Wealthsimple Cash Review

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

In this Wealthsimple Cash review, I’m going to go over how the current program works. Admittedly, Wealthsimple has gone through some pivots and the original purpose of Wealthsimple Cash was rebranded to Wealthsimple Save. To be clear, Wealthsimple Cash is an app that allows free peer-to-peer payments. Wealthsimple is basically trying to be a Canadian version of Venmo or a simpler way to send Interac e-Transfers.

In addition, Wealthsimple Cash comes with an optional prepaid Visa card. What makes this card appealing is that there are no foreign transaction fees on purchases and ATM withdrawals. You also don’t pay any monthly or yearly fees. This makes it an ideal card for people who need access to cash when travelling. Read my Wealthsimple Cash review now for the full details.

Wealthsimple Cash Card

  • No annual fee
  • $10 free when you sign up
  • 1% cash back on all purchases
  • No foreign transaction fees on purchases
  • No foreign transaction fees on ATM Withdrawals
  • CDIC insurance protection

Let’s get to why my Wealthsimple cash review is positive. This is the only card that has no annual fee and offers no foreign transaction fees on purchases and ATM withdrawals. That means when you make purchases in any currency besides Canadian dollars or use an ATM outside of Canada, you’ll save on the 2.5% -3.5% foreign transaction fee. The only fee you’ll pay is the standard ATM withdrawal fee that’s usually around $3.

Admittedly, the STACK Mastercard has a similar feature, but it’s more complicated than it needs to be. I’ll get more into that later.

Wealthsimple Cash was originally created as a savings account, but now they’ve rebranded that to Wealthsimple Save. The current form of Wealthsimple Cash is a peer-to-peer payment app and prepaid credit card. Essentially, Wealthsimple wants you to use their app when you need to send money to friends and family. This is useful if you’re splitting a bill, but it requires you to each have an account. 

While the concept is great since it’s meant to replicate Venmo in the U.S., I don’t think it’ll become mainstream. It already took people long enough to get used to Interac e-Transfers. Why would they download another app just to do the same thing?

Even though the peer-to-peer payments may not be a popular option, there’s no denying that the Wealthsimple Cash Card has its uses. As a traditional prepaid credit card, you can use it wherever Visa is accepted. In addition, you’ll earn 1% cash back on all of your purchases. Alternatively, you can choose to invest your cash back earned right into your Wealthsimple Trade or Crypto accounts.

Note that an earlier version allowed users to earn additional cash back on restaurant purchases over the weekend, but that’s no longer the case.

The maximum amount you can load to your card is $10,000 CAD. As for ATM withdrawals, you can withdraw up to $500 CAD per transaction, with a daily limit of $1,000.

Keep in mind that when you sign up for Wealthsimple Cash, you get $10 for free when using my referral link. You also get immediate access to a virtual card that you can add to your digital wallet. If you want the physical Wealthsimple Cash Card, you need to request one via the app.

Is Wealthsimple Cash safe?

All money deposited to Wealthsimple Cash accounts are held at a bank that is a member of the Canada Deposit Insurance Corporation (CDIC). That means deposits up to $100,000 are insured in the event the bank becomes insolvent. Since the Wealthsimple Cash Card only allows you to deposit up to $10,000, all of your funds would be guaranteed.

Remember, the Wealthsimple Cash Card is a prepaid Visa 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 will be able to 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 which will allow you to set your own custom PIN. By doing this, it’ll give you one extra layer of fraud protection.

How does Wealthsimple Cash compare to others?

The list of the best no foreign transaction fee credit cards in Canada keeps getting longer, but the Wealthsimple Cash Card ranks near the top. It’s the only no fee credit card that offers no foreign transaction fees on purchases and ATM Withdrawals with no gimmicks.

Some people will say the STACK Mastercard offers the same benefits, but they recently made some changes to their card. Instead of having no FX fees, you’ll get the 2.5% back in cash back (up to $1,000 CAD a month in spending) as long as you charge a minimum of $350 CAD a month to your card. While this change is arguably a minor inconvenience, I’d rather use Wealthsimple Cash since I don’t need to concern myself about a monthly minimum spend requirement.

Admittedly, the Wealthsimple Cash Card isn’t as impressive as some of the other no foreign transaction fee credit cards that come with an annual fee. For example, Scotiabank Passport Visa Infinite Card has an annual fee of $139, but you get a free Priority Pass membership and 6 free annual visits. That benefit alone has a value of more than $300. Plus you get a high earn rate and comprehensive travel insurance. That said, Scotiabank does charge foreign transaction fees when using ATMs abroad.

If you’re looking for a no fee card that has no FX fees on ATM withdrawals, then the Wealthsimple Cash Card is the way to go. However, if you’re looking for a card that offers you premium travel benefits, you’ll want to consider something else.

How to open a Wealthsimple Cash account?

In this Wealthsimple cash account, I’m going to go through the steps to open an account.

  • Use my referral link or code EYITMP when signing up and get $10
  • Add funds to your account
  • Request a physical Wealthsimple Cash Card
  • Make purchases with your virtual or physical card

Is Wealthsimple Cash worth it?

Overall, I have to say my Wealthsimple cash review is positive. I don’t think people are going to start using it on a regular basis to send their friends and family money, but there’s no denying that it can be one of the best prepaid credit cards in Canada. Also, if you look at the benefits strictly from the eyes of a traveller, it’s obvious why you would want this card. There are no foreign transaction fees on purchases or ATM withdrawals. Plus, there’s no annual fee. Carrying this card whenever you travel is a must.

Wealthsimple Cash Review

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

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