The Wealthsimple Card is a prepaid Visa card that allows you to spend funds directly from your spending (Cash) account. The Wealthsimple Card uses the Visa payments system, so you can use your card anywhere that accepts Visa.
Fees for using the Wealthsimple Card
Wealthsimple does not charge any fees for using the Wealthsimple Card. However, the following fees will be charged by a third party if you take the corresponding action with your Wealthsimple Card:
- Currency conversion fee: Visa will charge a currency conversion fee on purchases made in a currency other than CAD.
- ATM withdrawal fee: You will see 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 Wealthsimple Card, you must first fund your account. You will then have a spending balance that will be visible to you at the top center of your Wealthsimple Cash app home page screen.
Below, you can see the different limits associated with your Wealthsimple Card —
|Per Transaction||Per day||Per month|
|POS/Maximum Spending Limit||
|ATM Withdrawals||$500 CAD||
Tap limits are enforced by VISA and can change. Visit this page for up-to-date information on tap.
Refunds are processed by merchants (not by Wealthsimple). Once the merchant has confirmed they have issued a refund, it will usually appear in your spending (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.