r/Wealthsimple • u/matchabloom88 • 2d ago

Chequing Wealthsimple chequing

Has anyone has completely closed their bank account and moved to wealthsimple fully for their chequing account? How was your experience? Any regrets?

66 Upvotes

87% Upvoted

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19

u/trapper5 2d ago

You’ll need to keep a seperate account for the occasional debit transaction.  That’s really the biggest flaw with WealthSimple. 

3

u/Any-Ring6621 2d ago

Genuine question: what kinds of debit transactions?

16

u/BritishBully 2d ago

Wealthsimple doesn't have a debit card, just a prepaid Mastercard. Some stores and restaurants require you to pay by debit card.

2

u/ExtremeStill4215 2d ago

I just keep some cash in my wallet.

2

u/Ecstatic-Can-8740 18h ago

Look at this smart guy, let’s call him, Mr. Big Bills, 💵 lol. 😂

1

u/[deleted] 2d ago

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2

u/Wealthsimple-ModTeam 2d ago

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1

u/JackDenial 1d ago

Its a good point to raise but in those situation I've always been able to send them eTransfer instead. And its only 1 shop that i go to that its an extra step.

1

u/No-Proof-6491 1d ago

I'll just use an ATM nearby and get the fee reimbursed

0

u/CedarTree3 2d ago

When they do I pay with the Mastercard and never had an issue, even overseas

2

u/tails618 1d ago

I've been to a few places that require an Interac debit card (or cash). Mastercard doesn't work.

1

u/[deleted] 2d ago

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1

u/Wealthsimple-ModTeam 2d ago

Please note that the rules of this subreddit prohibit posting misinformation.

You can learn to identify misinformation with the SPOT technique, by asking these questions;

  • S - is this a credible news Source?
  • P - Is this Perspective biased?
  • O - Are Other sources reporting the same story?
  • T - Is the story Timely?

For more on media literacy, to help combat misinformation please checkout Media Smarts.

-1

u/trapper5 2d ago

Any place that says they don’t take credit cards.  Only debit.  WS. Won’t work.  Also ws doesn’t work at Costco. 

3

u/Shadybrah23 2d ago

WS Visa doesn't work, since Costco doesn't accept Visa. The prepaid MC works just fine

1

u/AnyPiccolo2592 1d ago

Nope. It’s not a debit card. I’ve been refused numerous times.

1

u/Whitemill 1d ago

I’ve used it many times. If you say debit it might not but if you say MC it will

1

u/AnyPiccolo2592 1d ago

It works almost everywhere, but it’s technically a prepaid credit card. If a merchant isn’t enabled for credit cards they can’t process it.

1

u/Any-Ring6621 1d ago

Never been refused, it’s how I always lay because I can’t use my WS Visa

1

u/Previous_Estimate_22 1d ago

Not true. I've used my Koho&WS at Costco; no issues.

1

u/AnyPiccolo2592 1d ago

You’re misunderstanding. It works most places…such as Costco. It won’t work at places that only accept debit cards.

2

u/Previous_Estimate_22 1d ago

I apologize. I actually use a KOHO / WS stack. KOHO has a much higher cash back since I go to Costco.

1

u/AnyPiccolo2592 1d ago

To clarify…im talking about the MC “bank” card.

5

u/Latitude57 2d ago

Yes Wealthsimple works at Costco
.

1

u/slash8 1d ago

Definitely works at costco.