Wealthsimple review
Updated September 28, 2026 · DebitCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Wealthsimple is a low-cost card for anyone in Canada who spends regularly in other currencies, with a currency conversion fee of 0% and a monthly fee of CAD 0. Cash is its weak point, since free ATM withdrawals are CAD 0, while the rewards side pays 2% back on spending.
Key facts
- Best for
- A fee-free card for everyday spending and travel from Canada.
- Monthly fee
- CA$0 (Source, checked September 26, 2026)
- Currency conversion fee
- 0% (Source, checked September 26, 2026)
- Free ATM withdrawals
- CA$0 (Source, checked September 26, 2026)
- Card type
- Prepaid (Source, checked September 26, 2026)
- Card network
- Visa (Source, checked September 26, 2026)
- Legal entity
- Wealthsimple Inc. (Source, checked September 26, 2026)
- Headquarters
- Canada (Source, checked September 26, 2026)
- Founded
- 2014 (Source, checked September 26, 2026)
- Support channels
- Chat, Phone, Email, Help-centre (Source, checked September 26, 2026)
- Features
- Travel
- Official website
- wealthsimple.com
Credit cards
- Annual fee
- CA$0 (Source, checked September 26, 2026)
- Currency conversion fee
- 0% (Source, checked September 26, 2026)
- Rewards type
- Cashback (Source, checked September 26, 2026)
- Rewards rate
- 2% on everything (Source, checked September 26, 2026)
- Perks
- 1,200+ airport lounge access, Car rental insurance, Travel protection (Source, checked September 26, 2026)
- Cashback rate
- 2% (Source, checked September 26, 2026)
- Card kind
- Credit (Source, checked September 26, 2026)
- Legal entity
- Wealthsimple Inc. (Source, checked September 26, 2026)
- Headquarters
- Canada (Source, checked September 26, 2026)
- Founded
- 2014 (Source, checked September 26, 2026)
- Support channels
- Chat, Phone, Email, Help-centre (Source, checked September 26, 2026)
- Pricing model
- No annual fee
- Features
- Travel
Apps and profiles
Pros and cons
Pros
- A monthly fee of CAD 0 and an annual fee of CAD 0, ranking 1 of 419 brands on the monthly fee.
- A currency conversion fee of 0%, ranked 1 of 259 on that measure.
- Cashback of 2% on everyday spending, plus travel extras: 1,200+ airport lounge access, car rental insurance and travel protection.
- Support on chat, phone and email.
Cons
- Free ATM withdrawals are CAD 0, which ranks 41 of 115 on that measure.
- The card is listed as prepaid while its kind is credit, so prepaid and credit comparisons need care.
- Rewards stop at 2% cashback, with nothing to convert into points or miles.
Who it suits
- Anyone in Canada who spends in other currencies and wants no monthly or conversion charge.
- Card holders who want a flat cashback rate without tracking bonus categories.
- People who fly a few times a year and value lounge and car hire extras.
Who should look elsewhere
- Skrill, whose monthly fee is €5, for anyone comfortable paying a set charge each month.
- JMMB Moneyline and JMMB Money Transfer prepaid card or CrediMax Cardy EX prepaid Visa, at monthly fees of JMD 0 and BHD 0, for card holders who want a prepaid balance rather than a credit card.
Fees and currency costs
Both headline costs sit at the bottom of the range. The monthly fee is CAD 0, ranking 1 of 419 brands, and the currency conversion fee is 0%, ranking 1 of 259. For a card aimed at spending abroad, that pairing is the reason to keep it as the everyday card.
Who runs it
The card comes from Wealthsimple Inc., a company based in Canada and founded in 2014. Its named regulators are the Canadian Investment Regulatory Organization (CIRO) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), both of which supervise the firm. Support runs on chat, phone and email, so help is available by phone, chat, email or the help centre.
How Wealthsimple compares
9.1 vs 9.4
9.1 vs 9.0
9.1 vs 8.9
9.1 vs 9.2
9.1 vs 8.8
9.1 vs 8.5
9.1 vs 8.5
9.1 vs 9.0
9.1 vs 8.8
9.1 vs 8.8
9.1 vs 8.7
9.1 vs 9.2
9.1 vs 9.0
9.1 vs 8.9
9.1 vs 8.8
9.1 vs 9.6
9.1 vs 9.4
9.1 vs 9.4
9.1 vs 9.2
9.1 vs 9.1
9.1 vs 9.1
9.1 vs 9.1
9.1 vs 9.1
9.1 vs 8.8
9.1 vs 8.8- 9.1 vs 8.8
- 9.1 vs 8.8
9.1 vs 8.8- 9.1 vs 8.8
9.1 vs 8.5
9.1 vs 8.5
9.1 vs 8.5
9.1 vs 8.3
9.1 vs 8.2
9.1 vs 8.0
9.1 vs 8.0
Where Wealthsimple is available
- Available
- Canada
- Licence in Canada
- Canadian Investment Regulatory Organization (CIRO), checked September 26, 2026
- Licence in Canada
- Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to hold the card?+
The monthly fee is CAD 0 and the annual fee is CAD 0, so there is no set charge for keeping the account open. The card runs on a no annual fee pricing model, and the cashback of 2% is the main way it pays for itself.
Is there a fee when I spend in another currency?+
The currency conversion fee is 0%, so purchases in another currency add no conversion charge. For a card that markets travel, that is the figure that matters most, and it removes the usual penalty on foreign spending.
How many free ATM withdrawals do I get?+
Free ATM withdrawals are CAD 0, which is the main area where this card falls behind. It ranks 41 of 115 on that measure, so card holders who often take cash out may want another card alongside it.
What rewards does the card pay?+
The card pays 2% on everything back as cashback, a rate of 2%. The rate is flat, so there is no bonus category to track, but cashback cannot be turned into points or miles for anyone chasing travel rewards.
What travel extras come with the card?+
The included perks are 1,200+ airport lounge access, car rental insurance and travel protection. Lounge access and car rental insurance suit card holders who fly now and then, and travel protection sits on top. Everyday spending simply earns the cashback, since the extras only come into play on trips.
What kind of card is it?+
It is listed as prepaid with a credit structure, running on the visa network. The card type and card kind labels describe different things, so it is worth checking both when weighing it against other cards on the comparison.
Who runs Wealthsimple and who regulates it?+
The brand is Wealthsimple Inc., based in Canada and founded in 2014. Its named regulators are the Canadian Investment Regulatory Organization (CIRO) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), both of which supervise the firm.
How can I get help?+
Support runs on chat, phone and email. Having a phone line alongside chat and email matters for a card used abroad, where a lost or blocked card needs a quick answer rather than a slow email thread.
Sources
- en.wikipedia.org/wiki/Wealthsimple checked September 26, 2026
Backs: Founded, Headquarters, Legal entity
“Founded: September 2014”
- promotions.wealthsimple.com/hc/en-ca/articles/19646567019... checked September 26, 2026
Backs: Licences
- wealthsimple.com/en-ca checked September 26, 2026
Backs: Card kind
“Wealthsimple Credit card”
- wealthsimple.com/en-ca/credit-card checked September 26, 2026
Backs: Annual fee, Cashback rate, Pricing model, Perks, Rewards rate, Rewards type
“No annual fees”
- wealthsimple.com/en-ca/pricing checked September 26, 2026
Backs: Free ATM withdrawals, Card type, Features, Currency conversion fee, Monthly fee, Card network, Support channels
“ATM fees: We don't charge any fees for using an ATM to withdraw your money, in Canada or internationally. If the ATM provider does charge you, we'll reimburse you for any eligible fees.”
Compiled from 5 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Protection.