Wealthsimple Card Review 2026
Reviewed by Mihail B. in · · how we verify
Algorithmic score, not user reviews: how it is calculated
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Fees and limits
| Issuance fee | Free |
|---|---|
| Annual fee | Free |
| FX fee | 0%; Wealthsimple charges no foreign transaction fee, and the payment network sets the conversion rate |
| ATM limit | CAD 3,000 per day and CAD 10,000 per week, at most 10 withdrawals a day; Wealthsimple charges no ATM fee and reimburses eligible ATM-operator fees worldwide |
| Spending limit | CAD 5,000 a day and at most 20 purchases a day on the Visa Platinum prepaid card; physical-card tap purchases up to $250 |
Fees change; the current ones are in Wealthsimple’s terms.
Features
- Welcome bonus: $40 bonus
- Cashback: None
The fine print
- … (1% cashback ended October 1, 2025)
- The prepaid card is now a Visa Platinum prepaid card
- A separate Wealthsimple credit card (Visa Infinite+ or Visa Infinite Privilege) pays 2% on everything for $20 a month, waived with a monthly direct deposit of $4,000 or more, or with $100,000 or more in assets at Wealthsimple
- KYC: Yes
- Card type: Virtual + Physical
- Top up with: Direct deposit, Interac e-Transfer, crypto from Wealthsimple account
- Available countries: Canada
Who issues the Wealthsimple Card
The Wealthsimple Card is issued by Peoples Trust Company, Canada. The issuer is named in the source linked below.
All cards issued by Peoples Trust Company · Why the issuer matters
Pros and cons
Pros
- 0% FX; free card; integrated investing/crypto/savings platform; Canadian regulated
- No card issuance fee
- No annual maintenance fee
- Welcome bonus: $40 bonus
Cons
- Canada only; no cash back on the prepaid card since October 2025; limited crypto-specific features
Regional availability
Available in Canada
The Wealthsimple Card is available in Canada.
Banking and fiat rails
Card overview
Wealthsimple's prepaid card is the everyday-spending side of the Canadian investing app, and it is changing networks: Wealthsimple is moving its older prepaid Mastercards to Visa Platinum prepaid cards in phases, each holder gets a new card number, and the Visa card is not accepted in Costco Canada warehouses. On October 1, 2025 the prepaid card lost the 1% cashback that built its reputation. What it offers instead is reimbursement of eligible ATM-operator fees worldwide, and Wealthsimple charges no ATM fee of its own.
If cashback was why you signed up, Wealthsimple now pays it on its separate Visa Infinite credit card. The prepaid card itself is free and charges no foreign transaction fee; the payment network sets the conversion rate. Apple Pay and Google Pay both work. ATM withdrawals are capped at CAD 3,000 a day and CAD 10,000 a week, purchases at CAD 5,000 and 20 transactions a day.
The chequing balance the card spends earns interest, calculated daily and paid monthly: 1.25% for all clients, 1.75% for Premium clients or Core clients with the direct-deposit boost, and 2.25% for Generation clients or Premium clients with the boost. Funding routes through Interac e-Transfer, direct deposit, or selling crypto inside the Wealthsimple app (there is no direct on-chain top-up of the card). Canada only. No IBAN, no SEPA; SWIFT/BIC is WSIMCAT2 for wires.
I'd only recommend the prepaid card to Canadians who'll value fee-free travel spending and worldwide ATM-fee reimbursement enough to make up for the cashback that disappeared in October 2025.
Common questions about the Wealthsimple Card
We do not collect user reviews. Answers come from the card terms, the issuer disclosure and the regulator registers we could reach, rechecked on the Data verified date above.
