Looking for a prepaid card that offers high interest on your balance? And one that charges no foreign exchange fees, all wrapped up in a package with no annual or monthly fees?

If this sounds like fiction, it's not. The Wealthsimple Prepaid Visa offers it all as part of their chequing account. Here are the details on what it offers.

3 benefits to the Wealthsimple Prepaid Visa

There is plenty to love with the Wealthsimple Prepaid Visa. Here are 5 things to like.

1. High savings interest rates

Few prepaid credit cards allow you to earn a high interest rate on your card's balance, but the Wealthsimple Prepaid Visa is an exception.

You'll earn 2.25% interest on your prepaid credit card's balance. That's better than what you'd get with some standard savings accounts.

The range depends on your assets held at Wealthsimple. If you're a Wealthsimple Premium client ($100k+ holdings), you'll get 1.75% interest. For Generation clients ($500k+ holdings), you'll get 2.25% interest. Core clients earn 1.25%.

2. No foreign exchange fees

If saving on foreign exchange fees is your game, the Wealthsimple Prepaid Visa is a rare card that doesn't charge them.

Most credit and prepaid cards charge a 2.5% fee. Here, you can pocket that for yourself.

3. No ATM fees and fast reimbursement

Don't let pesky ATM fees stop you from accessing the money on your Wealthsimple prepaid card. Although the ATM provider may still charge you, Wealthsimple will reimburse any ATM fees you pay, anywhere in the world.

And, instead of waiting a day or two to see the money reappear in your account, you'll enjoy near-instant reimbursement with the Wealthsimple Prepaid Visa.

4. No other fees of any kind

There are really no other fees to speak of with the Wealthsimple Prepaid Visa.

No annual or monthly account fees? Check.

Free Interac e-Transfers? Check.

No tap limit? Check.

You won't be charged anything for using your Wealthsimple Prepaid Visa.

5. Set custom spending controls

This new feature of the prepaid card allows you to set your own spending rules, which can help you stick to a budget.

Specifically, you can establish spending rules and limitations by amount, merchant, and account.

Downsides to the Wealthsimple Prepaid Visa

Here are 3 things to consider with the Wealthsimple Prepaid Visa.

1. No rewards on purchases

Many prepaid cards offer rewards on purchases. But the Wealthsimple Prepaid Visa does not offer any. It used to offer 1% cash back on purchases, but that was discontinued.

2. No insurance

The Wealthsimple Prepaid Visa doesn't offer any travel insurance or perks. But this is also par for the course when it comes to no-fee prepaid cards – they're all devoid of these features. If those are the kinds of things you want, you're better off with a traditional credit card.

3. Can't use at Costco

In the past, you could use your Wealthsimple Prepaid Visa at Costco warehouses in Canada (and could even earn rewards on your spending).

However, with the move to Visa, your Wealthsimple prepaid card is no longer accepted in the warehouse. Note that you can use the card when shopping on Costco's website.

Comparison to the EQ Bank Card

There's another bank out there with a similar spend-save hybrid account – the EQ Bank Card. Here's how they compare.

These are very similar accounts. EQ has a slight leg up on interest and getting some rewards on purchases.

They both offer no foreign exchange fees and charge no annual account fees. But Wealthsimple won't charge you to withdraw cash from any ATM.

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For those of you with a Wealthsimple Prepaid Visa, what has your experience been like?

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FAQ

Is Wealthsimple switching to Visa?

Yes, in September 2026, Wealthsimple announced it was making the move from Mastercard to Visa for its prepaid card. Existing cardholders were notified that this transition will be happening in waves. Wealthsimple notes that this is mainly a behind-the-scenes change.

What is the difference between the Wealthsimple credit card and the Wealthsimple prepaid card?

When you apply for a traditional unsecured credit card, you're issued a card with a credit limit that you can borrow from and repay again and again. With a Wealthsimple prepaid card, you deposit funds in the account and your purchases are withdrawn from your balance.

What does the Wealthsimple Prepaid Visa offer for rewards?

Like most prepaid credit cards, the Wealthsimple Prepaid Visa does not offer any rewards on purchases. If you're looking for a Wealthsimple credit card that earns you rewards, take a look at the Wealthsimple Visa Infinite + Credit Card and Wealthsimple Visa Infinite Privilege Credit Card.

What special features does the Wealthsimple Prepaid Visa include?

The Wealthsimple Prepaid Visa offers up to 2.25% interest on your account balance and charges no foreign exchange fees. These special features aren't affected by the move from Mastercard to Visa.

The Wealthsimple Prepaid Visa offers up to 2.25% interest on your account balance and charges no foreign exchange fees.

What is the annual fee of the Wealthsimple Prepaid Visa?

The switch to a prepaid Visa doesn't affect this prepaid card's fee. The Wealthsimple Prepaid Visa has no annual fee or income requirements, which is another reason this card likely doesn't offer rewards or competitive benefits.