Wealthsimple Cash Review

Are you looking for the Wealthsimple Cash review? Well, here it is. Peer-to-peer cash and banking services are revolutionizing how we pay for goods and services and save money. These systems allow transactions to be conducted without the involvement of a bank or other third-party institution. They allow you to send money to others easily by simply using a username, email address, or phone number.

Wealthsimple is one of the most well-known peer-to forums for money transactions. It is a free peer-to-peer financial service available to all Canadians. Thanks to them, sending money to your friends and family is now simpler than ever. This platform is not just limited to mobile payments; it also offers retirement products and services.

As you continue reading, you can learn more about Wealthsimple Cash’s updates and reviews and how it works. With this, you can decide if it meets your money-saving and management demands.

What Is Wealthsimple Cash?

Wealthsimple is a financial services company that is based in Toronto, Canada. Micheal Katchen founded it in September 2014. It is a company that offers a low-cost, easy-to-use approach to investing for Canadians.

The company developed Wealthsimple invest, a Robo-advisor service that allows investors to take a hands-off approach to the stock market for a considerably lower fee than a traditional financial advisor. It also provides a discount brokerage, Wealthsimple Trade.

In January 2020, the company introduced Wealthsimple Cash, a hybrid savings/chequing account paying high interest on balances, for its Canadian customers. The account offered no fees and greater than usual interest rates.

Wealthsimple Cash changed its status in November 2020 from a savings account to a peer-to-peer cash transfer app. Afterward, a Wealthsimple cash app was made freely accessible in March 2021. The app’s peer-to-peer payment platform allows you to send money to friends and relatives (or anyone on your contact list)  for free.

Wealthsimple Cash accounts let you pay and get paid instantly. With Cash, you can pay for things using the Wealthsimple Cash card and send and receive money from friends in the Wealthsimple app. Some other features include:

  • Spend money using the Wealthsimple Card

  • Send and receive money from friends using a Dollar $ign or phone number

  • Request money from friends

  • Split a bill with your friends

Also, Wealthsimple Cash includes an optional prepaid Visa card which is accepted everywhere a Visa is used. This card is appealing because there are no foreign transaction fees on all purchases or ATM withdrawals. Also, you do not have to pay any monthly or annual fees. This makes it an excellent choice for travelers who require access to cash.


How does Wealthsimple Cash work?

To use Wealthsimple Cash, download the app (available for iOS and Android) and create an account. Alternatively, you can utilize your existing Wealthsimple account (if you already have one) and connect it to the Wealthsimple Cash app.

Before you begin, the app will request basic information, such as your address, occupation, and bank account to receive and send payments. Next, you fund your account, select a distinctive dollar sign handle, and attach your contact list, which you can simply import from your phone.

After that, you can instantly send and receive money from any member of your contact list (provided they also have Wealthsimple Cash).

You can use the Wealthsimple Cash app the same way you would a bank e-transfer. It can be used to pay for a restaurant bill, as well as travel and vacation expenses. The main difference is that no secret questions and answers are required to accept and withdraw payments, and the money arrives instantly rather than within hours. The best bit is that Wealthsimple Cash is entirely free.

Wealthsimple Cash Features

1. Free:

Unlike some financial institutions which impose a fee for e-transfers, the Wealthsimple Cash app is free, and you can conduct as many transfers as you wish. Also, there are no account fees or minimum balances required.

2. Make Payments Instantly:

While e-transfers might require up to several hours to arrive, the Wealthsimple Cash app allows you to send and receive money in seconds.

3. Private:

Wealthsimple Cash allows you to stay anonymous because you will simply use your dollar sign handle to wire funds.

4. Secured:

Firstly, the CDIC insures all Wealthsimple Cash account balances up to $100,000. Additionally, Wealthsimple Cash protects and secures your account using biometrics and fingerprint ID.

5. Transfer As much Cash:

Most Canadian banks limit transfers to $3,000 per day. However, Wealthsimple Cash allows you to send up to $5,000 daily and up to $20,000 monthly.

6. Referral Bonus:

Whenever you introduce a friend to Wealthsimple Cash, you, as well as your referred friend, will receive a $5 referral bonus.

7. Simple and Quick Setup:

Wealthsimple’s primary target audience is financial newcomers. So, it goes to great lengths to make its app appealing, easy to set up, and simple to use.

How to create a Wealthsimple Cash account?

Setting up an account with Wealthsimple Cash is quite simple. Follow the steps below:

  1. Visit the Wealthsimple website and register to create a new account or sign in if you already have one. The benefit of a Wealthsimple account is that you may manage many accounts with the same login and account information.
  2. Select “Wealthsimple Cash” from the products menu.
  3. Fill in the necessary details.
  4. Wealthsimple will deliver a code to your email address for two-step authentication as an added layer of security.
  5. Then, you select your own “Dollar $ign” sign.
  6. Connect your Wealthsimple Cash account to the Wealthsimple Cash app.
  7. Sign a client account agreement.
  8. Deposit money into your account.
  9. Sync your contacts to your Wealthsimple Cash account, and you’re ready. You can then make a physical Wealthsimple Cash Card request.

Is Wealthsimple Cash safe?

The Canada Deposit Insurance Corporation( CDIC) protects Wealthsimple Cash, as it does the rest of Wealthsimple accounts. That implies that if Wealthsimple goes bankrupt, your money is protected since your balance is up to $100,000.

Wealthsimple also claims not to sell clients’ information to protect their privacy.

Is Wealthsimple Cash Worth it?

Wealthsimple may be worthwhile if you frequently find yourself in scenarios where you have to rapidly send money to friends and acquaintances. Additionally, if you are the type that regularly goes out to eat or occasionally travels, then Wealthsimple Cash is highly recommended for you. There are no foreign transaction fees on purchases or ATM withdrawals and no annual charge.

Furthermore, the ease with which you can send money to anyone on your contact list makes the app more convenient and worth using.

Wealthsimple Cash vs E-transfers

Using e-Transfers necessitates logging into your bank account and completing an online form, which varies from bank to bank. Whereas, Wealthsimple Cash allows easy access to make transactions to anybody on your contact list without asking any questions.

Most banks limit the number of free e-Transfers you can use per month. However Wealthsimple Cash offers an unlimited number of free transfers, up to $5,000 daily and $20,000 monthly.

Cash transfers are also instant with Wealthsimple Cash, whereas e-Transfers can take hours, depending on the banks’ mood or service that day.

Also, unlike Wealthsimple Cash, E-Transfers make it challenging to split bills. If you want to split a cheque three or more ways, you must do the math yourself and send out individual e-Transfers to each recipient.


Benefits of Wealthsimple Cash

No monthly account costs:

It allows you to save money on account maintenance because there are no monthly fees when you utilize the account. Furthermore, there is no minimum deposit amount with Wealthsimple Cash.

Simple P2P Transactions:

It has never been easier to transfer money to friends on your contact list. You can connect your contacts to see who is also using cash, and you can look through your history to see what payments you have made or received.

Wealthsimple Cash card:

After signing up for the Wealthsimple Cash account, you can request a credit card, which works like a debit or prepaid card and earns 1% cash back on all purchases. The card is also easy to make purchases wherever VISA is allowed.

Save on FX transaction fees:

Wealthsimple does not charge any additional fees aside from the currency conversion fee charged by Visa.

ATM withdrawals:

You can withdraw money from ATMs using your Cash Card. While Wealthsimple does not charge a cost for this activity, the ATM owner may impose a typical ATM withdrawal fee.

Wealthsimple Cash Frequently Asked Questions (FAQs)

Is Wealthsimple Cash a scam?

The most popular online wealth manager in Canada provides Wealthsimple Cash. Wealthsimple products, such as its Robo-advisor service, tax filing software, and stock trading app, are used by millions of Canadians.

Is it possible to lose money in Wealthsimple Cash?

Your money with Wealthsimple Cash is safe and protected by the company. Additionally, your cash deposits are held at CDIC-insured banks, which means you are protected if your account balance is up to $100,000 if the banks fail.

Can I get free money with Wealthsimple Cash?

When you use a friend or referee’s referral link or code to open a new Wealthsimple Cash account, you will receive a $10-$25 sign-up bonus. You can also earn money by referring friends.

Bottom Line

Wealthsimple Cash is one of the most inexpensive options, but they offer a lot more than that. Beyond all the other providers, Wealthsimple Cash is explicitly tailored to millennials. What surprised me was the number of perks offered that aren’t advertised on their home page.

Furthermore, it allows you to carry out transactions instantly, with no monthly charges and even offers extraordinary services like bill splitting. Additionally, the app itself is pretty user-friendly and easy to navigate. It doesn’t require a degree in computer science to get started.

Thanks for reading, please let me know your thoughts and comments below. 

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