The Wealthsimple Cash Card is a prepaid Visa card that allows you to spend funds directly from your Wealthsimple Cash account. The Cash Card uses the Visa payments system, so you can use your card anywhere that accepts Visa.
Note: When you insert your card at a terminal, you need to select 'credit'.
Fees for using the Cash Card
There are no foreign exchange transaction fees or declined transaction fees, however, there will be Visa's currency conversion fee on purchases made in a currency other than CAD. The only fee you’ll see is a standard ATM withdrawal fee (usually about $3.00) when you make a withdrawal at an ATM.
You can review your cardholder agreements on the Wealthsimple Cash app, by tapping onto the Profile icon at the top-left corner, then Settings, and press on Agreements.
In order to use your Cash Card, you must first fund your account. You will then have a spending balance that will be visible to you at the top centre of your Cash app home page screen.
Below, you can see the different limits associated with your Cash Card —
|Per Transaction||Per day|
|Maximum Spending Limit||$10,000 CAD||$10,000 CAD|
|ATM Withdrawals||$500 CAD||$1,000 CAD|
Refunds are processed on the merchant’s end and not on Wealthsimple’s end. Once the merchant has confirmed they have issued a refund, it will usually appear in your Cash Account within 5-7 business days.
As we are not able to see the refund status on our end, we are unable to provide an update on the status of a pending refund. However, as soon as we receive funds for a refund, they are immediately available in your account.