Wealthsimple is Canada’s largest and most popular online wealth manager. Founded in 2014, Wealthsimple now has hundreds of thousands of clients and over $10 billion in assets under management.
Wealthsimple Cash is a P2P payment platform you can use to send money to anyone on your contact list within seconds. With the app, all you need to do is simply connect your contacts and you can send them money instantly. Your contacts can send you money too.
A Wealthsimple Cash account is not your typical money transfer app. It will also offer features and perks that are non-standard for a savings or spending account.
The benefits of the account currently include:
1. No monthly account fees: Save on account maintenance fees which can run up to a couple of hundred dollars when you match it up against a comparable chequing account at a traditional bank. Wealthsimple Cash has no minimum deposit amount.
2. Easy P2P Payments: Sending money to friends on your contacts list has never been easier. You can sync your contacts to see who is already using Cash and check your history to see payments you have made or received.
3. A top-of-the-line metal cash card. It works like a prepaid or debit card and currently earns 5% cash back when you make food or drink purchases between 12:00am EST on Fridays and 11:59pm EST on Sundays.
Benefits of the account that include features planned for the future include:
4. Free ATM withdrawals: You can use your account to make free bill payments and e-Transfers. In addition, you will be able to withdraw cash from ATMs across Canada for free. Wealthsimple will reimburse any ATM charges up to a limit.
5. No FX transaction fees: The account will waive foreign transaction fees incurred when you make purchases abroad or in foreign currencies. This is easily a saving of 2.5%.
6. Direct deposit: You can set up your account to directly deposit your paycheque.
7. Apple Pay and Google Pay so you can make payments on the go.
Wealthsimple Cash no longer pays interest on your balance. To earn an interest of 0.50%, you can move money you don’t need to use right away to a Wealthsimple Save account.
There’s no timeline as to when these features will come online as they have been delayed by the pandemic.
How To Open a Wealthsimple Cash Account
The great thing about a Wealthsimple account is that you can manage a variety of accounts using the same login and account details.
The accounts are also available via dedicated apps that make it easy to perform transactions using your smartphone (Android and iPhone).
To open a Wealthsimple Cash account, sign up here
(includes a $25 bonus with referral code $YPJQTF ). The online account opening process takes only a few minutes.
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