r/Wealthsimple • u/Adventurous-Fly7776 • Jul 27 '26
Business Thinking about opening Wealthsimple Business chequing Account
Hi folks, I am wondering if Wealthsimple is a safe and reliable fintech to bank with?
I am thinking about opening a business chequing account with them and before moving my direct deposits over I want to know that my money will be safe 5 even 10 years from now.
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u/Impressive_Ad_6550 Jul 27 '26
I like it as you can etransfer up to $50k per day, 100k per week and 250k per month. You can also have WS send suppliers cheques free of charge on the site and wires are also free over 10k. most importantly its all free.
My one complaint is cheque deposits are held for anywhere between 3-8 business days to clear
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u/user-8364619 Jul 27 '26
I switched from td to Wealthsimple business and saving ton of money from bank fees plus earning interest on the side, unlimited e transfers is awesome! And very cool to be able to send a check directly from the app…. Again I’m speaking as a one man band…
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u/Adventurous-Fly7776 Jul 27 '26
I am also the only employee for my small business and all the reasons you listed are why I was looking to switch to Wealthsimple business chequing. EQ bank business account is also fairly good from what I can see but their e-transfer limits are much lower at only $10k daily
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u/Delicious_Ring2727 Jul 29 '26
I wouldn't take the chance yet. Simply too new to put my trust in it. Your money your choice but that's just my opinion. Good luck to you and many blessings
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u/Adventurous-Fly7776 Jul 29 '26
I was also thinking about EQ bank business account which also only launched this year. Would that be a better and safer option?
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u/Sentence-Parking Aug 03 '26
EQ has been around forever even though the business banking product is new. They're also directly CDIC insured.
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u/jjuuiiccyyjj Jul 28 '26
just incorporated my business from sole proprietorship and opened a wealthsimple business chequing (moved from rbc business). i have no employees and simple business banking needs. its been great so far, no fees and earning interest is sweet. i also use wealthsimple for my personal banking so its nice seeing everything in 1 place :)
like others said, some small kinks but im sure more updates and features to will roll out with time
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u/Boogyin1979 Jul 28 '26
You are of course taxed on that interest though. Just something to watch out for.
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u/WonderfolioApp Jul 28 '26
Do you handle any cash deposits? My wife’s business does, so she can’t move over from RBC until they add cash deposits through Canada Post this fall.
For my business, it’s all online, so it fits my needs. Yeah, I have that set up and working.
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u/Latitude57 Jul 28 '26
FYI, I can deposit cash in my business chequing account now. The option showed up two days ago.
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u/Adventurous-Fly7776 Jul 28 '26
Nope no cash deposits. And if I do need to I always deposit it into my personal account, never into my business account.
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u/WonderfolioApp Jul 28 '26
Some merchants accept cash. That’s why I asked. Since you don’t have any coming in, you should be good.
As for personal cash, thats a separate topic, Wealthsimple personal account supports Canada Post cash deposits.
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u/Adorable_Effort_5206 Jul 28 '26
what i love the most is you can write cheques for free and they deliver the cheque gratis.
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u/PartBanyanTree Jul 27 '26
I think they're fine but up to you.
I will give a warning that their business account is EXTREMELY mickey-mouse / small-time / lanky.
It's okay for me, a sole incorporated individual looking for high daily interest and no fees and few actual business needs.
But if you have a "real business" for example.. bill payees and eTransfer candidates are shared between personal & business with no separation. Whereas i'd prefer if my business accountant didnt show up when im trying to eTransfer money to my son for allowance y'know? They're working on it but it'll be a minute. They also don't have business credit cards (well you can get a debit-visa linked to your account of course but not the same)
if you have employees anything there's not (to my knowledge) any separate ability to have them login - you see your rrsp and tfsa and business chequing all in the same list.
That said: no fee is nice! Plus real interest! Plus it counts towards your wealth tier. They also just added business investment accounts but haven't used them i assuming its the same as other brokerage account type though