Can I Use Wealthsimple Cash Card at an ATM? (Canada)

The Wealthsimple Cash Card is a prepaid Mastercard that is linked to your Wealthsimple Cash account. It allows you to make purchases at millions of locations wherever Mastercard is accepted.

But can you use the Wealthsimple Cash Card at ATMs to withdraw cash?

The short answer is yes, you can use a Wealthsimple Cash Mastercard to withdraw money at ATMs all around the world.

I’ve been using Wealthsimple Cash for a number of years now (Read my review of it here) and not only have I withdrawn cash from ATMs in Canada, but I’ve also withdrawn cash from ATMs in Portugal, the UK, the US, and other South American countries.

What’s great about withdrawing money from an ATM with Wealthsimple Cash is that you only get charged the Mastercard FX rate ^[1]—no extra bank fees like the usual 2.5% that other cards like to sneak in.

But remember, while Wealthsimple doesn’t hit you with ATM fees, the ATM itself might. I try to find ones that don’t charge an arm and a leg, but I’ve often come across those charging around $20 to $30 when I’m abroad.

A heads-up: if the ATM tries to offer its own conversion rate, just decline. Trust the card’s rate instead.

This is super important as a lot of ATMs in Europe and other parts of the world will try to offer their own conversion rate, making it sound like they’re doing you a favour. But the truth? Their rates are often way higher, sometimes over 10% worse than what your bank offers. So, always keep an eye out for this.

Understanding the Wealthsimple Cash Card

The Wealthsimple Cash Card isn’t just any card – it’s a prepaid Mastercard, giving you direct access to your spending account. With its association with Mastercard’s payment system, you can swipe it at any outlet that acknowledges Mastercard.

Here are a few things to know:

1. No Hidden Fees: Ordering the card is free, and you don’t have to worry about annual or monthly fees attached to it.
2. ATM Withdrawals: Need cash? You can use this card at any ATM, just like a typical debit card. While the daily withdrawal limit per transaction is set at $500^[2], be wary of fees that some ATM operators might charge. Oh, and a quick tip from personal experience –cash back doesn’t work with these pre-paid cards – similar to a credit card. (I’ve tried many times lol)
3. Cashback Perks: Every purchase rewards you. With the Wealthsimple Cash Card, you earn 1% cashback on everything you buy. Once accumulated, this cashback funnels straight into your Cash account. Spend it on your next purchase or, if you’re feeling old-school, withdraw it. Just remember your cashback rewards cap at $1,000 each month.
4. Some Limitations: Like all good things, there are a few limitations. Daily ATM withdrawals max out at $1,000, and the cashback you earn is limited to $1,000 monthly.

In essence, the Wealthsimple Cash Card is more than just a card. It’s an efficient, user-friendly way to shop, withdraw cash, and enjoy rewards. So, the next time you’re at the counter, remember you’re not just spending; you’re also earning (kind of?)

ATM Functionality with the Wealthsimple Cash Card

Wealthsimple Cash Cardholders can use their physical prepaid Mastercard to withdraw cash at any ATM, just like a debit card. The card can be used at ATMs that accept Mastercard, and the user can withdraw up to $1,000 per day and spend up to $5,000.

There are still a few things to keep in mind when using an ATM with the Wealthsimple Cash Card though.

First, the ATM may charge a fee for the withdrawal, and Wealthsimple does not reimburse these fees. Second, if the user’s account balance is too low, the withdrawal may be declined.

To avoid these issues, Wealthsimple recommends checking your account balance before making a withdrawal and if possible, try using ATMs that do not charge a fee.

With that said, it is important to note that using an ATM with the Wealthsimple Cash Card is not the primary function of the card. The card is designed for everyday spending, and users are encouraged to use it for purchases at merchants that accept MasterCard.

Using Wealthsimple Cash Card at an ATM

To use your Wealthsimple Cash Card at an ATM, follow these steps:

1. Insert your card into the ATM
2. Enter your PIN
3. Select the amount you want to withdraw
4. Take your cash and card when prompted

And remember if you’re in a foreign country and the ATM tries to offer its own conversion rate, just decline it, I got burned on this and it cost way more than it should of.

Alternative Ways to Use Wealthsimple Cash Card

Aside from making purchases at Point of Sale (POS) terminals, the Wealthsimple Cash Card can be used to withdraw cash at ATMs. Here are some alternative ways to use the card:

Bill Payments

Wealthsimple offers several ways to pay bills, including adding a payee and paying bills through Bill pay, pre-authorized debit (PAD), and Interac e-transfer (most commonly for rent). The Wealthsimple Cash Card can also be used to pay bills directly.

Online Shopping

The Wealthsimple Cash Card can be used to shop online at any merchant that accepts Visa cards. The card can be used to make purchases on websites such as Amazon, Walmart, Best Buy, and many more.

International Transactions

The Wealthsimple Cash Card can be used for international transactions, but foreign exchange fees may apply. The conversion rate used is an estimate or a “preliminary” rate based on the rate provided by the payment network. A currency conversion fee calculator is available to give an estimate of the fees.

My Experience with the Wealtshimple Cash Card

I’ve been using Wealthsimple Cash as my regular go-to for everyday expenses like groceries, fuel, outings, and all those unexpected buys – and I have to say, I genuinely really like it.

The spending feature is what I lean on the most. And while I haven’t dabbled in direct deposits, auto-invests, or round-up spends, I’m considering it for the future.

I occasionally use peer-to-peer lending ^[3] but I usually just use e-transfer because not many people are on Wealthsimple Cash yet, which makes it a bit limiting.

Lastly, a tiny hiccup I’ve seen is the integration of the Cash app with the Invest, Trade, and Crypto apps. Having them all in one place sounds convenient, but it can get a little glitchy at times I’ve noticed. It’s nothing major but at least worth mentioning.

Cash

Noel’s Take on Wealthsimple Cash

I give Wealthsimple Cash a solid 4.5/5 rating. It’s super easy to use, gives cash back on all spending, always innovates and releases cool features, and its potential to curb overspending makes it a worthy tool in my financial toolbox.

Try Wealthsimple Cash

Read Noel’s Review

Conclusion

In conclusion, the Wealthsimple Cash Card is a convenient and versatile prepaid Mastercard that allows users to make purchases and withdraw cash from ATMs. The card can be used at any ATM that accepts Mastercard, making it a viable option for those who frequently need to withdraw cash.

However, it’s important to note that while Wealthsimple does not charge any fees for ATM withdrawals, some ATM operators may charge their own fees.

Frequently Asked Questions

What is the withdrawal limit for the Wealthsimple Cash card?

The withdrawal limit per transaction for the Wealthsimple Cash card is $500 with a total daily withdrawal limit of 1,000.

Can I withdraw cash from an ATM using my Wealthsimple Cash card?

Yes, you can withdraw cash from an ATM using your Wealthsimple Cash card. The card can be used at any ATM that accepts Mastercard. Simply insert your card into the ATM, enter your PIN, and select the amount you wish to withdraw. Please note that some ATMs may charge a fee for cash withdrawals.

Is the Wealthsimple Cash card a debit or prepaid card?

The Wealthsimple Cash card is a prepaid Mastercard. It allows you to spend funds directly from your Cash account. You can use the card anywhere that accepts Mastercard.

Can I pay bills using the Wealthsimple Cash card?

Yes, you can pay bills using the Wealthsimple Cash card. You can use the card to pay bills online or over the phone. Additionally, the Wealthsimple Cash app allows you to set up automatic bill payments.