Hey Dana,

No downside. They have the best rate right now.

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

Hey Phyllis,

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

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.

BMO adds the 2.5%

Also, who charges the 2.5%? BMO?

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.

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?

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.