Wealthsimple Cash: A Free Alternative to Traditional Banking

Wealthsimple Cash is a free alternative to traditional banking that offers a range of benefits. It's a digital banking service that allows you to send, receive, and hold money, all without any fees.

With Wealthsimple Cash, you can earn up to 1.5% interest on your balance, which is a great way to grow your money over time. This interest is compounded daily, so you'll earn interest on both your principal and any interest that's already been earned.

One of the best things about Wealthsimple Cash is that it's free to use, with no monthly fees or minimum balances required. You can even use it to send money to friends and family, all without incurring any transfer fees.

Wealthsimple Cash also offers a debit card that you can use to make purchases or withdraw cash from ATMs.

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Wealthsimple Cash is a comprehensive financial platform that simplifies and optimizes your money management. It's not just a bank account, but a tool to help you manage day-to-day expenses, save for short-term goals, and plan your long-term financial future.

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This account is an excellent option for travelers who want to avoid conversion charges on foreign currency spending. It also allows you to withdraw money from international ATMs at a lower cost than usual.

With Wealthsimple Cash, you have everything you need to take control of your finances and make the most of your money. Whether you're looking to simplify your money management or just need a convenient way to make purchases abroad, Wealthsimple Cash is a great choice.

The Wealthsimple Cash account is completely free of charge, with no minimum account balance. You can access a range of features, including a prepaid Mastercard and a high-interest savings account.

Wealthsimple Cash is an all-in-one financial platform that combines the functions of a checking account, a Mastercard, a high-interest savings account, and an investment solution. This makes it easy to manage your day-to-day finances in one place.

Here are some of the key benefits of the Wealthsimple Cash account:

The interest rate offered on the Wealthsimple Cash account varies between 2% and 3% annually, with a minimum of 2% interest for all customers.

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The Wealthsimple Cash account is completely free of charge, with no minimum account balance. This means you can start using it right away without any costs or commitments.

You can use your Wealthsimple Cash account for a variety of purposes, including online and in-store purchases, as well as withdrawing cash from ATMs. It's also a high-interest savings account, so you can earn interest on your savings.

One of the unique features of Wealthsimple Cash is that it's a prepaid Mastercard, which means your credit file won't be consulted when you apply. This can be a big advantage for people who want to keep their credit score separate from their spending habits.

Wealthsimple Cash also offers a mobile application that allows you to manage your finances on the go. You can check your balance, make transactions, and even lock your card to prevent unauthorized use.

Here are some of the key features of Wealthsimple Cash:

Wealthsimple Cash offers a high-interest savings account that's a great place to stash your cash. You'll earn interest on your savings, and the rate is a decent 2% to 3% annually.

The interest rate is not promotional, it's the actual rate you'll get, and it's based on the Bank of Canada's recommendations and policy rate. You'll earn a minimum of 2% interest, and if you have a lot of assets under management with Wealthsimple, you might qualify for a higher rate.

Interest is calculated daily, so you'll earn it every day your money is in your account. And, you'll get the interest deposited monthly, on the 1st day of the month, into your Wealthsimple Cash account.

Since Wealthsimple Cash is a non-registered account, the interest you earn is taxable. You'll get tax slips at the end of the year, and you'll need to report your earnings on your income tax return.

You can earn 1% back in stock, crypto, or cash every time you spend with your Cash card, and Wealthsimple will automatically reinvest them for you.

Wealthsimple Cash offers 1% in rewards on all purchases made with the card, giving you options for the form of your rewards.

You can choose between 1% cash back, 1% in stocks, 1% in investment, or 1% in cryptocurrency.

Here are your options for rewards:

If you choose cash back, the payment will be made directly into your Cash account up to 7 working days after the eligible transaction.

You can change the type of reward you receive at any time, and the change is made in the application and takes effect immediately.

Wealthsimple Cash has a pretty straightforward fee structure. One notable exception is foreign currency transactions, which don't incur the usual 2.5% fee. The Mastercard rate of the day is used to convert the amount into Canadian dollars.

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Adding money to your Wealthsimple Cash account is a breeze. You can use the "+" sign to transfer funds from your chequing account at another institution.

Depositing from another institution's account can take a little longer, but it's still within industry standards. The first $1,000 is available right away, but any amount above that will take 5 working days to arrive.

You can also ask someone to send you money by Interac eTransfer or directly from their Wealthsimple account, if they have one. It's almost instantaneous.

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To open an account, you must be a Canadian resident, have reached the age of majority in your province, and have a valid Canadian telephone number.

The process is fairly straightforward, and once you've created your Wealthsimple login and verified your email address, you can open your first account.

You'll also need to verify your telephone number to complete the process.

To access your account functionalities, you'll need to use the Wealthsimple mobile application, as it's the only platform where Cash account features are available.

Here are the steps to open a Wealthsimple Cash account:

Once you've opened your Cash account, you'll have access to a virtual card to use with a virtual wallet (Apple Pay, Google Pay, Samsung Pay) and to make online purchases.

If you want a physical card, you can request it from the application, and it will be mailed to you within 10-14 working days.

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You can transfer Interac to others, and it's actually quite easy. Wealthsimple Cash offers Interac transfers with a 30-minute processing time.

Registration is required to make these transfers.

Wealthsimple Cash balances are CDIC insured up to $100,000. This means your money is protected in case something happens to the company.

CDIC insurance is a safeguard that protects your deposits in case of bank failure. It's like having an extra layer of protection for your money.

Here's a breakdown of the CDIC insurance coverage for Wealthsimple Cash:

This coverage is in addition to the Visa Zero Liability Policy, which protects against theft, loss, or unauthorized use of your card. With CDIC insurance and Visa Zero Liability Policy, you can feel confident in the security of your Wealthsimple Cash account.

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Cryptoback is a unique feature of the Wealthsimple card, allowing you to invest your cash back directly into cryptocurrency.

You can choose to deposit your cash back into a Wealthsimple Crypto account, making it easy to diversify your investments.

The cash back rate with the Wealthsimple card is 1%, and it applies to all purchases, so you can earn rewards on everything you buy.

Since Wealthsimple allows the purchase of fractional shares, you can invest your rewards very quickly and make them grow.

If you're not sold on Wealthsimple Cash, there are other options to consider.

EQ Bank offers a good alternative, offering innovative products in Canada.

Neo Financial is another option, providing a prepaid credit card that might suit your needs.

KOHO is also worth looking into, offering a good alternative to Wealthsimple Cash.

The Wealthsimple Cash Card is a Mastercard with rewards. You can earn 1% back in stocks or crypto, or choose cash back, which will be deposited into your Cash account up to 7 working days after the eligible transaction.

The card has no annual fees or foreign transaction fees, making it a great option for international travel. You'll also save 2.5% on each transaction outside Canada.

Here are the key features of the card:

The Wealthsimple Cash Card is a type of card that offers rewards to Canadians.

It's specifically designed for Canadians, which is a key detail to keep in mind.

The card offers 1% unlimited cash back, which is a pretty attractive feature.

The Wealthsimple Cash Card is a Mastercard with a unique set of features. It's essentially a prepaid card that can be used for online and in-store purchases, and it's free with no minimum balance required.

You can add it to Apple Wallet for easy access, and it's also possible to order a physical card if you prefer. I've added mine to Apple Wallet and it's been a game-changer for making purchases on the go.

One of the standout features of the Wealthsimple Cash Card is the ability to lock your card with just a few clicks. This ensures that your card is secure, even if it's registered with Apple Wallet or on websites where you've saved your card details.

There are no foreign transaction fees when using the Wealthsimple card to buy something in a currency other than Canadian dollars. This is a huge perk for travelers, and I'm excited to test this feature on my upcoming vacation.

Here are some key fee-free features of the Wealthsimple Cash Card:

You can use your Mastercard Wealthsimple Cash debit card to withdraw cash from ATMs wherever Mastercard is accepted. Just be aware that the ATMs may charge their own fees.

Traveling abroad can be a breeze with Wealthsimple Cash. No foreign transaction fees mean you can shop and dine without worrying about extra costs.

You'll feel like a local with your Wealthsimple Cash card, which has no additional foreign transaction or ATM fees. This makes it a must-have travel companion.

Wealthsimple Cash is perfect for travelers, especially when heading outside Canada. The card offers great benefits, but let's dive into the details.

The conversion fee for foreign currency transactions is a significant savings. Wealthsimple Cash doesn't charge the usual 2.5% fee, which is a great perk.

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With Wealthsimple Cash, you can have a Mastercard that comes with no conversion fees for foreign currency transactions, saving you 2.5% on each transaction outside Canada.

You can withdraw cash from ATMs using your Wealthsimple Cash Mastercard, but keep in mind that the ATMs will charge their own fees.

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You can use your debit card to withdraw cash from ATMs wherever Mastercard is accepted.

These transactions are free of charge on the Wealthsimple side.

The ATMs, however, charge their own fees.

Using a debit card, like the Wealthsimple Cash card, is a great way to manage your finances without affecting your credit score. This is because debit cards are not reported to credit bureaus, so your spending won't show up on your credit report.

This means you can use a debit card for everyday purchases without worrying about it impacting your credit score.

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Banking features are becoming more millennial-friendly, with Cash offering features like bill splitting and the Cash card.

Cash could expand to offer more payment types, such as bill payments for tuition, rent, utilities, or loans.

Direct deposit is a game-changer, allowing your paycheque to automatically deposit into your Cash account.

You could automatically invest a portion of your paycheque into Wealthsimple's products, like Save, Trade, or Savings.

For example, you could allocate 25% to invest in ETFs via Save, 50% to your Savings account, and keep the remaining 25% in your Cash account for regular expenses.

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