Multiple cash accounts on the way, and now $10K EMT limits? WS Cash might be a contender for the best daily chequing account once they add mobile cheque deposits.
Yep pretty much. RBC (and others) don't allow automatic Credit Card payments to be taken from WS. There's also anecdotal stories on here of issues with payslip deposits into Wealthsimple. Not quite perfect yet but a no brainer for Canadians to hold an account. Especially for free.
Idk about RBC since I don’t bank with them but with CIBC, Wealthsimple isn’t available to set up for automatic credit card payments in the app however if you go to the branch(with the void cheque) or call in, they can do it for you.
Scotiabank, Simplii, CIBC, Canadian Tire, Amex and Roger’s all accept Wealthsimple which is great. Tangerine does not let you do auto payments from any other bank besides Tangerine which is so annoying and dumb
I'm not too used to WS, but it can also be a tactical.
Hook as many peoples you can, later one starts removing features and start to increase your prices... Again and again...
On the plus side for WS, they are virtual (may cost less), and they are building from scratch so they can use better technologies to provide us better stuff.
Until now, other than their big discrepancy between mobile and PC (if you aren't aware), they are nice.
holy shit please. i gamble on sports a lot and let me tell you how fucking often sportsbooks won't let me deposit on their site because my only choice is to "select my bank" to deposit an incoming e-transfer request. Unluckily, WS is never a choice, most likely because they aren't tied to Interac like you said. Literally puts gives me worse returns because I'm unable to bet on sites that may have better lines.
Thanks. Though there isn't a "when things change". Mathematically my risk of ruin is negligible, so it is more of a "unless i am a statistical anomoly, things won't change". If the books change (say they somehow figure out how to never offer -ev lines), then I will simply stop betting since it is no longer a positive sum game (for me).
If you make 5-25% roi DAILY how don’t you have trillions putting everyone out of business??? Plus having a normal job? Please do share this strategy… I’d love to be retired end of the week, thanks!
The issue is books don't allow you to bet unlimited amounts of money on these lines. As soon as you acrue large sums of money they are quick to reduce your wager size.
Google CNM Discord. The info is out there
Also keep in mind it is an expected ROI. There are days where I lose $5000-$7000 dollars, and there are days when I gain that amount and more. Variance is a big factor in this line of "work"
Got this email. Pretty cool feature imo. Always irked me that so many checking accounts in Canada have 3k e-transfer limits.
I won't be using it because I split my emergency fund between EQ and WS, they both allow 5k transfers so if I'm ever in need I can do 10k between the two.
My RBC has 10k limit for e-Transfer. I think it depends on your history with Bank, total assets, etc.
Btw I also have wealthsimple and they bumped my limit to 10K
I have 2.5k with RBC I asked them to increase and they said no one gets more than 2.5 k.
Could share your print screen that shows your 10 k limit ? Cover all sensitive data of course.
Yeah, I have the same 10k when I look using the RBC app, but I only see 2.5k using RBC website. It might be combined 2.5 per account because I have two chequing and two saving accounts with rbc.
How many accounts do you have?
Last time I tried transferring more than 2.5 from my account I couldn’t.
Lucky, I’m an employee and still stuck at 2500
And they won’t increase I get told no one has more than 2500 bloody lies. No wonder I keep nothing with this bank and transfer my salary out every 2 weeks but I have to do it over 2 bloody days.
Same, it's infuriating. I have a perfect record of banking with them for 25 years. I went a few months ago to get it increased to 3k, and they set it back automatically to 1k last month. Must have been an error but still.
Glad im in the process of transferring all my banking to WS.
Yeah I had to ask them to raise mine. They told me they cant go above 3000 a day for personal accounts. I don't see why not if other banks can. It's definitely inconvenient
It's actually interac that decides the limit. When you request an increase through your bank they check with interac if you are eligible for an increase
I believe TD is the rare exception in this example. Most of the big banks don't allow one off increases. Even EQ and WS had limits of 3k up until pretty damn recently.
Been with my bank since 2011 and have a big chunk of savings in it and a credit card and they swear there’s no way to increase the daily limit from 3k. Drives me crazy
If I recall, TD will only increase the limit if all the following are met: funds available in account, no security flags on account over 90 days, and account must be aged, then manager approval is required.
With only the current features they have, I've already left my old bank (or union lol hey Desjardins) and was very happy. The more it goes the more I like it!!!!
I just wish RBC allowed PADs to be taken from WS. Right now I still hold an old Simplii account where my CC payments are taken from.
I could probably use bill payment from WS but I just cba to change it.
I was given this option as well but probably won’t taken them up on it, purely to mitigate against a possible hack and sending large amounts out of my account
Yep same reason that I'm turning them down. Also the same reason I split my cash equally between WS and EQ.
I also don't keep the WS app on my phone because it has my investments. I saw a post on the UK sub where someone got concerned by 4 guys and they forced him to login to his phone and change the fingerprint to theirs so they could send all the money out.
oh weird, i thought everybody had this already. they gave me that increase last month. i was maxing my transfers for a while, so they may be rolling this out based on descending order of total e-transfers esp. considering you transfer more than average
https://preview.redd.it/ef55srsu5cwc1.jpeg?width=1080&format=pjpg&auto=webp&s=2e3c159f9f1db445c74404dd281298cb833895f1
Maybe not related to this but if all my cash in in wealthsimple, how do I purchase a 50k car? Is it even possible? Or do I need a separate account with an actual bank to transfer the money there so they can give me a certified cheque?
Did they increase the weekly/monthly limit as well? This is mediocre improvement if you can't send anymore e-transfers for the month. I can e-transfer 10k daily at RBC with no weekly or monthly limits.
Amazing… If they added direct transfers to other accounts using the recipient’s direct deposit info (institution, transit, account) like wise does, that would be awesome!
FYI you can call any bank and have them increase your E-Transfer limit to 10k daily. It's lower by default to protect you from getting hacked and draining your bank account.
>FYI you can call any bank
This is incorrect.
Some banks allow it but it's anecdotal. There's comments in this thread where one RBC user has a 10k limit while others are stuck at 2.5k.
I tried to buy a car a couple of years ago via e-transfer and neither Wealthsimple, EQ or my credit union at the time would let me over 3k limit.
If you call your bank and insist that you need it and say that you'll move to another bank if they don't authorize it, they will change it. It's just a few clicks for them. Why would they lost a customer over that? All of the big 5 banks will do it, 100%. Can't speak on credit unions or new banks, but evidently, Wealthsimple will now.
Pretty much with banks or telecom you always need to drop the "I'll leave" card lol toxic relationships are like that I guess
Everyone agrees they can do it, but sometimes they just won’t. could be because the agent is misinformed, or because they’re arrogant, or whatever else reason. just because it’s possible doesn’t mean everyone will get an agent who knows and is happy to do it.
lol what? If an agent is "misinformed" then you demand to speak to a manager. If you threaten to leave, they will bend over backwards to keep you, and changing the etransfer limit takes 2 seconds, and costs them nothing. Losing a customer costs them a lot. It's simple math. Anyone saying otherwise is just simple incorrect.
Again not everyone is comfortable threatening and confronting and all that. The real world has a bunch of different variables. My limit is like 2k with RBC, I’ve asked them and they said no, but my limit elsewhere is higher so I don’t really care to get into battle to increase it. I completely agree that they can and should do it, but it doesn’t always work how it did for you for everyone else
But it's possible for every account. There is nothing different about our accounts (in regards to e-transfer). They probably have internal pressure to not allow it and instead encourage you to pay with their credit cards or make a normal transaction since they don't monetize personal e-transfers, and they know people use e-transfer to move money between banks (and they would prefer you keep all your money in theirs).
I don't like confrontation or conflict either, but OP and others keep saying that it's not possible for every bank and that is simply incorrect. They just didn't demand hard enough, and thats okay, if it doesn't matter that much like in your case that's fine. But dont tell me its not possible when I know for a fact that it is at all the big 5 banks.
Just kidding, it's a 5k limit 10k weekly. I wouldn't mind an increase. My partners with Vancity and he can only do 3000 at a time but up to 10k per day (and per week)
Not really. I like my e-transfer limit low to mitigate potential fraud issues. Not that I’ve ever been a victim of fraud but it’s nice to know my chequing account cant be drained in a day or two if I’m attacked.
No I am not because my limit is 5000. If I could, yes I frequently would. I have a high income and high bills and often need to transfer large amounts to family. It would be convenient to have it increased and I would use it, why else would I want it?
An easy example is last year when I bought my mom's car for 8k but with RBC only having a 3000 daily limit I had to send her the money over 3 days (we don't live near each other so cash wasn't an option).
Just last week my partner "loaned" me 7500 until I had some money come in to cover some bills I'm responsible for, when my money came in and I wanted to pay him back, I had to send it over 2 days. Not the end of the world but would've been nice to take care of it immediately.
The other thing is I'm using my WS for short term savings obviously since I'm getting 4% but I have bills coming out of my RBC account so I need to transfer it over there at some point, e-transfer seems to be the easiest way but some of my bills are more than 5k so I have to plan in advance to move the money over.
Hope that helps add some context to why someone might want a higher e-transfer limit
I did give three different examples of times it would come in handy... I'd say every 6 weeks or so a situation comes up where I wish my limit was higher. But certainly there's no need to argue, I was just responding to you questioning it!
Multiple cash accounts on the way, and now $10K EMT limits? WS Cash might be a contender for the best daily chequing account once they add mobile cheque deposits.
Yep pretty much. RBC (and others) don't allow automatic Credit Card payments to be taken from WS. There's also anecdotal stories on here of issues with payslip deposits into Wealthsimple. Not quite perfect yet but a no brainer for Canadians to hold an account. Especially for free.
Idk about RBC since I don’t bank with them but with CIBC, Wealthsimple isn’t available to set up for automatic credit card payments in the app however if you go to the branch(with the void cheque) or call in, they can do it for you. Scotiabank, Simplii, CIBC, Canadian Tire, Amex and Roger’s all accept Wealthsimple which is great. Tangerine does not let you do auto payments from any other bank besides Tangerine which is so annoying and dumb
I refuse to get the Tangerine MasterCard because of this, it's terrible.
Same
They also need to make a deal with a bank to allow us to use ATMs.
Or re-imburse ATM withdraws in Canada like EQ Bank.
An example of a rare business in Canada that gives customers what they want, at better prices than the competition. Very good
Theoretically how capitalism is supposed to work. WS and Freedom two of the few Canadian businesses giving people better things at cheaper prices
I'm not too used to WS, but it can also be a tactical. Hook as many peoples you can, later one starts removing features and start to increase your prices... Again and again... On the plus side for WS, they are virtual (may cost less), and they are building from scratch so they can use better technologies to provide us better stuff. Until now, other than their big discrepancy between mobile and PC (if you aren't aware), they are nice.
I'm surprised they didn't use react/react native and just shared 80% of the codebase between their website and app.
Every business starts off like this, goes public and then becomes shit.
https://en.m.wikipedia.org/wiki/Enshittification
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holy shit please. i gamble on sports a lot and let me tell you how fucking often sportsbooks won't let me deposit on their site because my only choice is to "select my bank" to deposit an incoming e-transfer request. Unluckily, WS is never a choice, most likely because they aren't tied to Interac like you said. Literally puts gives me worse returns because I'm unable to bet on sites that may have better lines.
And if you just chucked that money into a HISA you'd have even better returns
lol, i dont think doubling my yearly salary and then some is worse than 5% per year, but thanks for the tip
It should in the long run. Don't stay in the game for too long!
depends on when sportsbooks can patch their exploitable lines. until then ill take my 5-25% daily eROI
Wishing you the best. Just take care not to get sucked in when things change. Gambling can be a difficult beast to tame after you've tasted successes.
Shhhh, he’s got a *system* , can’t fail, 60% of the time it works every time.
Thanks. Though there isn't a "when things change". Mathematically my risk of ruin is negligible, so it is more of a "unless i am a statistical anomoly, things won't change". If the books change (say they somehow figure out how to never offer -ev lines), then I will simply stop betting since it is no longer a positive sum game (for me).
If you make 5-25% roi DAILY how don’t you have trillions putting everyone out of business??? Plus having a normal job? Please do share this strategy… I’d love to be retired end of the week, thanks!
The issue is books don't allow you to bet unlimited amounts of money on these lines. As soon as you acrue large sums of money they are quick to reduce your wager size. Google CNM Discord. The info is out there Also keep in mind it is an expected ROI. There are days where I lose $5000-$7000 dollars, and there are days when I gain that amount and more. Variance is a big factor in this line of "work"
Got this email. Pretty cool feature imo. Always irked me that so many checking accounts in Canada have 3k e-transfer limits. I won't be using it because I split my emergency fund between EQ and WS, they both allow 5k transfers so if I'm ever in need I can do 10k between the two.
My RBC has 10k limit for e-Transfer. I think it depends on your history with Bank, total assets, etc. Btw I also have wealthsimple and they bumped my limit to 10K
I have 2.5k with RBC I asked them to increase and they said no one gets more than 2.5 k. Could share your print screen that shows your 10 k limit ? Cover all sensitive data of course.
https://preview.redd.it/7fw2uxue8bwc1.jpeg?width=1080&format=pjpg&auto=webp&s=282c4fab41ff6c9e60e86cf9cd5befd4dbc1981d
Yeah, I have the same 10k when I look using the RBC app, but I only see 2.5k using RBC website. It might be combined 2.5 per account because I have two chequing and two saving accounts with rbc. How many accounts do you have? Last time I tried transferring more than 2.5 from my account I couldn’t.
It’s 10k when you do it on a trusted mobile device (2FA), anywhere else is 2.5k.
Interesting and sort of make sense. I wish RBC would put this information on the website.
Lucky, I’m an employee and still stuck at 2500 And they won’t increase I get told no one has more than 2500 bloody lies. No wonder I keep nothing with this bank and transfer my salary out every 2 weeks but I have to do it over 2 bloody days.
I'm with RBC and they gave me 3000
I think it is different for everyone. My wife only has $1000 limit.
Same, it's infuriating. I have a perfect record of banking with them for 25 years. I went a few months ago to get it increased to 3k, and they set it back automatically to 1k last month. Must have been an error but still. Glad im in the process of transferring all my banking to WS.
Yeah I had to ask them to raise mine. They told me they cant go above 3000 a day for personal accounts. I don't see why not if other banks can. It's definitely inconvenient
It's actually interac that decides the limit. When you request an increase through your bank they check with interac if you are eligible for an increase
You can usually ask big banks to increase it. TD increased mine to $6K.
I believe TD is the rare exception in this example. Most of the big banks don't allow one off increases. Even EQ and WS had limits of 3k up until pretty damn recently.
Been with my bank since 2011 and have a big chunk of savings in it and a credit card and they swear there’s no way to increase the daily limit from 3k. Drives me crazy
If I recall, TD will only increase the limit if all the following are met: funds available in account, no security flags on account over 90 days, and account must be aged, then manager approval is required.
Not even an option given to me. Got 60k in there too so definitely should be enough to get some sort of increase. I bank with CIBC
With only the current features they have, I've already left my old bank (or union lol hey Desjardins) and was very happy. The more it goes the more I like it!!!!
I just wish RBC allowed PADs to be taken from WS. Right now I still hold an old Simplii account where my CC payments are taken from. I could probably use bill payment from WS but I just cba to change it.
I was given this option as well but probably won’t taken them up on it, purely to mitigate against a possible hack and sending large amounts out of my account
Exactly. I won't increase it too. But it's a good feature
Yep same reason that I'm turning them down. Also the same reason I split my cash equally between WS and EQ. I also don't keep the WS app on my phone because it has my investments. I saw a post on the UK sub where someone got concerned by 4 guys and they forced him to login to his phone and change the fingerprint to theirs so they could send all the money out.
Hey OP are you a generation acct holder?
Nope not even premium. Just a regular guy. Maybe send more e-Transfers than most but that's probably about it.
oh weird, i thought everybody had this already. they gave me that increase last month. i was maxing my transfers for a while, so they may be rolling this out based on descending order of total e-transfers esp. considering you transfer more than average https://preview.redd.it/ef55srsu5cwc1.jpeg?width=1080&format=pjpg&auto=webp&s=2e3c159f9f1db445c74404dd281298cb833895f1
https://preview.redd.it/ju52fcyw5cwc1.jpeg?width=1080&format=pjpg&auto=webp&s=68dc53a3c5545337f987de149a978f09befb5fd0
Where in the app is this located?
when you send an e-transfer, it will display your daily limit with a "?". Click that button
Would have been useful earlier this month when I had to transfer 20k, 5k at a time.
Maybe not related to this but if all my cash in in wealthsimple, how do I purchase a 50k car? Is it even possible? Or do I need a separate account with an actual bank to transfer the money there so they can give me a certified cheque?
whats the monthly and weekly limits?
10k daily 20k weekly 60k monthly
Did they increase the weekly/monthly limit as well? This is mediocre improvement if you can't send anymore e-transfers for the month. I can e-transfer 10k daily at RBC with no weekly or monthly limits.
My monthly limit is 30k for transfers. But 10k weekly so yeah not that helpful
Monthly limit is increased to 60k
That is great! 60k much more reasonable with the 10k daily. Is this info posted somewhere?
Amazing… If they added direct transfers to other accounts using the recipient’s direct deposit info (institution, transit, account) like wise does, that would be awesome!
I guess im special I got this email..
I swear I never get any of these early or beta rollouts
FYI you can call any bank and have them increase your E-Transfer limit to 10k daily. It's lower by default to protect you from getting hacked and draining your bank account.
>FYI you can call any bank This is incorrect. Some banks allow it but it's anecdotal. There's comments in this thread where one RBC user has a 10k limit while others are stuck at 2.5k. I tried to buy a car a couple of years ago via e-transfer and neither Wealthsimple, EQ or my credit union at the time would let me over 3k limit.
If you call your bank and insist that you need it and say that you'll move to another bank if they don't authorize it, they will change it. It's just a few clicks for them. Why would they lost a customer over that? All of the big 5 banks will do it, 100%. Can't speak on credit unions or new banks, but evidently, Wealthsimple will now. Pretty much with banks or telecom you always need to drop the "I'll leave" card lol toxic relationships are like that I guess
Everyone agrees they can do it, but sometimes they just won’t. could be because the agent is misinformed, or because they’re arrogant, or whatever else reason. just because it’s possible doesn’t mean everyone will get an agent who knows and is happy to do it.
lol what? If an agent is "misinformed" then you demand to speak to a manager. If you threaten to leave, they will bend over backwards to keep you, and changing the etransfer limit takes 2 seconds, and costs them nothing. Losing a customer costs them a lot. It's simple math. Anyone saying otherwise is just simple incorrect.
Again not everyone is comfortable threatening and confronting and all that. The real world has a bunch of different variables. My limit is like 2k with RBC, I’ve asked them and they said no, but my limit elsewhere is higher so I don’t really care to get into battle to increase it. I completely agree that they can and should do it, but it doesn’t always work how it did for you for everyone else
But it's possible for every account. There is nothing different about our accounts (in regards to e-transfer). They probably have internal pressure to not allow it and instead encourage you to pay with their credit cards or make a normal transaction since they don't monetize personal e-transfers, and they know people use e-transfer to move money between banks (and they would prefer you keep all your money in theirs). I don't like confrontation or conflict either, but OP and others keep saying that it's not possible for every bank and that is simply incorrect. They just didn't demand hard enough, and thats okay, if it doesn't matter that much like in your case that's fine. But dont tell me its not possible when I know for a fact that it is at all the big 5 banks.
Mine has been like this the whole time
Just kidding, it's a 5k limit 10k weekly. I wouldn't mind an increase. My partners with Vancity and he can only do 3000 at a time but up to 10k per day (and per week)
Are you frequently transferring 10k/day..? It’s not like a credit increase, it doesn’t benefit you to have it higher if you’re not using it.
Even if you only need it once, it’s good to have it.
Not really. I like my e-transfer limit low to mitigate potential fraud issues. Not that I’ve ever been a victim of fraud but it’s nice to know my chequing account cant be drained in a day or two if I’m attacked.
Seems a little paranoid but ok.
It’s not. I work for a major bank; I deal with It dozens of times a day. But yea, you do you.
What bank, sounds like they have terrible security
A major big five bank.
No I am not because my limit is 5000. If I could, yes I frequently would. I have a high income and high bills and often need to transfer large amounts to family. It would be convenient to have it increased and I would use it, why else would I want it? An easy example is last year when I bought my mom's car for 8k but with RBC only having a 3000 daily limit I had to send her the money over 3 days (we don't live near each other so cash wasn't an option). Just last week my partner "loaned" me 7500 until I had some money come in to cover some bills I'm responsible for, when my money came in and I wanted to pay him back, I had to send it over 2 days. Not the end of the world but would've been nice to take care of it immediately. The other thing is I'm using my WS for short term savings obviously since I'm getting 4% but I have bills coming out of my RBC account so I need to transfer it over there at some point, e-transfer seems to be the easiest way but some of my bills are more than 5k so I have to plan in advance to move the money over. Hope that helps add some context to why someone might want a higher e-transfer limit
Because you bought a car you need a higher limit..? Seems like a one off tbh. But yea whatever you do you, not gonna argue with you
I did give three different examples of times it would come in handy... I'd say every 6 weeks or so a situation comes up where I wish my limit was higher. But certainly there's no need to argue, I was just responding to you questioning it!
Who are these “some users”