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The long awaited desire to have a simple app to send and receive money instantly, has finally come to fruition with the launch of the Wealthsimple Cash App!
(Current Promo: $25 Cash Bonus)
With many firsts in the Canadian fintech space, Wealthsimple now lets you effortlessly complete peer to peer transfers.
While an invite only beta opened at the end of last year, the beta is now available to anyone.
For those familiar with the ever popular Venmo or Cash App by Square, the Wealthsimple Cash App is essentially the same.
- Send and receive money instantly
- Deposit up to $500 with a single deposit instantly using your Visa Debit card
- No Fees
- Canada to Canada
- Available for iOS and Android
- Visa Debit limit: $500 per deposit to $5,000 per month maximum
- Bank Account limit: $5,000 per day to a maximum of $10,000 per week or $20,000 per month
You can now set up your Wealthsimple Cash account and deposit up to $500 instantly using your Visa Debit card.
Supported institutions are TD, RBC, CIBC, Scotia, Tangerine and ATB.
There were also a number of other features Wealthsimple had announced last year pre-COVID as part of their Cash offering, however they’ve had to repriortize the rollout.
As the year progresses, we should see features such as a Cash Card and ATM Cash Withdrawals, Digital Card, Direct Deposits, Bill Payments and Pre-authorized debit to name a few.
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How Do I Send Money With Wealthsimple Cash
Wealthsimple Cash makes it extremely easy to send and receive cash at with a few swipes on your phone. To get started with the app, follow these steps:
- Download the Wealthsimple Cash app from the Google Play or Apple App Store
- Sign up with your email and setup your account
- Deposit your desired amount of money
- Click on your contacts name to send or request money!
Wealthsimple Cash Promotions
Since Wealthsimple Cash is a relatively new offering, they are constantly updating their promotions to encourage more users to signup.
Some current offers include:
- $25 Free Cash Upon Sign Up (Exclusive Offer Through Tech Daily)
- 5% cash back on purchases made with your Cash Card. This promotion is available every weekend from Friday to Sunday and only applies to food and restaurant purchases as defined by Visa’s merchant category codes.
- Earn 1% cash back on all purchases made with your cash card, learn more here
What is the Wealthsimple Cash Card
The Wealthsimple Cash Card was recently released and it allows you to spend funds that are in your Cash account.
The card leverages Visa’s payment technology and can be used at any merchant that accepts Visa.
Wealthsimple Cash Card Fees
The Wealthsimple Cash Card does not charge any foreign exchange fees or declined transaction fees.
If you make purchases in another currency you will be subject to a currency conversion fee charged by Visa.
Additionally, if you use your card to withdraw money from an ATM you will have to pay an ATM withdrawal fee.
Spending Limits
The cash card spending limits are as follows:
| Per Transaction | Per Day | |
|---|---|---|
| Transaction Limit | Unlimited | Unlimited |
| Max Spending Limit | $10,000 | $10,000 |
| ATM Withdrawals | $500 | $1,000 |
Refund Policy
You can obtain refunds on purchases made with your Cash card directly to your account.
All refunds are handled by the merchant you request a refund from and will appear in your account within 5-7 business days.
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Other Popular Money Transfer Apps
Wise
Wise is an international company with 16 offices located around the world and over 10 million customers using their services.
It is completely safe and reliable for Canadians to use Wise to transfer money globally. Overall, Wise is very straightforward and very transparent in terms of what the fees are what exchange rate you’re getting and what competitors are offering.
Venmo
Venmo is a digital wallet that allows users to transfer money to one another. It’s a popular app among millennials as it is quick and easy to use. However, Venmo is not available in Canada. This leaves many Canucks frustrated, as they would rather use Venmo than traditional methods like cheques or bank transfers.
Zelle
Zelle is a digital payment system that allows for instant bank-to-bank payments. The app is available in the United States and Mexico but not in Canada. Canadians who want to use Zelle must sign up for a U.S. bank account or credit card. You cannot make payment requests from within Canada, as Zelle is not available here.
Cash App
Cash App, a mobile payment service, is not available in Canada for sending or receiving money. Instead, there are a few different cash app alternatives. Some of the most popular include Wise, PayPal, and Wealthsimple. Each of these apps has its own unique features, so it’s important to compare them before deciding which is the best fit for your needs.
- Lowest and most transparent commissions
- Large number of tradable security types
- Robust suite of research tools
- Low margin rates, from 0.75% to 1.59%
- Access to 40,000+ funds worldwide & 7,700+ funds with no transaction fees
We will recommend Interactive Brokers which is an online brokerage firm that provides trading and investment services to individual and institutional clients. It offers a wide range of financial products including stocks, options, futures, forex, bonds and funds through its advanced trading platform.
