Wealthsimple Cash is a no-fee prepaid Visa card offered by Wealthsimple Financial Inc., regulated by IIROC. Unlike a credit card, it draws from a pre-loaded cash balance — impossible to carry debt or pay interest. Available to any Canadian resident with a valid SIN, including newcomers who don't yet qualify for traditional credit cards.
Wealthsimple Cash Card Review 2026 – Best No-Fee Prepaid Visa in Canada?
By BestGuideReviews Research Team · Updated June 2026 · Affiliate disclosure · Rates verified against FCAC
What Is Wealthsimple Cash?
Wealthsimple Cash is a no-fee prepaid Visa card offered by Wealthsimple Financial Inc., regulated by IIROC. Unlike a credit card, it draws from a pre-loaded cash balance — impossible to carry debt or pay interest. Available to any Canadian resident with a valid SIN, including newcomers who don't yet qualify for traditional credit cards.
Cashback & Rewards
Wealthsimple Cash earns 1% cashback on all purchases with no category restrictions, credited directly to your Wealthsimple Cash balance. For a no-fee card, 1% flat-rate cashback is competitive with Tangerine Money-Back Mastercard (2% in categories, 0.5% elsewhere) for users who don't want to track spending categories.
Fees Breakdown
| Fee | Wealthsimple Cash | KOHO Essential |
|---|---|---|
| Monthly fee | $0 | $0 |
| FX fee | 1.5% | 1.5% |
| e-Transfer fee | $0 | $0 |
Wealthsimple Cash vs KOHO Essential
Both are no-fee prepaid Visa cards. KOHO offers 1% cashback on groceries and transit (0.5% elsewhere) plus optional credit building ($7/month). Wealthsimple Cash's 1% flat rate is simpler and slightly better for non-grocery spending. Wealthsimple's investment platform integration (earning interest on cash balances) is a differentiator with no KOHO equivalent.
Who Should Get Wealthsimple Cash?
Best for: newcomers to Canada who need a card before establishing credit history; existing Wealthsimple investors who want a unified platform; and Canadians who want fee-free spending without tracking credit card categories. Not a replacement for a travel credit card (1.5% FX fee applies).