In this article:
Overview
Wealthsimple Mastercards and business Visa cards are prepaid cards, so you'll need to fund your account before making purchases. You can use them anywhere Visa or Mastercard is accepted.
- The Wealthsimple prepaid Mastercard lets you spend funds from your personal chequing account.
- The Wealthsimple prepaid business Visa lets you spend funds from your Business chequing account.
To use your prepaid card at a terminal or ATM:
- To make a purchase, insert or tap your card at a terminal and select credit.
- To withdraw from an ATM, select chequing.
Fees for using a prepaid Mastercard or business Visa card
Wealthsimple doesn't charge fees for using the prepaid Mastercard or prepaid business Visa card, including foreign transaction fees.
However, third parties might charge the following:
- Currency conversion rate: When you use your prepaid card for international purchases, the payment network will determine the currency conversion rate. This rate may vary between the time of authorization and settlement. For an estimate, you can use this currency conversion fee calculator.
- ATM withdrawal fee: ATM providers might charge a withdrawal fee (usually about $3.00). This fee is charged by the ATM provider and not by Wealthsimple. Learn more about our ATM fee reimbursement policy.
Spending limits
Wealthsimple prepaid Mastercard
Below are the spending limits associated with your Wealthsimple prepaid Mastercard:
| Per transaction | Per day | Per week | Per month | |
|---|---|---|---|---|
| POS/Maximum spending limit | Tap limits vary and are determined by the merchant. | $5,000 CAD | $10,000 CAD | $30,000 CAD |
| ATM withdrawals | $3,000 CAD | $3,000 CAD | $10,000 CAD | N/A |
Wealthsimple prepaid business Visa card
Below are the spending limits associated with your Wealthsimple business Visa card:
| Per transaction | Per day | Per week | Per month | |
|---|---|---|---|---|
| POS/Maximum spending limit |
$25,000 CAD Note: Tap limits vary and are determined by the merchant. |
$30,000 CAD | N/A | N/A |
| ATM withdrawals | N/A | N/A | N/A | $1,020 |
Switch which chequing account you can spend from
You can use your prepaid Mastercard to spend from any individual or joint chequing account by switching which account is spendable in the Wealthsimple app. You can switch your spendable account once every 24 hours.
To switch which account is spendable:
- Log in to the Wealthsimple app
- Tap your chequing account
- Tap the Settings (gear) icon in the top-right corner
- Under Settings, tap Spending
- Choose which account you want to spend from
- Tap Confirm to save your changes
Online purchase authentication
In some cases, we’ll ask you to verify your identity before completing an online purchase. When this happens, we’ll instruct you to enter a 6 digit secure code that you receive by email or mobile device.
If you receive an unexpected text or email
Check if you’ve shared your card number with someone who might be making an online purchase. If you haven’t shared your card number with anyone, you should:
- Lock your card.
- Follow the steps to request a replacement card in the Wealthsimple app.
Refunds
Merchants process refunds, not Wealthsimple. After the merchant confirms your refund, it usually takes 5–7 business days to appear in your chequing account. Wealthsimple can't provide updates on pending refunds, but the funds will be available as soon as we receive them. Typically, a merchant will only process refunds to the card used for the original purchase. Refunds from a purchase made using a different card may be subject to an extended hold period.
Frequently asked questions
Can I have more than one card for my account?
No. Wealthsimple prepaid Mastercards are limited to one per person. Wealthsimple prepaid business Visa cards are limited to one per business.
Will the Wealthsimple prepaid cards affect my credit score?
No, they're prepaid cards, so they won't impact your credit score.
Why is my virtual prepaid Mastercard number different from my physical card number?
This is completely normal. Your virtual prepaid Mastercard number and physical card number are meant to be different.
Will I get charged a transaction fee when using a prepaid card?
Wealthsimple doesn't charge a transaction fee when you use your prepaid card.
Does Wealthsimple charge non-sufficient funds (NSF) fees?
No, Wealthsimple doesn't charge NSF fees.
Does Wealthsimple sell your personal or spending data?
No, Wealthsimple does not sell any of our clients' data.
How do I view my cardholder agreements?
To review your cardholder agreements on the Wealthsimple app, follow these steps:
- Log in to the Wealthsimple app
- Tap the Profile icon at the top-right corner
- Tap the Settings (gear) icon
- Select Accounts from the menu
- Choose your personal or Business chequing account
- Tap Account documents
- Review the available agreements
Can I get a prepaid Mastercard for my joint chequing account?
If you only have a joint chequing account, you must open an individual chequing account to receive a prepaid Mastercard. Then, you can switch your spendable account to your joint chequing account.
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