What is Wealthsimple Chequing?

Wealthsimple Chequing is an all-in-one financial platform that combines the features of a chequing account, a prepaid Mastercard, a high-interest savings account, and an investment solution. The mobile app aims to simplify everyday money management.

What are the fees associated with Wealthsimple Chequing?

Wealthsimple Chequing does not charge monthly account fees, annual Mastercard fees or ATM withdrawal fees. However, potential charges apply for additional services such as instant transfers to external accounts.

Will the Wealthsimple prepaid Mastercard card affect my credit score?

No, Wealthsimple prepaid cards are Mastercard Debit cards. Card membership won't "hit" your credit report, and spending won't be reported to the credit bureaus either.

Does the Wealthsimple prepaid Mastercard charge conversion fees for foreign currency transactions?

No, Wealthsimple does not charge the usual 2.5% fee for foreign currency transactions. The amount will be converted into Canadian dollars at the Mastercard rate of the day.

Can I withdraw money with my Wealthsimple prepaid Mastercard?

Yes, you can use your Wealthsimple Chequing prepaid Mastercard to withdraw cash from ATMs wherever Mastercard is accepted. These transactions are free of charge on the Wealthsimple side, but the ATMs charge their own fees.

Can I make Interac transfers to other people?

Yes, Wealthsimple Chequing offers Interac e-Transfers and instant transfers to other Wealthsimple Chequing accounts. Registration is required.

Can I open a joint account?

No, it is currently not possible to open an account with another person.

How does the automatic savings option work?

The Roundup feature was discontinued as of April 11, 2025

Is Wealthsimple Chequing safe?

Yes, data security is a priority for Wealthsimple. Your personal and financial information is encrypted and protected according to the same security standards as all Canadian banks.

Is the Wealthsimple Chequing account available in all countries?

To open a Wealthsimple Chequing account, you must be a resident of Canada. You can use the Mastercard in most countries, except for the exceptions listed here.

Alexandrine Bertrand

An avid solo traveller, Alexandrine is an expert on loyalty programmes such as Aeroplan, Avios, AIR MILES, Flying Blue and Marriott Bonvoy. With a budget-conscious approach, she helps travellers make the most of their points and miles to experience affordable, off-the-beaten-path getaways. She also shares a love of gastronomy and enjoys exploring local flavours and culinary traditions.

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