Wealthsimple Visa Platinum* Prepaid Card Review

Updated October 15, 20265 min read

This is the card that comes with Wealthsimple Chequing, and if you knew it as the Wealthsimple Cash card, it is the same idea under new names: Wealthsimple is moving its prepaid Mastercards to a Visa Platinum Prepaid card in phases. I'd point travellers at it for one reason above the rest, which is that Wealthsimple charges no FX fee and refunds ATM operator fees worldwide, with no cap on the number or the amount.

It's still a prepaid card on a chequing account, not a credit card. You spend money you've already deposited, there's no credit check and no effect on your credit score, and the balance earns 1.25% to 2.25% interest depending on how much you hold with Wealthsimple. What you give up is rewards (0% cash back since October 2025), any insurance, and in-warehouse Costco, which takes only Mastercard.

The bonus

Welcome offer

There is no welcome bonus on the Visa Platinum Prepaid card. Wealthsimple's chequing page and pricing page list the fees, the interest and the ATM policy, but no sign-up offer for the card, as of October 15, 2026.

The card also stopped earning rewards: the prepaid Mastercard became a 0% cash back card on October 1, 2025, after paying 1% up to September 30, 2025. What the account pays now is interest on the balance, covered under Earning.

Insider tip

With nothing to chase at sign-up, direct deposit is the setup that pays: Core and Premium clients earn an extra 0.5% on the chequing balance with at least $2,000 of direct deposits in a 30-day period.

What it costs

Fees & eligibility

Wealthsimple Chequing has $0 monthly account fees and no minimum balance, and Wealthsimple charges nothing to use the card, including no foreign transaction fee. For purchases in another currency, the payment network sets the conversion rate, which can move between authorization and settlement.

Wealthsimple charges no ATM fees in Canada or abroad and reimburses fees charged by ATM operators worldwide, with no limit on the number of refunds or the amount. Refunds are automatic and arrive within 3 to 4 business days, near instantly on the Visa card. Interac e-Transfers are free, receiving a wire is free, and an outgoing domestic wire costs a flat $15.

There is no income requirement, no credit check and no interest rate, because there is no credit line, and Wealthsimple charges no NSF fees. The chequing comparison table also lists overdraft coverage with no fee and interest from 3.95%, a borrowing feature separate from the prepaid card.

Annual fee$0

Monthly fee$0 (no account or minimum balance fees)

LoadingDirect deposit, e-Transfer, wire, cheque photo, cash at Canada Post

FX fee0% (network conversion rate)

ATMNo Wealthsimple fee; operator fees refunded worldwide, unlimited

Interest on balance1.25% to 2.25% by client status; +0.5% with direct deposit

Funds held byIn trust at up to 10 CDIC member institutions

Deposit protectionCDIC, up to $1 million combined

Limits$5,000 a day in purchases; ATM $3,000 a day, $10,000 a week

Credit checkNone; no effect on your credit score

Getting value out

Redeeming rewards

There is nothing to redeem. Interest is paid monthly into the chequing account, and ATM fee refunds post to the linked chequing account automatically, where statements list them as Card Rewards.

InterestCalculated daily on the chequing balance and paid monthly into the account.

ATM fee refundsAutomatic, to the chequing account linked to the card; keep your ATM receipts in case Wealthsimple asks for proof.

Beyond the points

Perks & benefits

The headline perk is the ATM policy: Wealthsimple refunds ATM operator fees anywhere in the world, with no cap on the number or the amount. Add no FX fee, CDIC coverage of up to $1 million through trust deposits, and interest on the balance.

The Visa card adds Spend Controls, which let you set rules by amount, merchant and more, and you can request a separate card for each chequing account you hold. Some countries and regions block the card, so check Wealthsimple's list before a trip.

Worldwide ATM refundsUnlimited operator fee refunds with no maximum amount, automatic.

No FX feeThe payment network sets the conversion rate; Wealthsimple adds nothing.

Interest on the balance1.25% to 2.25% by client status; Core and Premium add 0.5% with $2,000 of direct deposits in 30 days.

CDIC up to $1 millionFunds held in trust at up to 10 CDIC member institutions.

Spend ControlsVisa card rules to limit spending by amount, merchant and more.

Coverage included

Insurance

The card comes with no insurance. Wealthsimple's chequing page, pricing page and card help articles list no travel medical, trip cancellation, rental car, purchase protection or extended warranty cover, so put trips and big purchases on a credit card that has it.

The protection that does apply is for your deposits: the chequing balance is held in trust with CDIC members, which Wealthsimple says effectively extends CDIC protection to a combined $1 million. Wealthsimple itself is not a bank or a CDIC member.

Travel and purchase insuranceNone listed for the card.

Deposit protectionBalance held in trust with up to 10 CDIC members; combined coverage up to $1 million CAD.

Opinion

My take

JasonRated 4.8 / 10

I'd get this card if you travel and pull cash abroad, or want a fee-free account to spend from; if you want rewards on your spending or travel insurance, I'd skip it.

The worldwide ATM refunds with no cap are the reason I'd carry it on a trip: withdraw local cash wherever the card works, and Wealthsimple sends the operator fee back. Pair that with no FX fee and interest on the balance, and it is a cheap way to hold travel money.

The downsides are hard to ignore since October 2025: it earns 0% cash back, carries no insurance, and on Visa it no longer works in-warehouse at Costco. The EQ Bank Card still pays 0.5% cash back with no FX fee, but it only refunds Canadian ATM fees (5 a month, up to $5 each), so I'd lean Wealthsimple for cash-heavy trips and EQ for card spending.

The good

Unlimited worldwide ATM fee refunds
No FX fee and no account fees
1.25% to 2.25% interest, CDIC cover up to $1 million

The catch

0% cash back since October 2025
No insurance of any kind
Visa card not accepted in-warehouse at Costco

— Jason

Questions

Frequently asked

Is the Wealthsimple card a credit card?

No. The Visa Platinum Prepaid card spends money already in your Wealthsimple chequing account. There is no credit check and no credit line, and Wealthsimple says the card will never affect your credit score.

What happened to the Wealthsimple prepaid Mastercard?

Wealthsimple is moving all prepaid Mastercards to the Visa Platinum Prepaid card in phases. You get notice in the app or by email, accept the new Visa cardholder agreement, and a virtual Visa card is issued right away; the Mastercard is locked on a set date whether or not you switch. ATM fee refunds and no FX fees stay the same.

Does the card still earn cash back?

No. The prepaid Mastercard became a 0% cash back card on October 1, 2025, and the last day to earn 1% was September 30, 2025. The account now pays interest on the balance instead: 1.25% to 2.25% depending on client status.

Are ATM withdrawals free?

Wealthsimple charges no ATM fee and refunds fees charged by ATM operators worldwide, with no limit on the number of refunds and no maximum amount. Refunds are automatic. Wealthsimple's own limits are $3,000 a day, $10,000 a week and 10 withdrawals a day.

How do I add money?

Through direct deposit, Interac e-Transfer, an incoming wire, a cheque photographed in the app (funds processed in about 6 business days) or cash at more than 5,300 Canada Post locations. Wealthsimple charges no e-Transfer fees and nothing to receive a wire.

Is my money protected?

The balance is held in trust for you with up to 10 CDIC member institutions, which Wealthsimple says effectively extends CDIC protection to a combined $1 million CAD. Wealthsimple is not a bank or a CDIC member; it is a FINTRAC-registered money services business.

Can I use it at Costco?

Not in-warehouse once you are on the Visa card, because Costco Canada accepts only Mastercard there. Wealthsimple suggests buying a Costco Shop Card on Costco.ca with the Visa card, or withdrawing cash, since ATM fees are refunded.