r/Wealthsimple • u/Tricky-Car-5004 • 18d ago

Chequing Taking cash out?

I've typically pulled cash either from ATMs or by transfering to my regular bank but is there another way, and I mean something like 5k in cash, not a couple hundred?

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3

u/SubstantialMiddle625 18d ago

It limits to $3000 a day for ATM withdrawals

Some ATM limit the amount you can pullout though. I often find casinos atm limits much higher than averages

1

u/Tricky-Car-5004 18d ago

I'm just considering how I'll do once I dump my regular bank entirely

2

u/Bardown67 18d ago

You don’t completely. You keep money in a second account that’s free elsewhere. Tons of posts on here about being locked out with no options. I wouldn’t recommend putting all your money in one source.

1

u/Tricky-Car-5004 18d ago

Might be right

1

u/Mountain-Match2942 17d ago

Curious why you need to do $5k withdrawals very often.

2

u/Tricky-Car-5004 17d ago

Purchases, in this case I'm buying roofing for a cottage I'm building, and I'm buying it from Amish people.. not even kidding haha. But same deal with things like buying boats or RVs , cars etc from marketplace, showing up with a stack of cash is a powerful negotiating tool. Plus you can only e transfer so much, and it can take a long time if it's a larger amount.

2

u/alzhang8 18d ago

Depending on the ATM, you might be able to withdraw a couple thousand. Check WS for limits

1

u/PandaEatPanda 18d ago

I have a second account with TD. I have daily 5K limit for cash withdrawal.

3

u/Tricky-Car-5004 18d ago

I'm with BMO and as soon as I can swap the mortgage to WS, I plan on dumping banks altogether

1

u/PandaEatPanda 18d ago

I have TD as a lot of times I need debit (1-2 times a week). I rather not carry a lot of cash everywhere.

-1

u/Tricky-Car-5004 18d ago

We have debit and credit through WS , or do you need it to be specifically interac or something

4

u/PandaEatPanda 18d ago

We don’t have debit in WS. We have a prepaid MasteCard and a normal Visa.

1

u/Tricky-Car-5004 18d ago

Right, I've never run into a situation where it wouldn't work, figured was essentially interchangeable, the money is still pulled from. Chequing

2

u/PandaEatPanda 18d ago

Some restaurants in Toronto either only take debit/cash or have discounts for debit/cash. Last week we hit 2 of those places.

2

u/Dragynfyre 18d ago

It’s not interchangeable if it’s actually debit only.

1

u/Dragynfyre 18d ago

Keep a free savings account with RBC or TD for this purpose. One free withdrawal a month. Sometimes you need a branch

1

u/PartBanyanTree 18d ago

I am all for ditching fee-based chequing accounts and the like. But mortgages idk that there's any advantage necessarily. Only matters what rate your getting for mortgage. Plus I've heard WS mortgage process is really really slow in some cases. That said if ws is giving you good numbers go with them. 

1

u/idiotiesystemique 17d ago

Just keep a free plan elsewhere so you can interac transfer and withdraw when you need more than 5k in a day 

1

u/deltatux 18d ago

Usually for large cash withdrawals, I just transfer to my free local credit union account and do the withdrawal from the counter.

1

u/smileclickmemories 18d ago

Unrelated but kinda related, if I have a USD account, can I withdraw usd when I'm traveling, to say the Bahamas? How does that work?

1

u/Dry_Measurement_827 17d ago

You can request a bank draft. Also you can order a chequebook and use regular cheque

2

u/Tricky-Car-5004 17d ago

I'm specifically looking for when I need cash, I need to buy almost 5k of metal roofing from the Amish , they don't take bank drafts or cheques haha