In this article:
Overview
We're moving all Wealthsimple prepaid Mastercards to Visa. This is mainly a behind-the-scenes change: your day-to-day spending stays the same, and a few new features become available. Your ATM fee reimbursements and no foreign exchange fees stay exactly the same.
If you haven't switched to a Visa before your deadline, we'll deactivate your prepaid Mastercard. Your deadline is 60 days after your invite. To keep spending, switch to Visa before your deadline. If we've deactivated your card, see If you miss your deadline.
How the switch works
You'll get an email, a push notification, or both before your deadline. When you're ready:
- Open the Wealthsimple app
- Navigate to your spendable chequing account
- Tap Get your new card
- Review what's new and what's staying the same
- Tap Get your new card again
- Select which chequing account you want it connected to
- Tap Continue
- Accept your new Visa cardholder agreement
- Tap Sign agreements
- Update any saved payment details with your new card information
- Log in to your Wealthsimple profile on a computer or laptop
- Select the chequing account linked to your prepaid Mastercard
- Select Get your new card in the banner at the top of the page
- Review what's new and what's staying the same
- Select Get your new card
- Choose the chequing account you want your card connected to
- Select Next
- Check the box to agree to the Wealthsimple Visa Prepaid Cardholder Agreement
- Select Confirm
- If you're offered a physical card, select Get a physical card, or select Skip to get a virtual card only
- If you chose a physical card, confirm your details and mailing address
- Select Next
- Set and confirm your 4-digit PIN
- Select Got it
- Update any saved payment details with your new card information
If you've made purchases with your prepaid Mastercard in the last 12 months, we'll ask if you want a physical prepaid Visa card in addition to the virtual card we issue automatically, or only a virtual card. If you haven't made purchases in the last 12 months, you'll get a virtual card only. You can request a physical card if you'd like one.
After you accept the switch
Once you accept:
- Your new virtual prepaid Visa card is issued immediately
- Your old Mastercard is deactivated right away
- Any transactions pending on your Mastercard still settle normally
- If you're getting a physical prepaid Visa card, it should arrive within 20 business days. In the meantime, you can use your virtual Visa card.
Once you have your new card, update any saved payment details:
- Digital wallet: Update a virtual card in your digital wallet
- Bill payments: Update your prepaid Visa card details with the billers you have pre-arranged bill payments with.
If you miss your deadline
If you haven't switched by your 60-day deadline, we'll deactivate your Mastercard for good. You can't unlock it or reopen it, and purchases made with it are declined.
To get a prepaid Visa card, follow the steps in Request a prepaid Visa card.
What's changing
Compare the prepaid Mastercard to the Wealthsimple Visa Platinum Prepaid Card:
| Feature | Prepaid Mastercard | Prepaid Visa card |
|---|---|---|
| Free ATM withdrawals | Up to 2 business days for reimbursement | Near instant reimbursement |
| No FX fees | Yes | Yes |
| Tap limit | $250 | No tap limit (merchants may set their own limits) |
| Costco Canada | Accepted | Not accepted in-warehouse, can be used online |
| Virtual and physical card numbers | Two different numbers | Same number; CVV changes once you activate your physical card |
| Spend Controls | Not available | Set rules to limit spend by amount, merchant, and more |
| Switching your spending account | Switch a single card between chequing accounts | Request a separate card for any chequing account you hold |
Frequently asked questions
Why is my Wealthsimple prepaid card changing from Mastercard to Visa?
We're moving all prepaid cards to Visa. This sets us up to bring you new features that weren't possible before. Your ATM fee reimbursements and no foreign exchange fees stay exactly the same.
What do I need to do to get my new card?
You'll get an email letting you know it's time to make the switch. Open the Wealthsimple app, or log in on a computer or laptop, and select Get your new card on your chequing account. Accept the new Visa cardholder agreement, and your new virtual prepaid Visa card will be issued right away. If you also chose a physical card, it will arrive by mail within 20 business days. If you don't see the option to get a physical card, you can order one through the app or on a computer or laptop.
Will my card still work everywhere?
Your new prepaid Visa card is accepted at millions of locations worldwide.
Can I still use my card at Costco?
No. Costco Canada accepts Mastercard only in-warehouse, so your new prepaid Visa card won't be accepted there.
How can I still shop at Costco with my new prepaid Visa card?
You can buy a Costco Shop Card on Costco.ca with your Visa card and use it in-warehouse, or withdraw cash at an ATM, we reimburse ATM fees globally, and pay with cash.
What happens to my old Mastercard?
We'll deactivate your Mastercard once you make the switch to a prepaid Visa, or when your switch deadline passes, whichever comes first. Any transactions already in progress will still settle normally. After we deactivate your Mastercard, use your new prepaid Visa card for all purchases.
Will my old card stop working if I don't switch?
Yes. Starting November 8, 2026, we're deactivating any prepaid Mastercard that you haven't switched to the prepaid Visa card within 60 days of your invite. We'll send you reminders as your deadline approaches, so you have time to accept your new card.
Do I need to update my saved payment details?
Yes. If you have your prepaid card saved anywhere, such as a subscription service, online store, or digital wallet, update those with your new prepaid Visa card details after you complete the switch.
Is my card number changing?
Yes. Your new prepaid Visa card has a new card number, expiry date, and CVV. Your old Mastercard details won't be valid once the switch is complete, so update any saved payment details.
Are there any fees for switching to Visa?
No. There are no fees to make the switch.
Can I still switch my spending account for the card?
No. Instead, there's now one card per chequing account, so the spending account no longer needs to be switched. A virtual card is issued right away, and you can choose to order a physical card for each account.
Can I change which chequing account my card is connected to?
You choose the chequing account when you make the switch. Once you activate your card, you can't change which account it's connected to. If you have more than one chequing account, you can request a separate card for each one.
Will my virtual and physical cards have the same details?
Yes. Unlike the Mastercard, where the virtual and physical cards had different details, your Visa virtual and physical cards share the same card information. When you request a replacement, both your virtual and physical card are reissued together.
Can I add a supplementary card?
For individual accounts, there can only be one card. For joint accounts, each account holder gets one card, with the option to also get a physical version.
How do I tell my prepaid Visa cards apart if I have one for each chequing account?
Since each prepaid Visa card is linked to only one chequing account, you can check the last four digits of the physical card with the card details in your chequing account:
- Log in to your Wealthsimple app
- Tap your chequing account
- Tap the card image
- Compare the last 4 digits of both cards to confirm which card is linked to the chequing account
Can I get a prepaid Visa card for more than one chequing account?
Yes. Once one of your chequing accounts is on Visa, you can request a separate prepaid Visa card for each of your other eligible chequing accounts. From that account's settings, select Get a card. For step-by-step instructions, see Request a prepaid Visa card.
If I migrate one chequing account, do my others switch too?
No. Migration happens one chequing account at a time. Each additional account needs its own card request once it's eligible.
If I only chose a virtual card during migration, can I still get a physical one?
Yes, at any time. For step-by-step instructions, see Request a prepaid Visa card.
Can I switch to Visa on a computer or laptop?
Yes. Log in to Wealthsimple on a computer or laptop, select your chequing account, then select Get your new card in the banner. The steps are the same as in the app. See the Web tab under How the switch works. You can use whichever you prefer.
I got a refund to my prepaid Mastercard, will it go through?
Yes. Refunds are credited to your Wealthsimple chequing account linked to the prepaid Mastercard.
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