Overview

The Wealthsimple prepaid Mastercard lets you spend funds from your Wealthsimple chequing account. It's a prepaid Mastercard, so you'll need to fund your account before making purchases. You can use it anywhere Mastercard is accepted.

To use your prepaid Mastercard 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 the Wealthsimple prepaid Mastercard

Wealthsimple doesn't charge fees for using the prepaid Mastercard, including foreign transaction fees.

However, third parties might charge the following:

• Currency conversion rate: When you use your prepaid Mastercard 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. You'll be reimbursed for eligible ATM transactions. Learn more about our ATM fee reimbursement policy.

Spending limits

Below are the spending limits associated with your Wealthsimple prepaid Mastercard:

Switch which chequing account you can spend from

You can spend from any individual or joint chequing account by switching which account is spendable in the Wealthsimple mobile app. You can switch your spendable account once every 24 hours.

To switch which account is spendable:

1. Sign in to the Wealthsimple app on your mobile device
2. From the Home tab, tap any Chequing account
3. Tap the Settings (gear) icon in the top-right corner
4. Under Settings, tap Spending
5. Choose which account you want to spend from
6. 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:

1. Lock your card.
2. Contact our support team to request a new prepaid Mastercard. We’ll also give you a new virtual card number.

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.

Frequently asked questions