The Wealthsimple Pay as you go Mastercard quietly turned one among my go-to journey playing cards, not due to factors or perks, however as a result of it solves a really particular journey drawback.
When it first launched, this was simply one other pay as you go fintech card with a bit of money again and a few early hype. Helpful, certain, however hardly one thing you’d plan a visit round.
Quick ahead to at present, and the worth proposition has shifted. Between the shortage of international trade charges and dependable entry to international ATMs, the Wealthsimple Pay as you go Mastercard has advanced into one of the sensible instruments Canadians can carry overseas, particularly in locations the place money nonetheless guidelines.
It’s not glamorous, and it gained’t substitute your major factors card. However as a no-FX, low-friction approach to entry money abroad, it now does one job very nicely — and that’s precisely why it’s earned a everlasting spot in my pockets.
A Primer on Wealthsimple
Wealthsimple is a Toronto-based fintech firm that gives a rising suite of economic merchandise, largely geared towards millennials and first-time buyers.
The corporate began with Wealthsimple Make investments, its robo-advisor investing platform, and has since expanded into Wealthsimple Commerce, Wealthsimple chequing account, Wealthsimple bank cards, and different app-based monetary instruments.
I personally use Wealthsimple Commerce once in a while to dabble within the inventory market and Wealthsimple Visa Infinite throughout my travels.
Wealthsimple additionally provides Crypto buying and selling, which lowers the barrier to entry for getting property like Bitcoin. Simply remember that you’re buying crypto by a regulated platform, that means you don’t management the non-public keys.
For travellers, this broader ecosystem issues as a result of the Wealthsimple Pay as you go Mastercard is absolutely built-in into the identical app, making it comparatively straightforward to fund, handle, and entry cash whereas on the highway.
The Wealthsimple App
All Wealthsimple merchandise now dwell inside a single app, which mixes investing, funds, and spending in a single place.
Throughout the app, customers can ship and obtain cash immediately with different Wealthsimple customers, request funds, and break up bills with buddies. Transfers are quick and easy, with out ready for Interac e-transfers to clear.
Whereas none of that is groundbreaking, the app’s actual worth reveals up when paired with the Wealthsimple Pay as you go Mastercard, particularly when travelling and needing fast entry to funds for ATM withdrawals overseas.
Wealthsimple Pay as you go Mastercard
The Wealthsimple Pay as you go Mastercard is tied on to your chequing account inside the Wealthsimple app. There’s no credit score test and no revolving credit score line — only a pay as you go steadiness you management.
The place this card really stands out at present is in the way it handles international spending and money withdrawals.
No FX Charges and International ATM Withdrawals
The Wealthsimple Pay as you go Mastercard prices no international trade charges on both purchases or ATM withdrawals. Transactions are processed on the Mastercard trade price, with out the same old 2.5% markup that almost all Canadian playing cards quietly tack on.
However right here’s the half that actually issues for travellers: ATM charges charged by the machine itself are reimbursed by Wealthsimple.
In lots of international locations, native ATMs will cost a flat withdrawal payment, typically within the $2–$5 vary. With most Canadian playing cards, you’d pay that payment plus a international trade markup on high.
With the Wealthsimple Pay as you go Mastercard, these ATM charges are refunded, which considerably lowers the true price of accessing money overseas.
I’ve been utilizing the cardboard in Thailand, the place ATM withdrawals sometimes include a 250 THB payment (roughly $11 CAD) per transaction. Every time I withdrew money, the ATM payment posted to my account and was later reimbursed by Wealthsimple.
Mixed with no FX markup, that made these withdrawals far cheaper than alternate options just like the EQ Financial institution Mastercard or Clever card for ATM withdrawals.
For locations the place money remains to be broadly used — assume Southeast Asia, Africa, or smaller cities in Europe — this makes the Wealthsimple Pay as you go Mastercard one of the cost-effective methods for Canadians to entry money whereas travelling.
Between no FX charges and reimbursed ATM prices, the Wealthsimple Pay as you go Mastercard covers two of the largest ache factors Canadian travellers face when coping with money overseas.
Not a Spending Card (And That’s Wonderful)
The Wealthsimple Pay as you go Mastercard just lately phased out their 1% money again rewards and doesn’t earn any rewards at the moment.
In sensible phrases, there’s no purpose to make use of this card for on a regular basis purchases.
Subsequently, this card is greatest handled as a cash-access instrument, not a spending card. Use it to withdraw cash from ATMs overseas, then change again to a correct no-FX bank card for purchases.
Ideally, you’d wish to pair it with playing cards just like the Scotiabank Passport™ Visa Infinite* Card, which earns factors on purchases whereas avoiding international transaction charges.
Wealthsimple additionally provides its personal premium product, the Wealthsimple Visa Infinite* Card, which might be a pure companion for spending overseas. Sadly, that card stays underneath a ready record and isn’t but open to most of the people.
Till then, pairing the Wealthsimple Pay as you go Mastercard for money withdrawals with a robust no-FX bank card for purchases stays the simplest technique.
Worldwide Transfers
Past money withdrawals, Wealthsimple has quietly constructed out a world cash switch characteristic immediately inside its app.
In the mean time, Wealthsimple helps worldwide transfers in 10 currencies, masking lots of the mostly used corridors. Whereas it’s not making an attempt to compete on sheer breadth, the supported currencies can be greater than enough for many travellers, digital nomads, and anybody shifting cash between main markets.
The place this characteristic will get attention-grabbing is pricing. Change charges are fairly aggressive, typically touchdown in the identical ballpark as devoted companies like Clever. You gained’t see the eye-watering FX spreads that conventional banks nonetheless appear pleased with, and costs are usually clear and simple to grasp earlier than you hit ship.
For infrequent worldwide transfers — paying lease overseas, sending cash to household, or shifting funds forward of an extended keep — this could be a very handy choice. Every little thing occurs inside the identical app that already holds your spending steadiness, investments, and pay as you go card, which cuts down on friction and account sprawl.
That mentioned, this nonetheless isn’t a full substitute for Clever for those who commonly transfer cash throughout a variety of currencies or depend on much less widespread switch corridors. Protection is extra restricted, and energy customers should choose a devoted platform for extra advanced wants.
Nonetheless, having worldwide transfers, a no-FX pay as you go card, and reimbursed ATM withdrawals all dwelling underneath one roof is genuinely helpful. For a lot of Canadians, Wealthsimple now covers most cross-border cash wants with out forcing you to juggle a number of apps and logins.
Conclusion
The Wealthsimple Pay as you go Mastercard is a kind of uncommon journey instruments that really feels full.
No FX charges. Reimbursed ATM prices. Aggressive world cash transfers throughout 10 currencies. All of it wrapped right into a single app that doesn’t attempt to upsell you each 5 seconds. For travellers, expats, and anybody who nonetheless wants money overseas (which is most of us, whether or not we admit it or not), this setup removes a variety of the same old friction.
Extra importantly, it really works in real-world journey situations. Whereas different travellers hesitate at international ATMs , scanning payment disclosures and debating whether or not a 250 THB cost is value it, it’s reassuring to withdraw money, transfer on, and know the payment can be reimbursed. That small however tangible benefit is usually sufficient to win individuals over.
I actually hope Wealthsimple retains this product precisely as it’s. As a result of when a card provides no FX charges, ATM payment reimbursement, and world transfers at aggressive charges, it stops being a distinct segment fintech perk and begins feeling like a quiet journey privilege — one I’m very happy to maintain flexing.
