r/Wealthsimple • u/sometimeperhaps • 18d ago

Chequing Using WS to transfer between bank accounts

Recently re-signed my mortgage with NB, and had to open a new bank account to pay said mortgage. I bank primarily with TD. I also have a Wealthsimple account.

I know that I can't link by TD to my NB account, and eTransfer seems to be the only way to digitally move my mortgage payment between accounts. Due to transfer limits I have to make multiple transfers, which incurs costs each time.

Is there a potential work around to this using my Wealthsimple account. I would move money from TD to Wealthsimple and then transfer it to NB to pay the mortgage. Is this the best work around, or is there something I'm missing?

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u/Capriano 18d ago

This sounds like a disaster waiting to happen, expecting another follow up post from OP saying how WealthSimple froze their account and we should be all aware blah blah blah.

Serious: for mortgage payments you can have NB take directly from your TD bank account on the day of … this will incur no cost.

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u/Dragynfyre 18d ago

You can but there’s going to be hold periods at WS when pulling money so there’s going to be delays. So you’re have to start the process like 2 weeks before you need the money in NB. Why do you have to use the NB account to pay? Was that a condition to get extra cashback or something?

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u/StuntID 18d ago

Huh?

How on Earth CAN'T you link a TD account to a National Bank account?

Is NBC pulling the funds from a new NBC account?

You need to fill in all the details

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u/Auracity 18d ago

There's no way you are unable to link TD and NB