Saturday, December 25, 2021

Wealthsimple Cash Introduction


Updated on Dec 16, 2021: Wealthsimple Cash is giving a select group of spenders a chance to win one of 1,000 limited-edition metal Cash cards. Here’s how it works: 
  • Make sure you’ve enabled crypto or stock back in the app
  • Each transaction counts as one entry (max three entries a day) between Dec 16 to Dec 28, 2021
  • Wealthsimple will pick 1,000 lucky spenders in 2022.

Wealthsimple Cash also has another interesting promotion now. When you send cash ($1+) to a friend using their new send to win 🎁 option before Dec 31, 2021, you’ll both get between $0.10 and $10 with an average of CAD$0.50. Only 1% of Qualifying Sends will receive a $10 bonus. Maximum 10 qualifying sends per day. Each “🎁” has to be sent to a different friend (this resets every 24 hours — no need to have more than ten besties).


I tried once with one of my friends, and we both won $3 each. If you want to sign up a new Wealthsimple Cash account, please use our referral code and you'll get $10 bonus when you sign up, thanks: 9V7FQW. 

 

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, no foreign transaction 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: https://help.wealthsimple.com/hc/en-ca/articles/360056545414

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 $10 bonus. And you can also have your own referral code after registration. If you want, please use our referral code, thanks: 9V7FQW


Updated on Jul 12, 2021: The Wealthsimple Cash Card is almost here with features like 5% cash back at restaurant every weekend (Fri - Sun) and zero transaction fees on purchases in foreign currencies. To keep using Cash, and take advantage of these features, Wealthsimple need you to update your account. Here’s how to update: 
  1. Open the app (make sure you’re on the latest version) 
  2. Read and click accept on the update screen 
  3. It’s that simple 
What does this change mean? - For starters, it’ll give you access to all the exciting new features of Cash. However, as part of this change your account will no longer earn 0.5% interest. Finally, the funds in your Cash account will now be held with Canada Western Trust (still CDIC protected).

What if I want to keep earning interest? - That’s exactly what Wealthsimple Save account is for. It gives you a safe place to earn 0.5% interest. 
  • If you’re not interested in sending and spending features, your account will be automatically transitioned to a Save account. No action needed! Just log in to Invest on web to see your account. 
  • If you want to keep Cash and earn interest you can open a Save account by logging in on web, and move funds from your Cash account. Just make sure to do this before you update to the latest version of Cash! 

Updated on Jul 19, 2021: The Wealthsimple Cash Card is finally here. A few friends of mine told me that they can see a button "Claim my card" in the app. In order to claim the card, they need to send cash to one or two friends in Wealthsimple Cash app. As we mentioned before, you can make everyday purchases using your card with perks like:
  • 5% cash back at restaurants every weekend (Fri - Sun)
  • Zero transaction fee, even on purchases in foreign currencies
  • $0 fee for ATM withdrawals within Canada & outside of Canada. You may be charged a fee by the ATM provider.

Once you claimed the card, you will get a virtual card in one hour and it can be loaded to Apple Pay / Google Pay. You can also provide your billing address to Wealthsimple and they will send you a physical card in the mail.

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. 


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.