Wealthsimple Spend accounts let you pay and get paid instantly. With Spemd, you can pay for things using the Wealthsimple card and send and receive money from friends in the Cash app. Some other features include:
- Spend money using the Wealthsimple Card
- Send and receive money from friends using a Dollar $ign or phone number
- Request money from friends
- Split a bill with your friends
Open a Spend account
Spend accounts are currently available through the Cash mobile app or the Wealthsimple mobile app. In order to have a Spend account, you must be a resident of Canada. You must also meet age requirements for your province below —
|Alberta, Manitoba, Ontario, Prince Edward Island, Quebec, Saskatchewan||18|
|British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Yukon||19|
To create a Spend account, follow these steps:
- Download the Wealthsimple Cash mobile app on the App Store or Google Play store
- Sign up with an email address and password
- Set up your profile
- Start sending and spending funds from your Cash account
How to get the app
- Download the Wealthsimple Cash app on your phone (it’s available for iOS 11 and Android v8.0 or greater)
- Sign up or log in with your existing Wealthsimple credentials
- Add cash and start sending to your friends!
The 'Complete your profile' checklist is a checklist that highlights the steps required to use all features and maximize your app's value.
What’s the difference between Spend accounts and other money-sending services?
Unlike some other services for sending and receiving money, Spend accounts have:
- No fees.
- No minimums. You can send and receive any amount of money up to $5000 per day.
- No maximum number of transactions.
- No security questions.
- No need for a friend’s email or phone number. This allows you to send and receive money from anyone without giving them your personal information.