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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!
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.