Wealthsimple Prepaid Card review: fees, limits and how it works
Travellers who want no foreign exchange fees
Quick answer: The Wealthsimple Prepaid Card is a Canadian card linked to a Wealthsimple Chequing account, moving from Mastercard to Visa in phases. Wealthsimple charges no card, foreign transaction or NSF fees, so everyday use costs C$0 a month, and it reimburses ATM operator fees. It suits travelers and people who want no-fee spending.
Best for: Travellers who want no foreign exchange fees
Pros
- No card fees
- No FX fees
Cons
- The prepaid Mastercard has had 0% cash back since October 1, 2025
- Card migration from Mastercard to Visa is under way
What the Wealthsimple Prepaid Card costs per month
| If you… | Monthly cost | How it adds up |
|---|---|---|
| Everyday card spending in Canada | C$0 | Wealthsimple charges no monthly or transaction fees on its prepaid cards. |
| C$300 of purchases in US dollars | C$0 in Wealthsimple fees | Wealthsimple charges no foreign transaction fee. The payment network's exchange rate sets the conversion. |
| 2 ATM withdrawals with operator fees of about C$3 each | C$0 after reimbursement | Wealthsimple charges no ATM fee and reimburses operator fees for Chequing clients with no limit, usually within 4 business days of the transaction settling. |
Who it suits
Good fit if
- Travelers who want no Wealthsimple foreign transaction fee
- Existing Wealthsimple clients who want a spending card
- People who use ATMs and want operator fees reimbursed
Skip it if
- You want a card that builds credit
- You need a card from a bank with branches
- You want strong cash back on everyday spending
Fees
| Monthly fee | None |
| Other | No Wealthsimple foreign transaction or NSF fees |
| Other | ATM operators may charge about $3 |
How to get and load it
Open a Wealthsimple Chequing account in the app.
- Direct deposit
- Interac e-Transfer
- Transfers within Wealthsimple
Activation
Activate in the app. You can also request a physical card. See our step-by-step activation guide.
Deposit protection and credit building
Protection: Not verified for this file. See Wealthsimple's cardholder agreement and CDIC disclosures.
Credit building: No
Wealthsimple Prepaid Card FAQs
Does the Wealthsimple Prepaid Card have a monthly fee?
Monthly fee: None. Other charges to check: No Wealthsimple foreign transaction or NSF fees; ATM operators may charge about $3.
How do I activate the Wealthsimple Prepaid Card?
Activate in the app. You can also request a physical card.
Is money on the Wealthsimple Prepaid Card insured?
Not verified for this file. See Wealthsimple's cardholder agreement and CDIC disclosures.
Does the Wealthsimple Prepaid Card build credit?
No
How do I add money to the Wealthsimple Prepaid Card?
You can load it by direct deposit, Interac e-Transfer, transfers within Wealthsimple.
Sources: help.wealthsimple.com · www.wealthsimple.com · help.wealthsimple.com. Fees change; confirm on the official fee schedule.