Wednesday, April 17, 2024

Wealthsimple Cash Introduction

Updated on Apr 17, 2024: Weathsimple has increase the CDIC coverage on eligible deposits within your Wealthsimple Cash account from $300,000 to $500,000.

Wealthsimple Cash is one of the Wealthsimple products. You can use it to split takeout or rent, send a friend cash for a coffee, or request money instantly. With Wealthsimple Cash there are no monthly account fee and no low balance fees.

Wealthsimple Cash product is offered by Wealthsimple Payments Inc., a FINTRAC and Autorité des marchés financiers registered money services business. Money in the Cash account is held in trust at a CDIC member institution. So, all balance in your Weathsimple Cash account are eligible for protection from the CDIC. 

Wealthsimple Cash allows user to send and request money (you can add personalized messages too). There will be more new features coming. If you are interested, you can see this page:

I like the upcoming Wealthsimple Cash Card feature. It is a Visa prepaid card. you can make every day purchases with the Wealthsimple Cash card — just add it to Apple and Google Pay. 

Wealthsimple Cash has a referral program. When you sign up Wealthsimple Cash via referral code, you can get $1 bonus. And you can also have your own referral code after registration. If you want, please use our referral code, thanks: 9V7FQW

Updated on Nov 2, 2021: Wealthsimple Cash has launched a new stock- and crypto-back feature that allows you to direct your rewards to your Wealthsimple Trade or Crypto account. Plus, auto-buy is on the way, so soon you'll never miss a chance to invest your cashback rewards. Here’s how to opt-in to stock or crypto rewards with your Cash card: 
  1. Tap the card icon in the app 
  2. Select Invest your rewards  
  3. Choose stock or crypto  
  4. Start spending  

Updated on Nov 29, 2021: Starting today you'll get 1% back all day, every day, on everything with Wealthsimple Cash Card. But don't worry, you'll still have the chance to get a little extra back with bonus offers. Starting with the 5% weekend boost on eats and drinks you know and love, available to all early Wealthsimple Cash Card users until February 28, 2022.

Updated on Dec 2, 2021: Please see the above tables for the transaction limit of Wealthsimple Cash Prepaid Visa Card. 

Updated on Jun 8, 2022: You can send an e-transfer directly from your Cash account to anyone that does not use Wealthsimple Cash. Contacts you are able to e-transfer will appear as email addresses on your contact screen. Your recipient will see the e-transfer come through to their email. They will have the option to either download the Cash app, or deposit the e-transfer directly to their bank.

Updated on Nov 10, 2022: Wealthsimple will no longer issue VISA card to clients. Instead, all Wealthsimple Cash Cards will be affiliated with Mastercard. With this new Wealthsimple Cash Mastercard, you can get 1% back with your purchase and you can earn 1.5% interest when you save.

BTW, if anyone wants to leave his/her referral code below, please use the following format ONLY: "My Wealthsimple Cash referral code is, thanks: *******." Other format will be deleted. Thanks.