Can Wealthsimple Replace Your Bank? A Practical Guide
For Digital-first Canadians replacing traditional banking · Based on Tej Wealthsimple Beginner Investing Setup
// TL;DR
If you bank entirely digitally and want to ditch branch visits, this guide shows how Wealthsimple's Move section replaces most traditional bank functions: CAD ↔ USD conversion, Interac e-Transfer, international wires, bill payments, cheque sending, and digital bank drafts. Use it when you need to send a guaranteed payment to a landlord, pay bills, or convert currency without holding a separate chequing account. Wealthsimple is not just an investing app — it's a full financial hub, and this page maps each banking task to its in-app workflow.
Can Wealthsimple really replace your bank?
For most everyday needs, yes. Following the Wealthsimple as a Full Financial Hub principle, the app handles far more than investing. The Move section is the money movement hub covering currency conversion (CAD ↔ USD), Interac e-Transfer, international wire transfers, bill payments, cheque sending, and bank draft ordering. Combined with Checking and Spending/Saving accounts, this covers the vast majority of what people visit a bank branch for.
The common mistake is treating Wealthsimple solely as a stock app. If you never open the Move section, you miss the exact features that let you close your legacy bank account.
How do you send a guaranteed payment like a bank draft?
When a landlord or seller demands guaranteed funds, you need a bank draft, not a personal cheque. A bank draft is more reliable because the funds are guaranteed by the issuer. In Wealthsimple:
1. Go to the Move tab.
2. Select Order Bank Draft.
3. Complete the on-screen form with payee details and the amount.
4. Submit.
This replaces a branch visit entirely and is Tej's highlighted example of Wealthsimple's bank-replacement power. For everyday payments, you can also use cheque sending — fill out the digital form, sign, and submit, with no physical chequebook required.
How do you handle US dollars and international payments?
Use the Move section's CAD ↔ USD conversion tool to hold and spend US dollars, which is essential if you buy US-listed stocks or pay US vendors. For sending money abroad, Wealthsimple supports international wire transfers directly in the Move tab. And for domestic transfers, Interac e-Transfer works exactly as it does at a traditional bank. Being proactive about currency conversion also prevents surprise costs when trading US stocks, since those settle in USD.
What banking tasks can you handle without a branch?
- Pay a bill: Move → Bill Payment.
- Send money to a friend: Move → Interac e-Transfer.
- Send money overseas: Move → International Wire Transfer.
- Pay by cheque: Move → Cheque Sending (digital form, no chequebook).
- Guaranteed large payment: Move → Order Bank Draft.
- Convert currency: Move → CAD ↔ USD conversion.
Each of these maps to a task you'd otherwise do at a bank, letting you run your finances end to end from one app.
What should you watch out for?
- Assuming everything is CAD. US transactions settle in USD; check currency before converting or spending.
- Overlooking the Move section. It's easy to focus only on investing and never discover these tools.
- Using a cheque when a draft is needed. For large, high-stakes payments, order a bank draft instead for guaranteed reliability.
Next step
Open the Move tab and walk through each function once — send a small e-Transfer, pay a bill, and note where Order Bank Draft lives. Knowing these workflows in advance means that when a landlord or vendor needs guaranteed funds, you can handle it in minutes without ever visiting a branch.
// FREQUENTLY ASKED QUESTIONS
Can I pay my bills through Wealthsimple?
Yes. The Move section includes bill payment alongside Interac e-Transfer, international wires, cheque sending, and bank drafts. Navigate to the Move tab, select bill payment, and follow the prompts. This lets you handle routine banking tasks without a separate chequing account or a branch visit.
How do I send money internationally with Wealthsimple?
Use the Move tab and select international wire transfer. Enter the recipient's details and amount, then follow the prompts. For US-dollar transactions, you can also use the CAD ↔ USD conversion tool in the same Move section to manage currency before sending, avoiding surprise conversion costs.
Is a Wealthsimple bank draft safe for large payments?
Yes. A bank draft is a guaranteed payment instrument, more reliable than a personal cheque because the funds are secured by the issuer. Order one digitally through Move → Order Bank Draft by filling in the payee and amount. It's the recommended option for large, high-reliability payments like rent or a deposit.