Wealthsimple Cash Card Review

**This post may contain affiliate links. I may be compensated if you use them.

In this Wealthsimple Cash Card review, I’m going to go over the specific features the card offers. To be clear, the Wealthsimple Cash Card is only available to those who have a Wealthsimple Cash account. To access Wealthsimple Cash, you need a Wealthsimple account.

While it’s a bit of a pain that you need to go through a few steps to get a Wealthsimple Cash Card, it can be worth it. Not only does the card not have an annual fee, but it also doesn’t charge foreign transaction fees and has a high interest rate. Read my Wealthsimple Cash Card review now for the full details.

Wealthsimple Cash Card

  • No annual fee
  • Up to $3,000 welcome bouns
  • 1% back in cash, stocks, or crypto on all purchases
  • 4% interest on deposited funds
  • No foreign transaction fees on purchases or ATM withdrawals
  • CDIC insurance protection

Welcome bonus and earn rate

The Wealthsimple Cash Card welcome bonus is a bit ridiculous. Instead of getting a traditional welcome of $10 or $25, you’ll get up to $3,000 when you use a referral link (or referral code 9LIWIW). That said, the website says 99% of people will get less than $50, with the average being $10. On a positive note, both the person making the referral and the one accepting are eligible for this bonus. You need to fund an eligible Wealthsimple account to get the bonus. Note that Quebec residents get a straight $10 bonus only.

As for the earning rate, you’ll get 1% back in cash, stock, or cryptocurrency on all your purchases. If you decide to invest in stock or crypto, you can choose to have your rewards automatically reinvested for you. In addition, any funds you have deposited to the card earn you 4% interest.

Benefits and perks

Since the Wealthsimple Cash Card is a no fee, prepaid card, it comes with limited benefits. That said, the main perk you do get is the reason why many people get this card.

No foreign transaction fees

My Wealthsimple Cash Card review is positive because the card comes with no foreign transaction fees. Most credit cards in Canada charge a fee of 2.5% when you make a purchase in any currency that’s not Canadian dollars. However, with this card, that fee is waived. In addition, foreign ATM withdrawals also won’t cost you anything. That said, the ATM operator may charge you a one time fee. Simply put, this is one of the best no foreign transaction fee credit cards in Canada.

High interest rate on savings

The Wealthsimple Cash Card is only available to those with a Wealthsimple Cash account. This account was designed for savings and rewards you with high interest on all deposits. The base interest rate is 4% on all deposits. However, if you have $100,000 in assets with Wealthsimple, your rate goes up to 4.5%. If you have $500,000 in assets under management, you can enjoy an interest rate of 5% in your cash account.

Send and receive e‑transfers

Although sending and receiving e-transfers with a bank account is pretty standard, Wealthsimple Cash does have very high limits. You can send up to $5,000 per day or $10,000 per week to anyone. This can be a valuable perk for people who need to send a lot of money.

When your Wealthsimple cash back is paid out

Cash back is earned instantly, so it’ll be available in your account immediately. Note that you can choose to invest your rewards in cash, stock, or cryptocurrency.

Wealthsimple Cash Card eligibility

To get a Wealthsimple Cash Card, you need to meet the eligibility requirements of a Wealthsimple account, which are as follows:

  • Must reside in Canada
  • Must be a Canadian citizen or have a Canadian Visa
  • Must be at least the age of majority in your province or territory
  • Must have a Social Insurance Number (SIN)

Since this is a prepaid card, not a traditional credit card, there’s no credit score or income requirement to be approved. Since the Wealthsimple Cash Card is linked to your Wealthsimple account, you may need to verify your identity to have your account approved.

How the Wealthsimple Cash Card compares

Wealthsimple Cash Card Vs. EQ Bank Card

The EQ Bank Card is an optional prepaid card available to anyone with an EQ Bank account. Admittedly, the earning and interest rate are lower with EQ Bank, but EQ Bank gives you free ATM withdrawals in Canada (any fees are reimbursed). Foreign ATM access is the same for both cards since neither charges fees, but the ATM operator may charge a fee.

Some people prefer EQ Bank over Wealthsimple because they keep things simple. EQ Bank is an online bank that focuses on savings. The EQ Bank Card is just a tool you have access to. With Wealthsimple, they’re primary focus is on investing. If you were to get a cash account, you’d likely still get prompted to sign up for their investing services.

Wealthsimple Cash Card Vs. Scotiabank Passport Visa Infinite Card

The Scotiabank Passport Visa Infinite Card is a true credit card that allows you to build your credit history and earn points. The earning rate is 3 Scene+ points per $1 spent at Empire-owned supermarkets (Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà, etc), 2 points on other grocery stores, dining, transit (including taxis) and entertainment purchases, and 1 point on all other purchases.

This card also includes a generous welcome bonus, no foreign transaction fees, airport lounge access with six free annual passes, and travel insurance. That said, the card does have an annual fee of $150. If you value rewards and no foreign transaction fees, then this card is likely a better choice than the Wealthsimple Cash Card.

Final thoughts

Overall, I have to say my Wealthsimple Cash Card review is positive. I don’t think people are going to start using it regularly to send their friends and family money, but it’s ideal for people in the following situations.

  • You want to avoid foreign transaction fees – This card doesn’t charge foreign transaction fees on purchases or ATM withdrawals.
  • You prefer a prepaid card – This is one of the best best prepaid credit cards in Canada and can help you manage your expenses.
  • You already use Wealthsimple – Anyone who invests with Wealthsimple already could simply move some funds over to their cash account to start using this card.

Unless you only want to use prepaid cards, you’ll unlikely end up using this card for day-to-day purchases. However, using the Wealthsimple Cash Card strictly as a travel card can make a lot of sense since it’ll help you save money. When using referral code 9LIWIW, you could get up to $3,000 when you sign up.

FAQ

Is Wealthsimple Cash safe?

All money deposited to Wealthsimple Cash accounts is held in a trust with up to three Canada Deposit Insurance Corporation (CDIC) member institutions. That means deposits up to $300,000 are insured if the bank becomes insolvent. Since the Wealthsimple Cash Card only allows you to deposit up to $10,000, all your funds would be guaranteed.

Remember, the Wealthsimple Cash Card is a prepaid Mastercard card. That means there’s no hit to your credit score when you apply. There’s also no personal information stored on the card, so it’s unlikely that your accounts will ever be compromised.

Don’t worry if you ever need to do a refund. Merchants can issue refunds directly back to your Wealthsimple Cash Card within 5-7 business days.

Your Wealthsimple Cash Card also comes with chip and PIN technology, allowing you to set your own custom PIN. Doing this will give you one extra layer of fraud protection.

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter:@barrychoi

19 Comments

  1. Jean Samson on July 25, 2022 at 6:41 PM

    I would like to point out that the Wealthsimple Cash card does not charge an fx fee however because the Cash card is is linked to VISA, there is still the usual FX fee that you are charged by VISA.
    Your article is misleading.

    • Barry Choi on July 25, 2022 at 8:05 PM

      Jean.

      Technically, you’re right. But I wouldn’t call my article misleading.

      The exchange rates on July 25, 2022 are as follows.

      XE.com – $1 CAD = 0.77809 US
      VISA – $1 CAD = 1 CAD = 0.77997

      That’s a difference of 0.00188.

      Since regular consumers can’t even get the official rate, I would argue saying you don’t get charged FX is accurate since Wealthsimple is not charging you anything in addition to the Visa rate.

      • Phyllis on January 23, 2023 at 8:37 PM

        I need some clarity on the foreign exchange. Wealthsimple’s website says Mastercard will charge a currency conversion fee on purchases made in a currency other than CAD. When I use my BMO MC in the US it is converted to Canadian on my bill plus an additional 2.5%. Am I understanding this correctly that if I use the Wealthsimple Cash card in the US I will pay the foreign exchange, obviously, but not the additional 2.5% that most cards charge? I am very interested in getting the Wealthsimple card but want to be sure that I won’t be charged that 2.5% which is the reason I would be getting this card. What is the “currency conversion fee” that MC charges?

        • Barry Choi on January 23, 2023 at 8:43 PM

          Hey Phyllis,

          You’re correct. The Wealthsimple Cash Card does not charge the additional 2.5% currency exchange fee. Mastercard just charges a slight markup.

          Note that EQ Bank is now offer a prepaid card that also has no Foreign transaction fees.

          • Phyllis on January 23, 2023 at 8:48 PM

            If I order a card by clicking on a link in your article will you be compensated? I will be sure to do that if that is the case. I appreciate your website. Thank you.



          • Barry Choi on January 23, 2023 at 8:49 PM

            Hey Phyllis,

            Wealthsimple ended their affiliate so no commission for me. I’m just happy to help you.



          • Phyllis on January 23, 2023 at 8:50 PM

            I will look into EQ Bank’s card as well. Thank you for the information:)



        • Phyllis on January 23, 2023 at 8:44 PM

          Also, who charges the 2.5%? BMO?

          • Barry Choi on January 23, 2023 at 8:45 PM

            BMO adds the 2.5%



  2. jon on August 1, 2022 at 4:30 PM

    Are there any ATM networks in the US that don’t charge fees for Wealthsimple cards? I know some banks have Allpoint network access, but I couldn’t find anything about WS.

    • Barry Choi on August 1, 2022 at 5:43 PM

      Jon,

      It’s been a few years, but HSBC didn’t charge me a fee when I withdrew from their machines. That said, I never used them in the US. I used them in Turkey and Hong Kong.

  3. Maria on November 9, 2022 at 4:29 PM

    Can I load thus card in a convenience store?

    • Barry Choi on November 9, 2022 at 7:24 PM

      Maria,

      No.

  4. Annie on November 29, 2022 at 2:51 PM

    Just a couple updates. The card is now issued by Mastercard, not Visa. Also, I just opened one and there was no option to request a physical card. From what I can see, they will automatically mail one to me.

    • Barry Choi on November 29, 2022 at 4:56 PM

      Hey Annie,

      Thanks for the reminder. I just updated the page.

  5. Sarah on January 4, 2023 at 8:18 PM

    I use Wealthsimple Invest instead of Wealthsimple Trade. Does this card also apply to Wealthsimple Invest accounts, could I get stocks from that 1% cashback through that plateform?

    • Barry Choi on January 4, 2023 at 8:28 PM

      The Wealthsimple Cash Card allows you to earn 1% back in stocks on purchases.

      You do not earn cash back on your trade or invest account.

  6. Dana on August 21, 2023 at 3:48 PM

    Hi, Barry. I was thinking of using Wealthsimple Cash as a HISA for the 4%. Any downsides?

    • Barry Choi on August 21, 2023 at 6:35 PM

      Hey Dana,

      No downside. They have the best rate right now.

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