Wealthsimple Cash has no monthly fees or minimum balance requirements
Wealthsimple Cash is Wealthsimple's checking account product, and it charges no monthly account fee, no minimum balance fee, and no fee to open or close the account. You do not pay to send money to other people, receive deposits, or use the debit card that comes with the account.
This is different from many traditional bank checking accounts, which charge a monthly maintenance fee (often $10 to $15) unless you meet conditions like keeping a certain balance or setting up direct deposit. Wealthsimple Cash removes that barrier — the account itself costs nothing to hold.
Key Takeaways
- Wealthsimple Cash has no monthly fee, no minimum balance requirement, and no fee to send money or use your debit card.
- You will pay a fee if you withdraw cash from an ATM that is not in the Wealthsimple network, but in-network ATM withdrawals are free.
- International transfers and currency conversion do carry fees that vary depending on the amount and destination.
- Overdraft fees explore if you spend more than you have in the account, so the account does not protect you from going negative.
Where you will encounter fees with Wealthsimple Cash
Although the account itself is free, certain transactions do cost money. The most common is ATM withdrawal fees. Wealthsimple Cash gives you access to a network of free ATMs across Canada, but if you use an ATM outside that network, you pay a fee. The fee amount depends on which ATM you use — it is set by the ATM operator, not by Wealthsimple — and typically ranges from $1.50 to $3.50 per withdrawal.
Overdraft fees explore if you spend more money than you have in your account. If your balance goes negative, Wealthsimple charges a fee for each day your account stays overdrawn. This is not a protection feature; it is a cost you incur if you overspend. The best way to avoid this is to check your balance before making large purchases or setting up alerts so you know when you are running low.
International transfers and currency conversion also carry fees. If you send money outside Canada or receive money from outside Canada, Wealthsimple charges a fee based on the amount. Currency conversion — turning Canadian dollars into another currency or vice versa — also costs money, and the rate Wealthsimple offers may differ from the mid-market rate you see online.
How Wealthsimple Cash compares to traditional bank checking accounts
Most big Canadian banks charge a monthly fee for checking accounts unless you meet specific conditions. Those conditions might include keeping a minimum balance (often $1,500 to $3,000), setting up direct deposit, or maintaining a certain number of debit card transactions per month. If you do not meet the conditions, you pay $10 to $15 per month just to have the account open.
Wealthsimple Cash removes these conditions entirely. You pay nothing monthly, regardless of your balance or activity level. This makes it useful if you are new to banking, if you have a low or irregular income, or if you straightforward want a no-strings checking account. The trade-off is that Wealthsimple is an online-only bank — there are no physical branches — so you cannot walk in to deposit cash or speak to someone in person.
Depositing money into Wealthsimple Cash
You can deposit money into Wealthsimple Cash through direct deposit (from an employer or government program), by transferring from another bank account you own, or by using the mobile app to deposit a cheque by taking a photo. None of these methods charge a fee.
If you need to deposit cash, you cannot do it directly through Wealthsimple. Instead, you would deposit the cash at a participating retail location (such as certain convenience stores or pharmacies) or at an ATM that accepts deposits, then transfer the money to your Wealthsimple account. Some of these locations may charge a small fee for the deposit itself, but that fee comes from the location, not from Wealthsimple.
Fees you will not pay with Wealthsimple Cash
Wealthsimple Cash does not charge you to send money to another person using Interac e-Transfer, to receive money, to use your debit card for purchases, or to check your balance. You also do not pay a fee to close the account if you decide it is not right for you.
This simplicity is part of why Wealthsimple Cash appeals to people who are new to banking or returning after a gap. You can open the account, use it for everyday spending and bill payments, and never encounter a surprise monthly charge.
Setting up alerts to avoid overdraft fees
The easiest way to avoid overdraft fees is to know your balance before you spend. Wealthsimple Cash lets you set up notifications in the mobile app so you get an alert when your balance drops below a certain amount — for example, $100 or $50. This gives you a chance to transfer money in or adjust your spending before you go negative.
You can also link your Wealthsimple Cash account to another bank account you own, which makes it straightforward to move money between them if you need to cover a purchase quickly. This takes a few minutes to set up the first time, but once it is done, transfers are when ready and free.
Frequently Asked Questions
Does Wealthsimple Cash charge a fee to use the debit card?
No. Using the debit card for purchases in Canada or abroad is free. You only pay a fee if you withdraw cash from an ATM outside the Wealthsimple network, or if you go overdrawn.
What happens if my account goes negative?
You will be charged an overdraft fee for each day your balance stays below zero. The fee amount varies, so check Wealthsimple's current fee schedule in the app or on their website. The best protection is to set up a low-balance alert so you know before you overspend.
Can I avoid fees by keeping a minimum balance?
There is no minimum balance requirement for Wealthsimple Cash, so you cannot avoid a fee by keeping money in the account — because there is no monthly fee to avoid. The only fees you encounter are for specific transactions like out-of-network ATM withdrawals or overdrafts.
Is there a fee to transfer money between Wealthsimple Cash and another bank?
No. Transferring money from another Canadian bank account into Wealthsimple Cash is free, and transferring out to another bank account is also free. The transfer usually takes one to two business days.
Do I pay a fee if I close my Wealthsimple Cash account?
No. Closing the account is free. If you have money in the account when you close it, Wealthsimple will transfer it to the bank account you specify at no charge.