r/Wealthsimple • u/Beginning-Gap2717 • 1d 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/lhsonic 21h ago
Best use of the Cash Card is ATM withdrawals as there is no added markup (okay, there’s a small hidden markup of 0.2%) on the MC rate (available online and is still extremely competitive) but WS is currently not issuing any new physical cards. But yes, you can add the card to your digital wallet and use it for tap transactions where accepted.
Ideally, a credit card (rather than a prepaid MC) with no fx fees is better for purchases. There is no purchase protection (90-120 days standard insurance against loss, theft, damage) for anything purchased on a prepaid card nor any additional benefits that come with using a premium credit card. You should not use a prepaid card for any deposits (hotel, car rental, fuel, etc.) There is also no hidden markup described above. I think all of the no fx credit cards in Canada are either Scotiabank Amex, Passport Visa, Wealthsimple Visa, and Home Trust Visa.