Overview
The Wealthsimple Cash card is a prepaid Mastercard that allows you to spend funds directly from your Cash account. The Wealthsimple Cash card uses the Mastercard payments system, so you can use your card anywhere that accepts Mastercard.
Since the Cash card is a prepaid Mastercard, you must fund the Cash account linked to your card before you can make a purchase. Learn more about funding your account.
Learn how to use your Cash card at a point of sale terminal or ATM:
- To make a purchase, select credit when you insert or tap your card at a terminal.
- To withdraw from an ATM, select chequing as the account you're withdrawing from.
If you have multiple Cash accounts
You can only spend using your Wealthsimple Cash card from the individual Cash account connected to your card. This account has a card icon in the top right corner of the account screen in the mobile app (or Card details on the web). It’s not currently possible to switch which individual Cash account you can spend from.
Fees for using the Wealthsimple Cash card
Wealthsimple does not charge any fees for using the Wealthsimple Cash card. You also won't be charged any foreign transaction fees when you use your Wealthsimple Cash card internationally.
However, the following might be charged by a third party if you take the corresponding action with your Wealthsimple Cash card:
Currency conversion rate
The payment network will determine the applicable conversion rate from the range of rates available in wholesale currency markets for the applicable processing date, which may vary from the rate the payment network itself receives.
ATM withdrawal fee
You might see a standard ATM withdrawal fee (usually about $3.00) when you make a withdrawal at an ATM. This fee is charged by the ATM provider and not by Wealthsimple.
You'll be reimbursed for eligible ATM transactions. Learn more about our ATM fee reimbursement policy.
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 —
| 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
|
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.
Frequently asked questions
Can I have more than one card for my account?
No, Wealthsimple Cards are limited to one per person.
Can I get a Wealthsimple Cash card for my joint Cash account?
No, you currently can’t get a Wealthsimple Cash card paired with your joint Cash account.
Will the Wealthsimple Card affect my credit score?
No, Wealthsimple cards are prepaid Mastercard cards so it will not impact your credit score.
Why is my virtual card number different from my physical card number?
This is completely normal. Your virtual card number and physical card number are meant to be different.
When can I expect to receive my physical Cash card?
You can expect to receive your physical Cash card within 10-14 business days. Once you receive your physical Cash card in the mail, you will need to activate it by following these steps.
Will I get charged a transaction fee when using the Cash card?
Wealthsimple doesn't charge a transaction fee when you use your Cash card.
Does Wealthsimple sell your personal or spending data?
No, Wealthsimple does not sell any of our client's data.
How do I view my cardholder agreements?
To review your cardholder agreements on the Wealthsimple Cash app, follow these steps:
- Sign in to the Wealthsimple app on your mobile device
- Tap the Profile icon at the top-right corner
- Tap the Settings (gear) icon
- Select Accounts from the menu
- Choose your Cash account
- Tap Account documents
- Review the available agreements
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