The Wealthsimple Cash card is a prepaid Mastercard that allows you to spend funds directly from your spending (Cash) account. The Wealthsimple Cash card uses the Mastercard payments system, so you can use your card anywhere that accepts Mastercard.

Fees for using the Wealthsimple Cash card

Wealthsimple does not charge any fees for using the Wealthsimple Cash card. However, the following fees will be charged by a third party if you take the corresponding action with your Wealthsimple Cash card:

• Currency conversion fee: Mastercard will determine the applicable exchange rate from the range of rates available in wholesale currency markets for the applicable processing date, which may vary from the rate Mastercard itself receives.
• 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.

Spending limits

In order to use your Wealthsimple Cash 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 Cash card —

Tap limits are enforced by Mastercard and can change. Visit this page for up-to-date information on tap. 

Refunds

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.