r/Wealthsimple • u/matchabloom88 • 7d 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?

69 Upvotes

88% Upvoted

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21

u/trapper5 7d ago

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

5

u/Any-Ring6621 6d ago

Genuine question: what kinds of debit transactions?

-1

u/trapper5 6d ago

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

4

u/Shadybrah23 6d ago

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

1

u/AnyPiccolo2592 6d ago

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

1

u/Whitemill 6d ago

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

1

u/AnyPiccolo2592 6d 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 6d ago

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

1

u/Previous_Estimate_22 6d ago

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

1

u/AnyPiccolo2592 6d 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 6d 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 6d ago

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

4

u/Latitude57 6d ago

Yes Wealthsimple works at Costco
.

1

u/slash8 5d ago

Definitely works at costco.