The Wealthsimple Cash Card is the card that comes with a Wealthsimple Chequing account, and it’s what most people mean by the Wealthsimple debit card, prepaid card or Visa. Wealthsimple has been moving cardholders from a prepaid Mastercard to a Visa Platinum Prepaid card, and the old card’s cash back has ended, so much of what’s online is out of date. This review covers fees, limits, travel and ATM use, getting and activating the card, and how it compares with KOHO, EQ Bank, Neo, Wise and Tangerine, using each provider’s own pages, checked September 23–24, 2026.
Wealthsimple Cash Card fees and limits at a glance
The Wealthsimple Cash Card has no Wealthsimple fees for everyday use; the costs that remain come from Visa’s exchange rate or an ATM’s owner, and Wealthsimple reimburses eligible ATM fees.
Wealthsimple Chequing costs $0 a month and $0 to open. The card has no annual fee, Wealthsimple charges no foreign transaction fee, ATM fee or NSF fee of its own, a lost or stolen card is replaced free, there’s no credit check, and Wealthsimple publishes no cash-back rate for it. Spending and ATM limits are in the limits section.
| Item | Current figure | Source |
|---|---|---|
| Chequing card | Visa Platinum Prepaid card (digital and physical), linked to your Wealthsimple Chequing account | wealthsimple.com Verified October 7, 2026 |
| Chequing monthly / minimum-balance fees | $0 | wealthsimple.com Verified October 7, 2026 |
| Foreign transaction fee on the chequing (prepaid) card | 0% (Visa's conversion rate still applies) | wealthsimple.com Verified October 7, 2026 |
| ATM withdrawal fees | no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed | wealthsimple.com Verified October 7, 2026 |
| Where the Visa Platinum Prepaid card can be used | online and in-store anywhere Visa is accepted | wealthsimple.com Verified October 7, 2026 |
| Annual fee on the Visa Platinum Prepaid card | $0 — no annual fee | wealthsimple.com Verified October 7, 2026 |
| Replacement fee for a lost or stolen Visa card | free — you can lock the card and request a free replacement in the app | help.wealthsimple.com Verified October 8, 2026 |
| Non-sufficient funds (NSF) fee | none — Wealthsimple doesn't charge NSF fees (a biller can still charge its own fee if a pre-authorized debit bounces) | help.wealthsimple.com Verified October 8, 2026 |
| Credit check for the chequing card | none — it spends your own chequing balance | wealthsimple.com Verified October 7, 2026 |
| Cash back on the chequing (prepaid) card | no cash-back rate for the prepaid card is published on Wealthsimple's chequing page (the 2% cash back belongs to the Wealthsimple credit card) | wealthsimple.com Check provider for current figure |
| Fee to open a Wealthsimple account | $0 | help.wealthsimple.com Verified October 11, 2026 |
Is the Wealthsimple Cash Card a debit card or a credit card?
The Wealthsimple Cash Card works as Wealthsimple’s debit card, but strictly it’s a prepaid Visa that spends money already in your Wealthsimple Chequing account, not a credit card.
Wealthsimple’s chequing page describes it as a card that “works just like the best debit cards”. Like a debit card, it has no credit limit, no monthly bill and no credit check, because it spends your own chequing balance. Two differences: because it’s a Visa, Wealthsimple tells you to choose “credit” at a payment terminal and “chequing” at an ATM, and Costco Canada warehouses don’t accept it. Picking “credit” doesn’t draw on a credit card limit; the purchase still comes out of your chequing balance.
What if your balance runs short? Wealthsimple charges no NSF fee, and it says a Wealthsimple portfolio line of credit can provide overdraft protection on eligible transactions in an eligible CAD chequing account. That coverage is borrowing, so it charges interest; the rates are under how to use and load the card.
Not to be confused with: Wealthsimple Cash, the name many people still use for Wealthsimple Chequing (see the Wealthsimple Cash review); the Wealthsimple credit card, a Visa Infinite+ or Visa Infinite Privilege card that lends you money after a full credit check; and Wealthsimple’s prepaid business Visa (tied to Wealthsimple Business Chequing) and Kids and Teens prepaid Visa, each with its own terms.
Is the Wealthsimple Cash Card a Visa or a Mastercard?
The current Wealthsimple Cash Card is a Visa: Wealthsimple is replacing its older prepaid Mastercards with Visa Platinum Prepaid cards in phases.
The old card, often called the Wealthsimple Cash Mastercard, was issued by KOHO Financial Inc., under licence from Mastercard. Per Wealthsimple’s help centre, Wealthsimple is moving all prepaid Mastercards to Visa Platinum Prepaid cards in phases; if you haven't had a notice in the app or by email, you don't need to do anything yet. No foreign transaction fee and free ATM withdrawals carry over to the Visa; this is what changed:
| Feature | Old prepaid Mastercard | Visa Platinum Prepaid (current) |
|---|---|---|
| Issuer | KOHO Financial Inc., under licence from Mastercard | Not named on Wealthsimple's public pages; the cardholder agreement is in the app |
| Cash back | ended — the last day to earn 1% cash back was September 30, 2025, and the prepaid Mastercard has been a 0% cash back card since October 1, 2025 | none — Wealthsimple publishes no cash-back rate for the Visa Platinum Prepaid card, and the old prepaid Mastercard's cash-back program has ended |
| ATM fee reimbursement | Up to 2 business days | Near instant (better on this row) |
| Spending and ATM limits | Daily and weekly purchase limits | Same daily amounts, no weekly purchase limit listed (see the limits section) |
| Virtual and physical card numbers | Two different numbers | Same number |
| Spend controls | Not available | Rules by amount, merchant and more (better on this row) |
| Costco Canada warehouses | Accepted (better on this row) | Not accepted in-warehouse (works on Costco.ca) |
| Samsung Wallet | Supported (better on this row) | Not supported |
Sources: Wealthsimple help-centre articles on the move from Mastercard to Visa, prepaid card limits, ATM fee reimbursement, virtual cards, digital wallets and historical cash back, plus the prepaid Mastercard cardholder agreement on wealthsimple.com, checked September 23–24, 2026; the help-centre articles were re-checked October 8, 2026.
The Visa has one card number for the virtual and physical card and spend controls that let you set rules limiting spending by amount, merchant and more (not available on the old prepaid Mastercard), and Wealthsimple lists no weekly purchase limit for it. Its daily spending and ATM limits match the old card’s, per Wealthsimple’s card-limits article on October 8, 2026. ATM-fee refunds are near instant on the Visa card (up to 2 business days on the old prepaid Mastercard). Two things got worse: Samsung Wallet doesn’t support the Visa, and the Visa is not accepted in Costco Canada warehouses (Costco takes only Mastercard in-warehouse); Wealthsimple suggests buying a Costco Shop Card on Costco.ca with the Visa card instead.
What happens to your old Wealthsimple Mastercard?
When your turn comes, Wealthsimple sends a notice in the app or by email, and you accept the new Visa cardholder agreement in the app. The virtual Visa is issued right away, and a physical Visa is mailed automatically if you've made purchases in the last 6 months; otherwise you get a virtual card right away and can request a physical one in the app.
As for the old card, it's locked for new purchases once you switch (pending transactions still settle), and it's locked on a set date even if you don't switch. If a physical Visa is on its way, the Mastercard keeps working until you activate the new card, so there’s no gap; if you take only the virtual Visa, the Mastercard stops as soon as you accept. The Visa comes with a new card number, expiry date and CVV — update any saved payment details, and the switch is free.
Does the Wealthsimple Cash Card have cash back?
No: Wealthsimple publishes no cash-back rate for the personal Visa Platinum Prepaid card, and the old prepaid Mastercard’s cash-back program has ended.
The Mastercard program ended — the last day to earn 1% cash back was September 30, 2025, and the prepaid Mastercard has been a 0% cash back card since October 1, 2025. Pages that still promise cash back on the Wealthsimple Cash Card describe a program that no longer exists.
Some of the confusion comes from a different card. Wealthsimple’s prepaid business Visa, which draws on a Wealthsimple Business Chequing account, advertises 1% cash back on every purchase, per Wealthsimple’s business chequing page, checked September 24, 2026. That offer belongs to the business card, not the personal one.
Among personal cards, the cash back Wealthsimple advertises belongs to its credit card, which earns 2% on every purchase; the prepaid vs credit card comparison works out whether its fee pays for itself. KOHO, EQ Bank and Neo pay some cash back on their prepaid cards (compared below), and the best cash back credit cards in Canada pay more.
Does the Wealthsimple debit card charge foreign transaction fees?
No: Wealthsimple adds no foreign transaction fee to its debit card, whether you pay abroad or on a website that charges in another currency; Visa sets the exchange rate.
Wealthsimple’s pricing page says it doesn’t charge any fees for using the Visa Platinum Prepaid card to make purchases in a foreign currency, abroad or on a U.S. site, and its help centre says the same of every prepaid card it issues, the old Mastercard included.
What that saves on a trip. Take $2,000 of card purchases in another currency. Here’s what each card’s own fee adds:
- Wealthsimple: $0
- EQ Bank Card: $0
- Wise: at least $3.80 in conversion fees (the fee varies by currency)
- KOHO Essential: $30
- Tangerine Client Card with Visa Debit: $50
- Neo Money card on the free Essentials membership: $50 to $60
The fees behind those numbers: Tangerine’s foreign currency conversion fee is 2.50%, KOHO Essential’s is 1.5% per transaction, and Wise charges a conversion fee from 0.19%. Neo charges 3% on purchases in a foreign currency (Neo's fee schedule, correct as of September 1, 2026), while its memberships page still says 2.5% on Neo Money cards, hence the range. Each card also converts at its own network’s or provider’s rate, and Wise uses the mid-market rate, so the real gap between Wealthsimple and Wise can be smaller than the fee gap, or even reverse.
What exchange rate does the Wealthsimple card use?
The Wealthsimple card’s exchange rate on foreign purchases is set by the payment network (Visa), and it can change between when a purchase is authorized and when it settles.
Wealthsimple doesn’t publish how far Visa’s rate sits from the mid-market rate, but points to Visa’s currency conversion calculator for an estimate. Two habits help:
- Pay in the local currency. If a terminal or ATM abroad offers Canadian dollars, decline: the merchant’s or operator’s rate is usually worse than the card network’s.
- Remember the card spends Canadian dollars. It spends Canadian dollars only (the chequing account can't hold USD); the Wealthsimple USD account guide covers holding US dollars for investing.
Does the Wealthsimple debit card charge ATM fees?
No: Wealthsimple charges no ATM fees in Canada or abroad, and it reimburses eligible fees charged by the ATM’s owner, with no cap on how many.
The fee on the ATM screen is usually about $3.00 per withdrawal, charged by the ATM operator (not Wealthsimple). There’s no cap — Wealthsimple reimburses an unlimited number of ATM fees with no maximum amount. Withdrawals worldwide qualify, except in countries where Wealthsimple blocks the card, and the written policy promises the refund within 4 business days after the ATM withdrawal settles. Keep your receipts, since Wealthsimple can ask for proof; refunds show up as Card Rewards on chequing statements.
To take cash out, use the physical card and choose “chequing” when the ATM asks which account; the withdrawal caps are in the limits section. At the typical operator fee, two withdrawals a month would cost $72 a year without the refunds, and six on a two-week trip would cost $18.
What is the Wealthsimple Cash Card limit for spending and ATM withdrawals?
The Wealthsimple debit card’s published limits are $5,000 a day in spending (up to 20 purchases a day); ATM withdrawals up to $3,000 a day and $10,000 a week.
| Item | Current figure | Source |
|---|---|---|
| Visa Platinum Prepaid maximum per purchase | no separate per-purchase maximum is listed (the daily spending limit applies) | help.wealthsimple.com Check provider for current figure |
| Visa Platinum Prepaid daily spending limit | $5,000 a day | help.wealthsimple.com Verified October 8, 2026 |
| Visa Platinum Prepaid ATM withdrawal limit per day (and per withdrawal) | $3,000 a day (also the most you can take out in one withdrawal) | help.wealthsimple.com Verified October 8, 2026 |
| Visa Platinum Prepaid ATM withdrawal limit per week | $10,000 a week | help.wealthsimple.com Verified October 8, 2026 |
| Tap (contactless) limit on the Visa card | up to $250 per tap with the physical card; no Wealthsimple limit on phone (virtual card) taps, though merchants can set their own | help.wealthsimple.com Verified October 8, 2026 |
| Visa tap limit as listed in Wealthsimple's Mastercard-to-Visa comparison table (conflicts with chequing.card_x.tap_limit) | no tap limit on the Visa card (merchants may set their own limits) | help.wealthsimple.com Verified October 8, 2026 |
| Visa Platinum Prepaid monthly spending limit | not published — Wealthsimple's help centre lists daily and weekly limits for the Visa card but no monthly limit | help.wealthsimple.com Check provider for current figure |
| ATM operator's own withdrawal limits | the ATM's owner can set a lower withdrawal limit for its machines, and the lower limit applies | help.wealthsimple.com Verified October 8, 2026 |
| Old prepaid Mastercard spending and ATM limits | $5,000 a day and $10,000 a week in purchases; ATM withdrawals up to $3,000 a day and $10,000 a week | help.wealthsimple.com Verified October 8, 2026 |
For a large purchase, the daily limit is the one to watch: a $8,000 car deposit is over it, so you’d pay part of it another way, such as a bank transfer. Wealthsimple’s card-limits article listed higher Visa limits in September 2026; the figures here are the ones it showed on October 8, 2026, and a per-purchase maximum is no longer listed. A monthly spending limit is not published — Wealthsimple's help centre lists daily and weekly limits for the Visa card but no monthly limit. At the ATM itself, the ATM's owner can set a lower withdrawal limit for its machines, and the lower limit applies. The old prepaid Mastercard’s limits are similar: $5,000 a day and $10,000 a week in purchases; ATM withdrawals up to $3,000 a day and $10,000 a week.
Tap payments. Wealthsimple’s two help articles disagree on whether the physical Visa has a tap cap. Its card-limits article says up to $250 per tap with the physical card; no Wealthsimple limit on phone (virtual card) taps, though merchants can set their own, while its Mastercard-to-Visa guide lists no tap limit on the Visa card (merchants may set their own limits). Until they match, insert the card and enter your PIN for a larger purchase, or tap with your phone.
Can you use the Wealthsimple card outside Canada?
Yes: outside a short list of blocked countries, the card works online and in-store anywhere Visa is accepted, with no Wealthsimple foreign transaction or ATM fee.
Wealthsimple blocks the card in Belarus, Cuba, Iran, North Korea and Russia, plus Russian-occupied parts of Ukraine (other transactions in Ukraine are reviewed case by case). It says that list can change, so check it before you travel.
Is the Wealthsimple Cash Card good for travel?
Yes, for spending and cash: Wealthsimple adds no foreign transaction fee and reimburses ATM-operator fees worldwide, though it lists no travel insurance for the card.
Before you go, get the physical card. ATM cash needs the physical card, which arrives within 15 business days, and it must be activated when it arrives; order it well before you leave (how to order a physical Wealthsimple Cash Card). Many cardholders have only the virtual card, since it’s a choice at account opening and people moved from the Mastercard get a physical Visa automatically only if they’ve made purchases in the last 6 months. If you’re asked to switch from the Mastercard shortly before a trip, remember what happens to the old card: it's locked for new purchases once you switch (pending transactions still settle), and it's locked on a set date even if you don't switch. Taking only the virtual Visa stops the Mastercard as soon as you accept (what happens to your old Wealthsimple Mastercard).
Where it falls short. It isn’t a credit card, which some hotels and car-rental counters want for deposits; Wealthsimple lists no travel insurance for it (its credit card includes some, and the best travel credit cards in Canada compares options); and it spends Canadian dollars only. Wealthsimple vs Wise for travel budgets two weeks in Japan with both cards. The guide to stand-alone travel insurance in Canada compares policies sold separately from a card.
Does the Wealthsimple Cash Card work in Japan?
Yes: Japan isn’t on Wealthsimple’s blocked list, so the card works wherever Visa is accepted there, and eligible ATM-operator fees are reimbursed.
Wealthsimple publishes nothing Japan-specific. Japan relies on cash more than Canada does, so the uncapped ATM reimbursement is the card’s biggest advantage there, but ATM cash needs the physical card, which arrives within 15 business days, and it must be activated when it arrives, so get it before you fly. If you’re still on the Mastercard, don’t switch to a virtual-only Visa just before the trip: that locks the Mastercard right away. Choose yen, not Canadian dollars, at terminals and ATMs, and keep your ATM receipts. The Japan section of Wealthsimple vs Wise prices a two-week trip.
Does the Wealthsimple Cash Card work in South Korea?
Yes: South Korea isn’t on Wealthsimple’s blocked list (North Korea is), so the card works wherever Visa is accepted, on the same terms as anywhere else. Bring the physical card if you’ll need ATM cash, pay in won rather than Canadian dollars, and keep your ATM receipts in case Wealthsimple asks for proof.
Does the Wealthsimple Cash Card work in Hong Kong?
Yes, for Canadians visiting: Hong Kong isn’t on the blocked list, so the card works wherever Visa is accepted; pay in Hong Kong dollars, not Canadian dollars. Wealthsimple Chequing is only for Canadian residents, so the card isn’t an option for people who live in Hong Kong.
How do you get a Wealthsimple Cash Card?
Open a Wealthsimple Chequing account and choose a card option; the virtual Visa is ready as soon as you sign the account agreements, and a physical card can follow.
- Check that you’re eligible. Chequing is open to Canadian residents with a valid Canadian phone number who meet their province's age requirement (18 in AB, MB, ON, PE, QC and SK; 19 in BC, NB, NL, NS, NT, NU and YT). There’s no credit check.
- Open Wealthsimple Chequing in the app or on the website; there’s no opening or monthly fee.
- Choose your card. The options are a virtual card, a virtual and physical card, or no card — you choose when you open the chequing account. If you’ll travel or use ATMs, take the physical card too.
- Sign the agreements and fund Chequing. The virtual card is ready to use as soon as you sign your account agreements — no activation needed (only the physical card needs activating).
- Activate the physical card when it arrives (steps below).
Wealthsimple issues one card per individual chequing account; on a joint account each holder gets their own card, with an optional physical version. If you’re new to Wealthsimple and sign up through a personal referral link, the bonus is $25 once you deposit $100 or more from another institution within 30 days, paid into a Wealthsimple Chequing account (you need one to receive it); the Wealthsimple bonus guide has the full conditions.
How do you order a physical Wealthsimple Cash Card?
To order the physical card after starting with only the virtual one: in the Wealthsimple app, open your personal chequing account, tap Settings (the gear icon), then tap Request a physical card.
On a computer, select your personal chequing account, then the virtual card at the top right, then Request a physical card, and confirm your shipping address. The card arrives within 15 business days, and it must be activated when it arrives.
How do you activate the Wealthsimple Cash Card?
You activate the physical Wealthsimple Cash Card with the QR code in the envelope or in the Wealthsimple app, not from a laptop or computer; the virtual card needs no activation.
Per Wealthsimple’s Visa activation article (updated September 15, 2026):
- With the QR code: scan the QR code in the card’s envelope, then tap Activate.
- In the app: tap your chequing account, then the blue “Your physical card is on the way” tab, then the activate button. At “Ready to activate your card?”, tap Activate, then Next and Got it.
After activating, update saved card details: the virtual card takes on the physical card's CVV and expiry date once you activate the physical card, so anywhere the virtual card is saved as a payment method needs the new details. The card number doesn’t change, because the virtual and physical Visa cards share the same card number, so a subscription or online store that still has the old CVV or expiry date may decline the next payment until you enter the new ones.
Your PIN. Per Wealthsimple’s help centre, the card uses a 4-digit PIN that you set when you order the physical card; to view or change it, open the Wealthsimple app, tap your chequing account, tap the card to flip it over, then tap Manage card and View PIN or Change PIN. A changed PIN needs one more step: insert the card for a purchase or an ATM transaction and enter either your old PIN one last time or the new PIN; after that the new PIN is active (if the card reader says the new PIN failed, Wealthsimple says to enter it 3 more times and calls this normal).
How do you use and load the Wealthsimple Cash Card?
You use the Wealthsimple Cash Card like any Visa, by tapping, inserting or paying online, and it spends your Wealthsimple Chequing balance, so there’s no separate loading step.
Per Wealthsimple’s chequing page and user agreement, you can add money by direct deposit, Interac e-Transfer, mobile cheque deposit, cash at Canada Post, wire transfer or a transfer from another bank, which Wealthsimple can hold for up to five business days. Your balance updates in real time, some online purchases need a 6-digit code, and you can set spending rules or lock the card in the app. Refunds land in Chequing usually 5–7 business days after the merchant confirms the refund.
If your balance runs short. Wealthsimple doesn’t charge NSF fees, though a biller can still charge its own fee if a pre-authorized debit bounces. Separately, Wealthsimple says a Wealthsimple portfolio line of credit can provide overdraft protection on eligible transactions in an eligible CAD chequing account. That’s borrowing: Wealthsimple’s chequing page lists overdraft coverage as no fee, plus interest from 3.95%, and the line of credit’s rate is 4.95% for Core clients, 4.45% for Premium and 3.95% for Generation.
Can you add the Wealthsimple card to Apple Pay or Google Wallet?
Most likely yes: the card is supported through your phone's digital wallet, according to Wealthsimple — though its Apple Wallet and Google Wallet instructions don't yet name the Visa Platinum Prepaid card, so confirm in the Wealthsimple app.
Samsung Wallet is the exception: it’s not supported — Samsung Wallet takes only the old prepaid Mastercard, not Wealthsimple's Visa cards. Phone taps have no Wealthsimple tap limit, though merchants can set their own, and the daily spending limit still applies. The guide to the Apple Card in Canada covers Apple’s own card, the Canadian alternatives and Apple Pay on Canadian credit cards.
Virtual vs physical Wealthsimple card: what’s the difference?
The virtual Wealthsimple card works online and in phone wallets from the day your account opens, while the physical card adds ATM cash and terminals that won’t take a phone tap.
Both share one card number; what changes on the virtual card when you activate the plastic one is covered under activating the Wealthsimple Cash Card. A replacement reissues both: the virtual card is reissued instantly; the physical card arrives in 7 business days (up to 15 with holidays or postal disruptions). If the card goes missing, lock it in the app first.
Does the Wealthsimple Cash Card build credit?
No: the card spends your own money rather than borrowed money, and Wealthsimple says its prepaid cards won’t impact your credit score.
Heavy use won’t raise your score, and there’s no credit check, so you don’t need a credit history to get one. To build credit, you need a product that lends you money, such as Wealthsimple’s credit card, which needs a full credit check and a minimum income. For a first step, see how to get a credit card with no credit history in Canada and how KOHO Credit Building works.
What’s the difference between the Wealthsimple prepaid card and the credit card?
Wealthsimple’s prepaid Visa spends money you already have and costs nothing; Wealthsimple’s credit card lends you money, earns 2% on every purchase and has an annual fee unless waived.
The credit card’s fee is $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit. It also needs a full credit check and a minimum income, its payment history counts toward your credit score, and it includes travel insurance and purchase protection, none of which applies to the prepaid card. Neither card has a Wealthsimple foreign transaction fee.
When the credit card pays for itself. If you pay the fee, cash back has to cover $240 a year, which takes $12,000 a year of spending, or $1,000 a month. At $2,000 a month, you’d earn $480 and keep $240 after the fee; with the fee waived, all of it is yours. The two cards can work together: the credit card for purchases and bookings where insurance matters, the prepaid card for ATM cash. The Wealthsimple credit card review covers the rest.
How does the Wealthsimple debit card compare with KOHO, EQ Bank, Neo, Wise and a bank debit card?
Wealthsimple’s card wins on ATM cash and ties EQ Bank on foreign purchases; KOHO, EQ Bank and Neo pay cash back it doesn’t, and Wise wins for holding foreign currencies.
| Feature | Monthly fee | Foreign transaction fee | ATM withdrawals |
|---|---|---|---|
| Wealthsimple (Visa Platinum Prepaid) | $0 | 0% (Visa's conversion rate still applies) (better on this row) | no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed (better on this row) |
| KOHO Essential (prepaid Mastercard) | $7 a month, or $0 in a month you set up direct deposit or deposit $1,000 | 1.5% per transaction; waived only on the paid Extra and Everything plans (not on Non-Member or Essential) | free from KOHO (the ATM operator may still add its own fee); international: one free international ATM withdrawal a month on Extra and Everything (not included on Essential) |
| EQ Bank Card (prepaid Mastercard) | $0 — no monthly or annual fees | none — EQ Bank adds no FX fee or markup (Mastercard's conversion rate still applies) (better on this row) | no EQ Bank ATM fees anywhere; fees charged by ATM operators in Canada reimbursed up to $5 per withdrawal, up to five times a month |
| Neo Money, Essentials (prepaid Mastercard) | Free on Essentials | 3% on purchases in a foreign currency (Neo's fee schedule, correct as of September 1, 2026) | set by your Neo membership tier from January 1, 2027 (Neo's fee schedule doesn't list the amounts); the ATM operator may add its own fee |
| Wise (debit card) | $0 | Conversion fee from 0.19%, at the mid-market rate | Free up to $100 a month, then $2.69 + 2.69% |
| Tangerine Client Card with Visa Debit (bank debit card) | $0 | 2.50% added to the exchange rate | free at 3,500+ Scotiabank ABMs in Canada and 44,000 Global ATM Alliance ABMs worldwide; $1.50 at other ABMs in Canada |
Sources: wealthsimple.com chequing and pricing pages; koho.ca plan pages and KOHO's help-centre Compare Plans article; eqbank.ca card page; neofinancial.com chequing, membership and fee-schedule pages; wise.com Canadian card-fee page; tangerine.ca chequing page. Checked September 23–24, 2026. Each row shows the free or entry plan; paid plans change several cells. Neo's FX fee is from its September 2026 fee schedule; its memberships page shows a lower rate for Neo Money cards.
| Feature | Cash back | Interest on your balance |
|---|---|---|
| Wealthsimple (Visa Platinum Prepaid) | None published | 1.25% (Core) to 2.25% (Generation); Core and Premium add an extra 0.5% with at least $2,000 direct-deposited within 30 days |
| KOHO Essential (prepaid Mastercard) | 1% on groceries, transportation, and food and drinks | 2% |
| EQ Bank Card (prepaid Mastercard) | 0.5% cash back on purchases, in Canada and abroad (better on this row) | Base 1.50% (EQ Bank rates effective October 2, 2026); 2.75% (1.50% base + 1.25% bonus) when you keep qualifying recurring direct deposits of at least $2,000 a month going into a Personal Account or Joint Account |
| Neo Money, Essentials (prepaid Mastercard) | 1% cash back on gas and groceries, up to a monthly spend limit | 0.1% |
| Wise (debit card) | None published | 2.22% (variable, dated February 25, 2026), opt-in |
| Tangerine Client Card with Visa Debit (bank debit card) | None listed | 0.01% to 0.10%, by balance tier |
Sources: wealthsimple.com chequing page; KOHO's help-centre Compare Plans article and koho.ca; eqbank.ca rates page and EQ Bank Card Agreement; neofinancial.com chequing page; wise.com; tangerine.ca rates. Checked September 23–24, 2026; the eqbank.ca rates page was re-checked October 8, 2026. Both conditional rates (Wealthsimple's boost and EQ Bank's bonus) depend on direct deposits of the same minimum amount.
The foreign transaction fees are compared in dollars in the worked example above; here’s what else separates the cards.
KOHO. KOHO’s card is a prepaid Mastercard issued by KOHO Financial Inc., and its Essential plan costs $7 a month, or $0 in a month you set up direct deposit or deposit $1,000. Essential pays 1% cash back on groceries, transportation, and food and drinks, plus 2% interest on the whole balance, both more than Wealthsimple pays on Core. Its foreign transaction fee is waived only on the paid Extra and Everything plans (not on Non-Member or Essential). ATM withdrawals are free from KOHO (the ATM operator may still add its own fee), and KOHO adds one free international ATM withdrawal a month on Extra and Everything (not included on Essential). KOHO wins if most of your spending is groceries, transport and restaurants in Canada; Wealthsimple wins if you spend abroad or use ATMs often. See Wealthsimple vs KOHO and the KOHO review.
EQ Bank. The EQ Bank Card is a prepaid reloadable Mastercard issued by Equitable Bank (EQ Bank is its trade name), with no monthly or annual fees, and it ties Wealthsimple abroad because EQ Bank adds no FX fee or markup. It wins on rewards, paying 0.5% cash back on purchases, in Canada and abroad. EQ’s base rate is 1.50% (EQ Bank rates effective October 2, 2026), above Wealthsimple Core’s 1.25%, and with direct deposits it pays 2.75% (1.50% base + 1.25% bonus) when you keep qualifying recurring direct deposits of at least $2,000 a month going into a Personal Account or Joint Account, more than Core’s 1.75% after Wealthsimple’s own boost (an extra 0.5% with at least $2,000 direct-deposited within 30 days). Wealthsimple wins on ATM cash, since EQ Bank’s refunds come with limits (no EQ Bank ATM fees anywhere; fees charged by ATM operators in Canada reimbursed up to $5 per withdrawal, up to five times a month). EQ Bank wins if you want cash back on every purchase or its direct-deposit rate; Wealthsimple wins if you take out cash often, especially abroad. See Wealthsimple Cash vs EQ Bank and the EQ Bank review.
Neo. Neo’s card is a prepaid Mastercard (the Neo Money™ card), powered by the Neo Chequing account, and the membership is free on Essentials (Build costs $0–9.99 a month and Grow $14.99 a month). It pays cash back on essentials, but the 1% cash back on gas and groceries stops once you hit a monthly spend limit, which Neo shows in its app rather than on its website, and Neo Chequing pays 0.1% interest. Abroad it’s the most expensive card here, and its foreign transaction fee is rebated only on the paid Grow membership ($14.99 a month), for the first CAD$10,000 of foreign spending each month; Essentials and Build members pay the fee. Neo’s ATM fee is set by your Neo membership tier from January 1, 2027 (Neo's fee schedule doesn't list the amounts); the ATM operator may add its own fee. Its refund terms: ATM-operator fees in Canada reimbursed up to $5 per withdrawal, but only on the paid Build and Grow memberships (not the free Essentials tier). Neo wins if you want cash back on gas and groceries and, as a Mastercard, a card that works in Costco warehouses; Wealthsimple wins if you spend abroad or use ATMs. See the Neo Financial review.
Wise. Wise’s card is a debit card for your Wise account, with a monthly fee of $0. Wise has no foreign transaction fee (Wise's currency conversion fee still applies when it converts), and it converts at the mid-market rate, with no markup. ATM cash is free up to $100 a month, then $2.69 + 2.69% (Wise’s fee table applies the percentage only above the allowance; its FAQ says per withdrawal). Wise publishes no cash-back rate, and its opt-in interest on Canadian dollars is 2.22% (variable, dated February 25, 2026). Wise wins if you want to hold 40 currencies or pay someone abroad; Wealthsimple wins if you use ATMs. Wealthsimple vs Wise and the Wise review go deeper.
Tangerine (a bank debit card). Tangerine Chequing comes with a Client Card with Visa Debit and a monthly fee of $0. Its ATM cash is free at 3,500+ Scotiabank ABMs in Canada and 44,000 Global ATM Alliance ABMs worldwide, other ABMs in Canada cost $1.50, and the account pays 0.01% to 0.10% interest, depending on your balance. Tangerine wins if you want a bank that is a CDIC member in its own right (a wholly owned Scotiabank subsidiary), with a debit card that also goes in Samsung Pay; Wealthsimple wins if you spend in other currencies or use ATMs outside Tangerine’s network.
What are the Wealthsimple debit card’s benefits, and who should skip it?
The Wealthsimple debit card’s benefits are a $0 monthly fee, no foreign transaction fee, uncapped ATM-fee reimbursement and no credit check; it lacks cash back and credit building.
Get the Wealthsimple Cash Card if you:
- want a spending card with no monthly or annual fee
- travel or buy from foreign websites
- use ATMs, at home or abroad
- can’t get, or don’t want, a credit card
- already invest with Wealthsimple and want your spending money in the same app
Skip it, or pair it with another card, if you:
- want cash back on everyday spending or need to build a credit history
- need travel insurance, purchase protection or a card that hotels and car-rental desks accept for deposits
- shop in Costco warehouses
- want to spend US dollars directly
- want a branch to walk into
Is the Wealthsimple Cash Card worth it? The verdict
Yes, as a free everyday and travel card: the Wealthsimple Cash Card charges no monthly fee, adds no foreign transaction fee and reimburses eligible ATM fees worldwide, with no cap.
Where it falls short is rewards: the personal card has no published cash-back rate. Use it for foreign purchases, ATM cash and day-to-day spending, and pair it with a credit card if you want rewards, insurance or a credit history.
The balance behind the card earns 1.25% in Chequing on Core, up to 2.25% on Generation, and money you won’t spend soon earns 2.5% (available to every client, no tiers) in the Wealthsimple Savings account. The full rate picture is in Wealthsimple interest rates by plan, and everything else Wealthsimple offers is in our complete Wealthsimple guide.
This page is general education, not financial advice; the right card depends on how you spend, travel and borrow.