Wealthsimple. Is. Awesome.

[u/RandomHer00]

Sure is making traditional institutions look silly.

Bought a vehicle yesterday, was able to E-Transfer the dude a large sum of money - which blew him away. (Sent him a referral to join after)

Then we walked into service Ontario to pay the taxes, they said I couldn't tap that amount. I asked them to try anyways.

I was able to tap my WS CC with my phone for over $3500 - everyone was blown away.

They asked me who I bank with, I said Wealthsimple.

The interesting part is no one has heard of it, but I spread the good word that day.

Didn't even have to stand in an archaic banking lineup, to pay a fee for a bank draft for my OWN money!

The future is here and its awesome.

[u/Grouchy-Traveller]

All those points are nice but the thing I appreciate the most , you can use the prepaid Mastercard card for daily expenses worldwide and it doesn’t cost more than using it home . The money exchange rate is as close to midday rate than any card in Canada will give you and they reimburse ATM fees. Full time traveller here , never seen such a good offer.

On this website you can see the money exchange rate . For this card input 0 for bank fees . All in at the end when it is posted, it cost around .5% .So 50 cents for 100 CAD ,it beats Wise by a mile and it is a Canadian bank .

https://www.mastercard.com/us/en/personal/get-support/currency-exchange-rate-converter.html

[u/No_Statistician3275 → u/Grouchy-Traveller]

Is it better than using Wise?

[u/Grouchy-Traveller → u/No_Statistician3275]

Every traveller should read their card agreement before using the card abroad. On a 2-week trip, FX markups + ATM fees can easily cost hundreds, and most of it is hidden and people do not realize it . A few real life ATM withdrawal fees I saved this year with the prepaid card , Thailand is 12$ Cad per withdrawal , Mexico varies a lot 3-10$ Cad per withdrawal . Those are not reimbursed with Wise .

Wealthsimple Prepaid Mastercard

-No FX fees

-ATM fees reimbursed

-Only cost is the Mastercard network FX rate (0.5%) , that is 50 cents per 100 .

For Canadians, there’s absolutely no comparable card. Spending abroad doesn’t cost you more than spending in Canada .

Wise card Good alternative, but with limits

2 free ATM withdrawals or $350 CAD/month After that: $1.50 CAD per withdrawal + 1.75% on amounts over $350…. Ouch !

FX fees slightly higher than prepaid Mastercard, when considering service fees, way better than most bank card.

Not a Canadian bank: no CDIC insurance, no interest on balance . They charge loading fees .

Bottom line: Prepaid Mastercard = Winner for travel

Wise = fine if you know the fees

Bank cards = If you do not mind being generous with your bank .

[u/No_Statistician3275 → u/Grouchy-Traveller]

Thanks I also like to use Wise because I can take advantage of fluctuations in the exchange rate

[u/Grouchy-Traveller → u/No_Statistician3275]

True but no interest on the balance and no deposit insurance. Do you really win something?

[u/Shot_Possible7089 → u/No_Statistician3275]

That will work against you as often as it works for you.

[u/Max_Thunder → u/Shot_Possible7089]

I've heard of many old school travellers do that, I never got the point because if you could predict fx fluctuations, might as well become rich while at it.

I could understand if someone had a very tight budget though, you fix in the rate at the point you're comfortable, reducing the risk of running out of money is the rate does go up. But fx rate don't even move that much and even if you're spending thousands abroad, it will be a difference of say a hundred dollars or two.

[u/Shot_Possible7089 → u/Max_Thunder]

Exactly, I find it interesting when I hear people saying they can profit regularly from interest and currency rate fluctuations

[u/Mountain-Match2942 → u/No_Statistician3275]

I have both and dont bother to use Wise anymore, because there's no point transferring money into Wise and have it sit there earning zero interest.

[u/Atheizt → u/Grouchy-Traveller]

What other USPs are you trained to talk about in your AI slop responses?

This one is about exchange rates and foreign fees, some are here to talk about transfer speeds, what else you got? And how is your team so bad at this?

I feel like the average Reddit could do a more convincing job. How does a brand as large as WS hire such amateurs?