Wealthsimple Card

#13 (out of 35) in Crypto Cards
#2 (out of 5) in Crypto Cards for Canada
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6.9
Overall Rating
CRITERIA:
Company Strength
6
Fee Structure
5.2
Customer Service
9.6
PROS:
  • Almost no fees for using the card
  • Excellent Customer Service
CONS:
  • Large sell spread (1.70%) + trading fee (2%) makes it very expensive to trade crypto on their platform
Visa or MC
Debit or Credit

Debit Card

Denominated In$ CAD
Apple PayEnabled
Monthly Fee

0.00 CAD

Monthly Inactivity Fee

0.00 CAD

Foreign Exchange Fee

0%

Crypto to Fiat Crypto->Fiat Conversion Fee

2%

Highest Cashback

1%

Entry-Level Cashback

1%

Entry-Level Cashback Monthly Cap

1,500 CAD

Daily Spending Limit

5,000 CAD

Daily ATM Withdrawal Limit

1,000 CAD

Crypto to Fiat Conversion

Manual when Preloading

Supported Countries
Supported CryptocurrenciesShow All (57)
Bring your crypto into everyday life with the Wealthsimple Card for Canadians.

Bring your crypto into everyday life with the Wealthsimple Card for Canadians.

Wealthsimple Card Benefits and Rewards

Wealthsimple card offers 1% cashback on every purchase you make with the card.

Instead of traditional cash back, you can opt to earn in the form of stock or crypto, with the option to have your cashback rewards auto-invested in the cryptocurrency of your choice.

Reality CheckAlthough other cards may advertise higher cashback rates, entry-level users with 1,000 CAD in assets typically receive much lower cashback rates from those cards. When compared at the entry-level tier, Wealthsimple Card's 1% cashback offers more value:

Wealthsimple CardIndustry Average1
Entry Level Cashback1%1%
Entry Level Cashback Monthly Cap1,500 CAD400 CAD

Wealthsimple Card is a Debit Card

Before you can use your Wealthsimple Card, you will need to top-up your account. This means you will have to convert your crypto in advance, exchanging it to real-life currency and moving it to the card account, to make it available for spending.

It Comes in Both Physical and Virtual Forms

You can get Wealthsimple Card in both physical and virtual versions, a feature only available with 50% of crypto cards. They'll mail you the physical card, and you can instantly get the virtual card online after completing KYC Identity Verification.

Wondering about the perks of each card type? Here are some highlights:

Physical Card
Virtual Card
ATM WithdrawalsSecond Card Number
Required for Car Rentals, HotelsInstant Availability
Useful When Phone Dies, or no WifiFreeze for Safety
Backup Payment MethodSet Lower Spend Limits

You will find the physical Wealthsimple Card useful for in-person purchases, while the virtual card will be perfect for online transactions like subscriptions.

How Does Wealthsimple Card Compare to Other Crypto Cards?

Wealthsimple Card ranks #2 out of 5 amongst similar crypto cards. This card is a solid choice among the many crypto cards available, offering competitive features and benefits.

While we have a total of 35 cards listed in our Crypto Cards category, only 4 are comparable to Wealthsimple Card, since they are available for customers in the same geographical region.

Strongest Features Against Competitors

Here are the strongest features of Wealthsimple Card against its 4 competitors :

  • Offers up to 1,500 CAD per month in cashback for entry-level users (exceeding the competitors' 400 CAD average).
  • Has a Foreign Exchange Fee of 0% (other cards have 1.5% average).
  • Supports 57 cryptocurrencies (while other cards support an average of 20).
  • Their customer service is very good with a 9.6/10 score (others score only 7/10 on average).
  • You can get both a physical card and a second virtual card (while 40% of competing crypto cards offer only one type - either physical or just virtual).
  • Offers all ATM withdrawals fee-free (which is generous compared to the average monthly 200 CAD free withdrawal limit of other cards).

Weakest Features Against Competitors

Compared to its 4 competitors, here are the shortcomings of Wealthsimple Card:

  • Daily spend is capped at 5,000 CAD (while other cards offer 13,000 CAD daily spend limit on average).
  • Requires preconversion of crypto to load the card (while 20% of competitors auto-convert on every purchase).
  • Wealthsimple Card vs. Kinesis Card vs. Crypto.com Card

    Wealthsimple Card
    Kinesis Card
    Crypto.com Card
    Monthly Fee 0.00 CAD 0.00 CAD 0.00 CAD
    Foreign Exchange Fee 0% 1% 2%
    Crypto to Fiat Fee 2% 0.39% 1.41%
    Highest Cashback 1% None up to 5%
    Entry-Level Cashback 1% None 1%
    Daily Spending Limit 5,000 CAD 15,000 CAD 35,000 CAD
    Daily ATM Limit 1,000 CAD N/A (Virtual-Only Card) 700 CAD
    Availability for United States flagUnited States
    Supported Cryptocurrencies 57 14 22
    Apple Pay Enabled Not Enabled Enabled
    Customer Service Great Great Average
    Company Strength Medium Medium Strong

    If you plan to use your card for daily purchases, then daily spending limit is an important consideration for you. Crypto.com Card offers the highest daily spending limit of 35,000 CAD. You will get lower daily limits with Wealthsimple Card and Kinesis Card.

    Cashback rewards are a great way to earn back some of the money you spend on your card and is an important consideration as well. Out of the three, Crypto.com Card offers the best cashback rewards of up to 5%. The cashback rewards for Wealthsimple Card are not as high. With Kinesis Card, you will have no cashback rewards at all.

    To make a good choice, look through all features, as it is an individual choice. If you will mostly do online transactions with this card, then Apple Pay availability may not be a very important feature for you. If you travel a lot, foreign exchange rate will matter. And so on.

Wealthsimple Card ATM Fees: The Real Cost of Cashing Out

Local ATM Withdrawals in CAD

Here's a breakdown of the fees you'll face when making local ATM withdrawals with your Wealthsimple Card:

You're at a local ATM and have:
0.045 ETH (200 CAD)
-4 CAD
Wealthsimple Crypto-to-Fiat Conversion Fee: 2%
-0 CAD
Wealthsimple ATM Withdrawal Fee: 0 CAD + 0%
-3 CAD
ATM Operator Fee: ~3 CAD
193 CAD

Starting with an initial amount of 200 CAD in ETH, the ATM withdrawal with Wealthsimple Card will cost you a total of ~7 CAD (3.5% of 200 CAD), resulting in a final cash withdrawal of 193 CAD in hand.

Doesn't Wealthsimple Card Offer Free ATM Withdrawals?

Yes, with Wealthsimple, all ATM withdrawals are free withdrawals. But this only refers to their ATM withdrawal fee.

International non-CAD ATM Withdrawals

Things will get significantly worse for International ATM Withdrawals. If you're out of country and cashing out with your Wealthsimple Card, here's what it will look like:

You're at an international ATM and have:
0.045 ETH (200 CAD)
-4 CAD
Wealthsimple Crypto-to-Fiat Conversion Fee: 2%
-0 CAD
Wealthsimple Intl ATM Withdrawal Fee: 0 CAD + 0%
-0 CAD
Wealthsimple Foreign Exchange Fee: 0%
-1.96 CAD
Mastercard Foreign Exchange Fee: 1%
-3 CAD
ATM Operator Fee: ~3 CAD
-3.92 CAD
ATM Operator Foreign Exchange Fee: ~2%
Foreign Currency (worth 183.12 CAD)

For an international withdrawal using your Wealthsimple Card with an initial 200 CAD in ETH, you'll incur fees totaling ~12.88 CAD (6.4% of 200 CAD), leaving you with 183.12 CAD in the equivalent foreign currency.

Reality CheckCompared to other crypto cards, Wealthsimple Card is more cost-effective for both local and international ATM withdrawals:

Cost with Wealthsimple CardCost with Other Cards
Local ATM Withdrawals~7 CAD (3.5% of 200 CAD)~7.6 CAD (3.8% of 200 CAD)
International ATM Withdrawals~12.8 CAD (6.4% of 200 CAD)~17.2 CAD (8.6% of 200 CAD)

From all crypto cards that we reviewed, Coinbase Card, Netcoins Card and Wealthsimple Card offer the cheapest local ATM withdrawals (2.1%, 2.9% and 3.5% of 200 CAD respectively), while Wirex Card scores the worst, landing last on the list with a total local ATM withdrawal cost of 5% of 200 CAD.

We Tested Wealthsimple's Customer Support

We asked Wealthsimple's customer support different questions, and then rated their responses to evaluate how good their support is.

Why should you Care:When you'll have a money-related question, like a missing deposit or being overcharged - having good support at that moment will be crucial for you.

Wealthsimple offers support via the following channels:

Chathttps://www.wealthsimple.com/en-ca/contact
Phone+1 (855) 255-9038
Web Formhttps://help.wealthsimple.com/hc/en-ca/requests/new

Location: Wealthsimple customer service reps are located in Canada flagCanada.¹

Support Channel Our Interaction Score
Web Form
(replied in
2 d 6 h )
Knowledgeable response outlining the transaction dispute process. Friendly, welcoming tone.
High Competence
Highly Personalized
Flawless English, Professional Tone
10/10
Web Form
(replied in
6 d 7 h )
Knowledgeable and reassuring response to a question about 3DS security.
Late Reply
High Competence
Highly Personalized
Flawless English, Professional Tone
8/10
Chat
(replied in
11 h 30 min)
Chat Agent wasn't live, left a message to the bot. Responded by email, with good and detailed response.
High Competence
Highly Personalized
Flawless English, Professional Tone
10/10
Web Form
(replied in
16 h 7 min)
An excellent detailed response providing step by step process of topping up the card with crypto.
High Competence
Highly Personalized
Flawless English, Professional Tone
10/10
Web Form
(replied in
2 d 11 h )
Very clear, knowledgeable reply to a question about fees. Provided a relevant link.
High Competence
Highly Personalized
Flawless English, Professional Tone
10/10

To summarize,

Competence and Problem-Solving: Wealthsimple's customer service agents are highly competent, so you can expect every issue to be resolved with professional expertise and a thorough understanding.

Customer Love: Wealthsimple's support responses are highly personalized, which makes interactions with them very pleasant. They will address you by name, and carefully consider your unique situation to provide tailored answers that meet your specific needs.

Reply Speed: Response times are inconsistent, ranging from as quick as 12 hours to as slow as 6 days.

Overall Customer Service Rating: 9.6/10

This excellent score places Wealthsimple's Customer Service well above the crypto card industry average of 7.1/10.

Wealthsimple Referral Code - to Get 25 CAD Bonus

You can use referral code KLMIVW to get 25 CAD bonus when you create an account on Wealthsimple platform.

Your bonus will be paid out to you right after you fund your account with at least $1 CAD.

p.s. Are we getting paid for referring you? Yes, and it helps us continue our mission. It's like you are buying us lunch 🍱 for all the hard work we've put into building this site. We really appreciate it. Thank you. 🙏🤗

Is Wealthsimple Card Available for Residents of United States?

No, Wealthsimple Card is not available for residents of United States.

Wealthsimple Card supports: Canada.

To see our list of available crypto cards for United States, see this list. There are currently 5 cards listed there.

You may also be interested in this article: Crypto Cards for USA: The Best Options for Americans.

Insightful. What's My Next Step?

Paulina Masson

Paulina Masson

Paulina has a strong background in finance and cryptocurrency. She's been involved with crypto since its early days and has observed its progression over the years. Notably, she possesses expertise in various crypto products, having personally tested and evaluated many of them. In her spare time, she is developing a crypto bot designed to automatically trade on short timeframes.

⭑cryptonoshi
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