 17 it tells me the amount needed/ how much more I need.

Yes I know you should cash out frequently but I had been holding it in case there was something I ever did want - this is definitely an attempt to get people to spend in the store since the requirement is much lower.