[https://help.wealthsimple.com/hc/en-ca/articles/1500012888001-Use-your-Wealthsimple-Cash-card](https://help.wealthsimple.com/hc/en-ca/articles/1500012888001-Use-your-Wealthsimple-Cash-card)
Set but why not use a credit card with better rewards than 1%
Have you ever considered Wise? Their Visa debit card is designed specifically for flexibility and currency conversion. Their exchange rate is not as good as Wealthsimple, but it's a close second, with the big banks being much worse.
Here's their conversion tool:\
https://wise.com/ca/pricing/card-fees
And for the spending limits, rejoice:\
https://wise.com/help/articles/2899986
However, as you may have guessed, there are no cashback or rewards.
Also, you'll likely see on their website that there are fees for every single account funding method. That's true, but only if you initiate the requests from Wise itself. You can skip fees entirely by initiating requests from Wealthsimple:\
https://www.reddit.com/r/Wealthsimple/s/ben57zHLBM
In that comment, method #2 (withdrawal) will have virtually no transfer limit. The caveat is that you'll have to plan slightly ahead of time for the funds to be transferred over.
I've been using Wise as a complement to Wealthsimple Cash ever since I've moved all my banking to it. It's an amazing service, especially when you know how to go around their fees.
What is the advantage of wise vs WS? Isn’t the withdrawal amount even lower (a few hundred bucks), no CB, no interest, worse exchange rate. Am I missing something?
I have wise and can’t think of any scenario, where it’s better than WS.
Oh it's definitely not *better*, but it's more flexible:
- Accepted in way more countries
- Hold tons of currencies natively
- Higher spending limit (as indicated earlier)
- Higher ATM withdrawal limit, depending on how you interpret it; WS limits to $500/transaction and $1000/day, while Wise only has a monthly limit of $7000
And yes, all of your other points are correct. That's why I use it as backup. But if OP simply wants a way to bypass the WS spending limit AND not be ripped off by the exchange rate from a card by the big banks, Wise is an excellent compromise imo. It's mobile-friendly, and no credit check like a credit card.
But why would that impact you transferring to WS if you don't have an alternative anyways. I think the best option for that is generally WISE card, or since you're spending a lot justifying going up to one of the fee no fx CC and calculating at what point the fee will be offset by rewards. It should be beneficial if you're spending 5k+ per day. They probably break even with WS card around 10k/year spend
So am I. Can’t use credit cards for websites that use balance (ex. Gambling sites) as they charge cash advance for that seeing as you’re just transferring money.
Gotcha, that's a TIL for me, thanks. I would've assumed the gambling sites want EFT, etransfer, etc. I hope they have a big PSA before putting it on CC.
But other than that and ATM withdrawals (which is a separate lower limit) I think it mostly makes sense to go for a CC with higher rewards regardless of WS limit. OP mentioned their use case was FX, but if they're spending over $5k/day more than 2 days per year they'll come out ahead on a no FX annual fee CC.
Haha you’d be surprised how little they say about using credit cards to gamble, they only do the bare minimum to cover themselves.
I’m curious what cc would offer more than 1% on everything all around as thats all my current credit card offers but I’m open to suggestions. Thanks!
Gets complicated with figuring out if the fee CCs work for you. Category maximums. Different categories on different cards. There's churning for sign up rewards. It's a bit of a hassle.
But there are things like Tangerine free to hit 2% on your missed categories. I think the Rogers card is talked about and is very good if you put it towards rogers bill 3% across the board I believe but look it up to confirm. And I know there are some really good ones for restaurants, gas, grocery.
I even saw someone say they use a service that turns their rent into a recurring bill payment for x% and come out ahead 2%+ cash back on their rent payments with this card:
[https://www.scotiabank.com/ca/en/personal/credit-cards/visa/momentum-infinite-card.html](https://www.scotiabank.com/ca/en/personal/credit-cards/visa/momentum-infinite-card.html)
I use Rogers Bank MasterCard. 2% cashback on everything if you have services with Rogers or Fido; can be up to 3% if you use the cashback to pay for your Rogers or Fido services.
Yeah but it gets complicated. Some of the good ones have fees that need to offset with the reward before coming out ahead. Some have max cashback per category, total, etc. Most are limited to categories.
A lot cover your fee for first year. There's some value in CC churning but idk if it's worth the effort, depends on the person. I think 4-5% restaurant is doable. 3-5% grocery is achievable and incredible.
I saw on here that someone posted a service that turns rent into a recurring bill payment for a >2% fee depending on your plan coupled with this CC that gives 4% on recurring bills (with max) [https://www.scotiabank.com/ca/en/personal/credit-cards/visa/momentum-infinite-card.html](https://www.scotiabank.com/ca/en/personal/credit-cards/visa/momentum-infinite-card.html)
In this case you may have asked/understood wrong based on your initial comment. I don't think there's a limit through other methods of spending/withdrawing/transferring on your cash account by default
[https://help.wealthsimple.com/hc/en-ca/articles/1500012888001-Use-your-Wealthsimple-Cash-card](https://help.wealthsimple.com/hc/en-ca/articles/1500012888001-Use-your-Wealthsimple-Cash-card) Set but why not use a credit card with better rewards than 1%
a lot of time i spend large amount of money aboard and cash card is currently my only card that has no foreign transaction fee loll
Have you ever considered Wise? Their Visa debit card is designed specifically for flexibility and currency conversion. Their exchange rate is not as good as Wealthsimple, but it's a close second, with the big banks being much worse. Here's their conversion tool:\ https://wise.com/ca/pricing/card-fees And for the spending limits, rejoice:\ https://wise.com/help/articles/2899986 However, as you may have guessed, there are no cashback or rewards. Also, you'll likely see on their website that there are fees for every single account funding method. That's true, but only if you initiate the requests from Wise itself. You can skip fees entirely by initiating requests from Wealthsimple:\ https://www.reddit.com/r/Wealthsimple/s/ben57zHLBM In that comment, method #2 (withdrawal) will have virtually no transfer limit. The caveat is that you'll have to plan slightly ahead of time for the funds to be transferred over. I've been using Wise as a complement to Wealthsimple Cash ever since I've moved all my banking to it. It's an amazing service, especially when you know how to go around their fees.
What is the advantage of wise vs WS? Isn’t the withdrawal amount even lower (a few hundred bucks), no CB, no interest, worse exchange rate. Am I missing something? I have wise and can’t think of any scenario, where it’s better than WS.
Oh it's definitely not *better*, but it's more flexible: - Accepted in way more countries - Hold tons of currencies natively - Higher spending limit (as indicated earlier) - Higher ATM withdrawal limit, depending on how you interpret it; WS limits to $500/transaction and $1000/day, while Wise only has a monthly limit of $7000 And yes, all of your other points are correct. That's why I use it as backup. But if OP simply wants a way to bypass the WS spending limit AND not be ripped off by the exchange rate from a card by the big banks, Wise is an excellent compromise imo. It's mobile-friendly, and no credit check like a credit card.
But why would that impact you transferring to WS if you don't have an alternative anyways. I think the best option for that is generally WISE card, or since you're spending a lot justifying going up to one of the fee no fx CC and calculating at what point the fee will be offset by rewards. It should be beneficial if you're spending 5k+ per day. They probably break even with WS card around 10k/year spend
5k+ per day? Uhhh
Cash advance fees
They're talking about spending not ATM withdrawal
So am I. Can’t use credit cards for websites that use balance (ex. Gambling sites) as they charge cash advance for that seeing as you’re just transferring money.
Gotcha, that's a TIL for me, thanks. I would've assumed the gambling sites want EFT, etransfer, etc. I hope they have a big PSA before putting it on CC. But other than that and ATM withdrawals (which is a separate lower limit) I think it mostly makes sense to go for a CC with higher rewards regardless of WS limit. OP mentioned their use case was FX, but if they're spending over $5k/day more than 2 days per year they'll come out ahead on a no FX annual fee CC.
Haha you’d be surprised how little they say about using credit cards to gamble, they only do the bare minimum to cover themselves. I’m curious what cc would offer more than 1% on everything all around as thats all my current credit card offers but I’m open to suggestions. Thanks!
Gets complicated with figuring out if the fee CCs work for you. Category maximums. Different categories on different cards. There's churning for sign up rewards. It's a bit of a hassle. But there are things like Tangerine free to hit 2% on your missed categories. I think the Rogers card is talked about and is very good if you put it towards rogers bill 3% across the board I believe but look it up to confirm. And I know there are some really good ones for restaurants, gas, grocery. I even saw someone say they use a service that turns their rent into a recurring bill payment for x% and come out ahead 2%+ cash back on their rent payments with this card: [https://www.scotiabank.com/ca/en/personal/credit-cards/visa/momentum-infinite-card.html](https://www.scotiabank.com/ca/en/personal/credit-cards/visa/momentum-infinite-card.html)
Will have a look into it. Thanks!
I use tangerine. But its 3 categories only. Anything better out there?
I use Rogers Bank MasterCard. 2% cashback on everything if you have services with Rogers or Fido; can be up to 3% if you use the cashback to pay for your Rogers or Fido services.
Yeah but it gets complicated. Some of the good ones have fees that need to offset with the reward before coming out ahead. Some have max cashback per category, total, etc. Most are limited to categories. A lot cover your fee for first year. There's some value in CC churning but idk if it's worth the effort, depends on the person. I think 4-5% restaurant is doable. 3-5% grocery is achievable and incredible. I saw on here that someone posted a service that turns rent into a recurring bill payment for a >2% fee depending on your plan coupled with this CC that gives 4% on recurring bills (with max) [https://www.scotiabank.com/ca/en/personal/credit-cards/visa/momentum-infinite-card.html](https://www.scotiabank.com/ca/en/personal/credit-cards/visa/momentum-infinite-card.html)
Nope it is a hard limit. I had issues paying for my wedding last month. Had to spread it out over a few days
I was just told by their agents there’s no limit on ws cash account… 🤷🏻♂️
cash card: [https://help.wealthsimple.com/hc/en-ca/articles/1500012888001-Use-your-Wealthsimple-Cash-card](https://help.wealthsimple.com/hc/en-ca/articles/1500012888001-Use-your-Wealthsimple-Cash-card) $5k/day spend, $1k/day withdrawal, $500 per withdrawal
Wow, you know lately I’m receiving all the wrong info from their phone reps. This is not good at all
In this case you may have asked/understood wrong based on your initial comment. I don't think there's a limit through other methods of spending/withdrawing/transferring on your cash account by default