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Wealthsimple Cash - Free P2P Money Transfer
April 29, 2021
9:15 pm
Save2Retire@55
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So, Wealthsimple Cash isn't new but their recent update made it unique. It is going to replace other apps and even e-Transfer for sending and receiving money. It is simple, convenient, and free. I signed up today through a referral and got a nice $25 right away which I then linked my Tangerine saving account through the app and transferring the money to. It can be used for Kijiji or FB Market transactions. Sometimes I don't feel comfortable the buyer or seller knows my whole name through e-Transfer plus it is slower and need to login to bank account. This is really plain simple and fast. Anyone opting to use it?

Peter - I think your amazing review here needs a lot of update. https://www.highinterestsavings.ca/2020/01/wealthsimple-cash-review-hybrid-accounts-fintech-and-what-it-means-for-you/

One of the main things now is that it is covered by CDIC.
As of January 1, 2021, all balances in your Wealthsimple Cash account are now eligible for protection from the Canada Deposit Insurance Corporation (CDIC) because your balances are held in trust at a CDIC member institution. CDIC is a federal Crown corporation. CDIC is not a bank or a private insurance company.

May 2, 2021
8:40 pm
Peter
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Thanks for the heads up. Looks like Wealthsimple Cash has changed significantly after laying out an ambitious roadmap last year, including a card that still doesn't exist, and e-Transfers and bill payments which aren't noted on its marketing page anymore.

It's hard to tell what are the current features of the account.

Does it have a 0.75% interest rate?

Looks like they're trying to be Canada's version of Square's Cash App or Venmo.

May 3, 2021
8:06 pm
Save2Retire@55
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Hi Peter! Thanks for your follow up.
Yes, it changed a lot. Almost looks like a new product now.
For the Card, they hope to get it out in months. Other features are still there. https://www.wealthsimple.com/en-ca/magazine/cash

Oh! And what comes next?
Our plan is to make Wealthsimple Cash more and more useful, easy, and fun. The next phase? Operation “pay-for-everything” so you’ll be able to use Wealthsimple Cash to buy your groceries, or your sneakers, or anything else you want from just about any merchant. And after that, look for features like bill payments and direct deposit. It’s all just beginning. Stay tuned.

And yes. I just logged in to my account which I created days ago and see it as 0.75%.

I'd say it can be more like STACK but I won't replace it with my STACK yet. Maybe a backup.

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