Wealthsimple Cash accounts let you pay and get paid instantly. With Cash, you can pay for things using the Wealthsimple Cash card and send and receive money from friends in the Wealthsimple app. Some other features include:
- Spend money using the Wealthsimple Card
- Send and receive money from friends using a Cash handle or phone number
- Request money from friends
- Split a bill with your friends
Open a Cash account
Cash accounts are currently available through the Wealthsimple mobile app. In order to have a Cash 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 Cash account, follow these steps:
- Download the Wealthsimple mobile app on the App Store or Google Play store
- Sign up with an email address and password
- Tap Cash tab (Card icon) at the bottom of your screen
- Follow the prompts to open your Cash account
- Start sending and spending funds from your Cash account
What’s the difference between Cash accounts and other money-sending services?
Unlike some other services for sending and receiving money, Cash 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.
Tip: Money in your Cash account earns interest, so you will have to report this kind of account for your taxes.
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