What is Wealthsimple Cash?

Wealthsimple Cash is an all-in-one financial platform that combines the functions of a checking account, a Mastercard, a high-interest savings account and an investment solution. The mobile application aims to simplify day-to-day money management.

What are the fees associated with Wealthsimple Cash?

Wealthsimple Cash 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 Cash card affect my credit score?

No, Wealthsimple Cash cards are Mastercard Debit cards. Card subscription won?t make a hit on your credit report, and spending won?t be reported to the credit bureaus either.

Does Wealthsimple Cash charge conversion fees for foreign currency transactions?

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

Can I withdraw money with my Wealthsimple Cash Mastercard?

Yes, you can use your Mastercard Wealthsimple Cash debit card 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 Cash offers Interac e-transfers (30-minute processing time) and instant transfers to other Wealthsimple Cash 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?

By activating the ?Round up your spending? function, Wealthsimple rounds up your transactions to the nearest dollar and deposits the change in the same account where you receive your rewards. You can also schedule an automatic transfer from your paycheck to your Wealthsimple investments.

Is Wealthsimple Cash secure?

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.