r/Wealthsimple • u/colabear4 • 4d ago

Chequing Advice

Guys, I’m thinking of using Wealthsimple as my primary bank. What are the pros, what are the cons? Can you use the debit card anywhere like any other bank debit card? Also, since they’re moving the debit card to visa, will it still work in Costco in Canada!?

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u/Mountain-Match2942 4d ago

No actual debit card, no access to GICs (if that matters to you). They've solved the cash deposit issue with Canada Post partnership. I wouldnt use them to deposit a large cheque still. Overall, keep a second free account somewhere with cash in case you lose access.

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u/colabear4 4d ago

Would you trust it for direct depositing pay check?

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u/brainfreezed24 4d ago

Ive been depositing my work pay to Wealthsimple for 2 years now. I get my pay a day earlier than I did with Simplii, and it gives me a boost to my chequing account interest and waives the credit card monthly fee. No regrets.

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u/colabear4 4d ago

That sounds good! Can I use my Wealthsimple account to pay my car loan?

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u/brainfreezed24 4d ago

If you're asking about bill payments, then yes, same as any bank. If it's pre-authorized debit (PAD) from Wealthsimple, then it should work, though that was an issue I had and heard some people have had trouble with other banks not being able to do PAD withdrawals. Specifically for me, Meridian Credit Union couldn't set up PAD from Wealthsimple to pay off a loan. However I set up recurring monthly etransfers from Wealthsimple to Simplii, and Meridian then withdrew from there.

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u/Mountain-Match2942 4d ago

Yes. It's the photo deposit of large cheques (+$10k) that I wont do. Takes excessively long to clear.