Wealthsimple prepaid Visa: Your chequing account switch checklist
Wealthsimple is replacing its prepaid Mastercard with Visa. Check your deadline, move payments to your new card and decide what to use at Costco Canada.
The Wealthsimple prepaid Visa replaces the prepaid Mastercard linked to your Wealthsimple chequing account. Your account number stays the same, so direct deposits and pre-authorized debits set up with your banking details continue. Subscriptions and bills charged to your old card need the new number. And if you use the card at Costco, the Visa works on Costco.ca only.
When is your Wealthsimple prepaid Visa deadline?
Wealthsimple gives you 60 days from your invitation to make the switch. The customer notice we reviewed shows January 12, 2027. Check the date in your own email or app because Wealthsimple is inviting customers in phases. If you’re still waiting for an invitation, keep using your current card. Wealthsimple’s official transition guide.
How do you switch to the Wealthsimple prepaid Visa?
- Update the Wealthsimple app or sign in on a computer. Open the chequing account linked to your Mastercard and select Get your new card.
- Choose the chequing account you want to link. The Visa remains tied to that account after activation.
- Accept the Visa cardholder agreement. You can use the virtual card immediately. If you need a physical card, request one and allow up to 20 business days for delivery.
- Replace the Mastercard in your digital wallet and update merchants that save the card number. Start with upcoming bills, then check your saved payment details at online stores.
- If you activate a physical Visa later, check your saved card details again. The virtual and physical Visa share a number, and Wealthsimple says the security code changes at physical activation.
Which recurring payments do you need to update?
Update bills and subscriptions paid with the Mastercard number. Leave payroll deposits and withdrawals set up with your Wealthsimple institution, transit and account numbers as they are. For example, update a phone bill charged to your card. If the same company takes payment by debiting your account directly, your existing instructions stay in place.
Check three places in your transaction history before the deadline. First, look at the last two months for bills you pay regularly. Then look back a year for renewals such as software and annual memberships. Finally, check wallets and shopping apps where you saved the card without an active subscription. For more about Wealthsimple’s banking features, see how real-time payments work in Canada.
| Payment connected to Wealthsimple | Action to take |
|---|---|
| Subscription charged to the Mastercard | Enter the Visa number, expiry date and security code |
| Pre-authorized debit set up with banking details | Keep the existing instructions |
| Payroll direct deposit | Keep the same chequing account details |
| Digital wallet | Remove the old Mastercard and add the Visa |
What changes for payments, ATM withdrawals and travel?
The Visa still spends from the money in your chequing account. Wealthsimple charges no foreign transaction surcharge. The card network still converts the currency, and a merchant or ATM can offer its own conversion with a markup. Choose the local currency when you want the card network to handle the conversion.
Wealthsimple refunds eligible ATM operator fees worldwide. Its transition guide describes faster reimbursements on Visa, and the ATM fee policy allows up to four business days after settlement. Keep the ATM receipt until the refund arrives.
The physical card has a CA$250 tap limit. Wealthsimple imposes no separate tap limit on the virtual Visa in a wallet. Merchant and daily spending limits still apply. The customer email also announces clearer transaction and refund labels and lists spending rules and single-use card numbers as upcoming features. Check the app before relying on either feature. Wealthsimple’s card limits.
How can you pay at Costco Canada after switching?
Use the new Visa on Costco.ca. At a Canadian warehouse, bring Interac debit, cash, an accepted Mastercard or a Costco Shop Card. If you’re a member, you can buy a Shop Card online with the prepaid Visa and spend it in a warehouse. At Costco gas stations, only the physical version of the Shop Card works. Cash is accepted at warehouse registers. Costco Canada’s payment rules.
If keeping purchases within a loaded balance matters most, compare the EQ Bank Card, a reloadable prepaid Mastercard. If you buy Costco gas regularly and pay your credit card balance in full, consider the CIBC Costco Mastercard. CIBC pays 1% on eligible warehouse purchases and a higher rate on eligible Costco gas within a spending cap. Check our review of the Costco Mastercard’s travel insurance before relying on it for a trip.
What do the Wealthsimple Visa Infinite+ and Visa Infinite Privilege credit cards offer?
Wealthsimple also offers the Visa Infinite+ and Visa Infinite Privilege credit cards. Both earn unlimited 2% cash back on eligible purchases and waive Wealthsimple’s foreign transaction surcharge. Both include travel insurance subject to the certificate. Quebec cardholders must opt in to certain coverages. Visa Infinite Privilege adds Visa Airport Companion lounge access and collision and damage coverage for eligible rental cars. Both credit cards work on Costco.ca. Bring another payment method to Canadian Costco warehouses. Wealthsimple’s official benefits and insurance comparison.
Exclusive welcome offer by invitation. Eligible new clients who have never held a Wealthsimple credit card must be approved within 30 days of their invitation. The Visa Infinite+ and Infinite Privilege earn 5% total cash back (2% base plus a 3% boost) on the first CA$10,000 in eligible net purchases during the 35 days after approval, for up to CA$500 in total cash back. Gift card purchases, including Costco Shop Cards, are excluded. Keep the card open and active for 180 days after the boosted period. Wealthsimple’s official offer terms.
| Eligible net purchases | Base cash back (2%) | Boost (3%) | Total cash back (5%) |
|---|---|---|---|
| CA$1,000 | CA$20 | CA$30 | CA$50 |
| CA$5,000 | CA$100 | CA$150 | CA$250 |
| CA$10,000 | CA$200 | CA$300 | CA$500 |
- Annual fee
- $240
- Welcome offerBy invitation for new Wealthsimple clients. Earn 3% extra (5% total) on up to $10,000 in net purchases in the 35 days after approval. Keep the card open and active for 180 days after the offer period.
- Up to $500 cash back
on Wealthsimple's website
- Annual fee
- $240
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$500Total$500Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $500
- Welcome offerExclusive offer: extra 3% cash back (5% total) on the first $10,000 in net purchases during the 35 days after approval. The card must stay open for 180 days after the boosted period.
- Up to $500 cash back
on Wealthsimple's website
Subscribe to the Ratesopedia newsletter for updates on cards and bank accounts.
Frequently asked questions
Do I have to give my employer new bank details?
Your direct deposits continue because the banking details for your Wealthsimple chequing account stay the same.
What happens to a refund sent to my old Wealthsimple Mastercard?
Wealthsimple credits the refund to the chequing account linked to the prepaid Mastercard. Pending purchases still settle normally.
Can I order a physical card after starting with the virtual Visa?
Yes. You can request a physical card after getting your virtual Visa. Wealthsimple may offer the physical card during the switch if you used your Mastercard in the previous 12 months. Request a physical prepaid Visa.
What should I do if I miss my Wealthsimple Visa switch deadline?
Request a prepaid Visa from your chequing account. Wealthsimple permanently deactivates the old Mastercard when your deadline passes. Request a prepaid Visa.
Do all my Wealthsimple chequing accounts switch to Visa together?
The switch happens one account at a time. Once one account has switched, you can request a separate Visa in the settings for each other eligible chequing account.
Does each joint chequing account holder get a Wealthsimple prepaid Visa?
Each holder of an eligible joint chequing account gets their own prepaid Visa and can order a physical version. An individual chequing account supports one card in virtual and physical form.
How can I tell which Wealthsimple Visa belongs to each chequing account?
Open the chequing account in the Wealthsimple app and tap the image of the card. Match the last four digits shown in the app to the physical card.
Does the Wealthsimple prepaid Visa carry a credit balance?
The Wealthsimple prepaid Visa draws on funds in the linked chequing account. For a look at a credit product from the same company, see what changed for Wealthsimple credit cards in Quebec.
