Wealthsimple Chequing combines everyday payment features with interest on the account balance. Its interest rate depends on Wealthsimple client status and, for some clients, qualifying direct deposits.
Wealthsimple charges no ATM withdrawal fee and reimburses an unlimited number of eligible ATM-provider fees worldwide without a reimbursement-dollar cap. The operator fee is charged first and reimbursed after settlement. ATM withdrawals require the physical card, and daily and weekly cash-withdrawal limits still apply.
Visa Platinum prepaid cards are available rather than Interac debit cards. Each joint owner can receive a separate card number and request a physical card. Eligible cheque deposits are available, individual Wealthsimple-issued cheques are free, and chequebook pricing depends on direct-deposit eligibility.
The account is offered by a financial-services platform rather than a bank. Cash is held through trust arrangements with CDIC member institutions, so its protection structure differs from a deposit held directly at one bank.
Incoming and outgoing wire transfers are supported, including eligible third-party wires. Wealthsimple charges no fee for a successfully received wire and normally charges CA$15 for an outgoing Canadian-dollar wire or US$15 for an outgoing U.S.-dollar wire. Intermediary, receiving, foreign-exchange, or return fees can still apply.