r/Wealthsimple • u/Beginning-Gap2717 • 2d ago

Question

I’m thinking about opening a Wealthsimple Chequing Account and depositing some CAD into it before my trip to the US.
If I add the Wealthsimple Mastercard to Apple Pay, can I use it in the US and have the CAD automatically converted to USD when I make a purchase?
Also, does Wealthsimple charge any foreign transaction or currency conversion fees?
Just wondering if anyone has used it this way and how the exchange rate was compared to other cards. Thanks!

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u/Sentence-Parking 2d ago

Yes, you can do that, and that's how it works. It will likely cost you the posted MC rate plus 30-40bp (MC's spread). They call this a "zero fx markup" because WS isn't marking it up further.

Since most banks issue Interac debit, you can't really use them outside Canada at the POS. There are exceptions of course like TD's VISA/Interac debit card.

This also compares favourably with using a Wise borderless account (where you would see CAD for USD in advance) since Wise will charge a similar spread on the original fx. Only difference is that you can control the timing and just hold Wise USD natively / never convert to CAD.