What is your favourite financial tool for withdrawing cash at foreign ATMs? If you’re in the market for a low-cost option without ATM and foreign exchange (FX) fees, take a look at the Wealthsimple Prepaid Mastercard. My review of the Wealthsimple Prepaid Mastercard for travel offers several convincing reasons why it is a favourite choice of Canadians travelling abroad.

On the eve of my departure for the cash-based economies of Pakistan, Sri Lanka, and Thailand in 2025, it was clear I needed a cost-effective means to obtain cash from ATMs in each country. I deemed my accounts at TD and Scotiabank as not viable given their foreign exchange (FX) fees and the lack of reimbursement of foreign ATM fees. After considerable research, I settled on a Wealthsimple Prepaid Mastercard, widely regarded as the best cash-access tool for international travel.

Note: Wealthsimple Prepaid Mastercards and credit cards aren’t accepted in every country. While the list of unsupported regions is short, it’s wise to review it before each trip.

Review of the Wealthsimple Prepaid Mastercard for Travel

Launched in 2014, Wealthsimple is a Toronto-based Canadian fintech company offering a variety of financial products and services.

1. Advantages of a Wealthsimple Prepaid Mastercard

A Wealthsimple Prepaid Mastercard is a single-currency product that combines the advantages of a chequing account, a savings account, and a debit card in one streamlined product.

Notwithstanding the Mastercard branding, it is not a credit card. It’s a prepaid Mastercard that draws funds directly from a chequing account with a fixed balance. Unlike a credit card, it’s impossible to obtain credit and accumulate new debt.

For travellers whose needs are limited to withdrawing cash from foreign ATMs, Wealthsimple’s Prepaid Mastercard offers a perfect low-cost solution that combines the high global acceptance of a Mastercard linked to a free Wealthsimple Chequing Account and a functional, user-friendly app.

The Wealthsimple Prepaid Mastercard offers several advantages.

• There’s no credit check or minimum income requirement to establish an account.
• There are no annual or monthly fees, no deposit or withdrawal fees, and no minimum balance requirements.
• There isn’t a fee to deposit funds into a Wealthsimple Chequing Account from another financial institution. Funds can be added by direct deposit, e-Transfer, or linking one or more bank accounts.
• Transactions are free and unlimited, including Interac e-Transfers.
• The account comes with both a virtual/digital card and a physical card, each with a different card number. If one is compromised, the other remains protected and available for use, reducing the risk of fraud. A digital card can be added to a digital wallet (e.g., Apple Pay or Google Wallet) and used for online and in-person purchases. A physical card is needed for ATM withdrawals.
• The Wealthsimple app is easy to use for transferring funds, paying bills, sending an e-Transfer, adding a card to a digital wallet, locking a card, and monitoring transactions.

• Funds in a Wealthsimple Chequing Account earn interest with rates ranging from 1.25 to 2.25%. Less than $100,000 in assets with Wealthsimple earns at the rate of 1.25%, credited monthly.

• Deposits in a Wealthsimple Chequing Account are insured for up to $1 million by the Canada Deposit Insurance Corporation.
• Foreign purchases or withdrawals are at Mastercard’s spot exchange rate, subject to daily fluctuations. Tapping a transaction in the app reveals the rate applied to that transaction.  
• There are no foreign exchange (FX) fees on purchases in a currency other than Canadian dollars or on ATM withdrawals in a foreign currency. FX fees charged by banks and other financial institutions are typically 2.5%.
• All ATM fees collected by an ATM, anywhere in the world, are reimbursed by Wealthsimple.

2. My reasons for choosing the Wealthsimple Prepaid Mastercard

I wasn’t interested in a multi-currency card, which alleviated the need to estimate how many Pakistani Rupees, Sri Lankan Rupees, and Thai Baht I would need for each segment of my trip. The same holds for future travels to countries with different currencies.

Making frequent ATM withdrawals usually means not carrying large amounts of cash, so I wanted access to free and unlimited ATM withdrawals. Wise was disqualified from consideration due to its restrictive withdrawal limits. Wise limits free ATM withdrawals to two per month, with each additional withdrawal incurring a $1.50 fee. Wise waives the 1.75% fee on the first $350 withdrawn each month, but charges a 1.75% fee on any amount withdrawn over $350.

With all ATM fees reimbursed, I could visit an ATM as often as needed, withdrawing (and then carrying) as little or as much in-country cash as required. It’s easier to estimate cash requirements while travelling, as opposed to before a trip, without the benefit of in-country experience.

The 1% cashback on transactions, a key feature that appealed to many users, was never on my radar. For establishments that accept debit and credit cards, my preference is to use a credit card to collect travel points that typically offer a much better return than 1%. So when Wealthsimple ended the 1% cashback on everyday spending effective October 1, 2025, it held little interest. In exchange for discontinuing cashback, Wealthsimple improved its ATM fee policy, removing the $5 cap for reimbursements of global ATM fees. As I had no intention of using the Wealthsimple Prepaid Mastercard for transactions, increases to ATM-fee reimbursements held greater appeal.

3. My experience using the Wealthsimple Prepaid Mastercard

• My sole objective in applying for a Wealthsimple Prepaid Mastercard was to have a low-cost option for withdrawing cash at foreign ATMs.
• One challenge was estimating how much cash would be needed without overloading my Wealthsimple Chequing Account. An Interac e-Transfer is available within minutes, but the full amount of a transfer from a linked bank account may take a few business days. Therefore, I monitored my cash needs and account balance regularly throughout the trip.
• I used my Wealthsimple Prepaid Mastercard solely to obtain cash. I didn’t use it for any purchases where credit or debit cards were accepted. For travellers who use credit cards to accumulate travel points, the Wealthsimple Prepaid Mastercard is a worthy companion. 
• For establishments where credit and debit cards were accepted, a points-earning credit card that doesn’t charge the 2.5% FX fee met my needs. The Scotiabank Passport Visa Infinite Card earns Scene+ points that can be used to offset miscellaneous travel expenses. It earns a multiplier on grocery, dining, entertainment (which includes some tours and ticket agencies), transit, and ride-sharing purchases (a 2% return) and the six lounge passes came in handy. There are regular promotions that include a handsome sign-up bonus and no annual fee in the first year. For information on how to leverage the Scene+ program to fund travel, see How to use Scene+ points to reduce travel costs.

• Before the trip, I downloaded the PickMe ride-sharing app, linked my no-FX-fee credit card, and ensured an active no-FX-fee credit card was linked to my Uber app. Doing so reduced my cash requirements, earned travel points at an accelerated rate (2% return), and avoided haggling over the cost of rides.
• Over the course of my 48-day trip to Pakistan, Sri Lanka, and Thailand, my 11 ATM withdrawals resulted in the reimbursement of all ATM fees, amounting to $53.42 credited to my account.
• The Mastercard exchange rate hovered just under 0.5%. For example, three random withdrawals cost 0.4597, 0.4636, and 0.4647.

• The Wealthsimple Prepaid Mastercard was accepted at every ATM I accessed (that displayed the Mastercard logo). In every case, I was presented with the option to be charged in my home currency and decline the marked-up Dynamic Currency Conversion (DCC) rate offered by the ATM. By leaving the conversion to Mastercard, I saved a considerable amount on conversion fees.
• For ATM withdrawals, Wealthsimple has a per-transaction limit of $3,000, a daily limit of $3,000, and a weekly limit of $10,000. These limits weren’t an issue for me, but I found per-transaction limits imposed by an ATM often required multiple transactions to withdraw the desired amount of cash. Wealthsimple reimbursed each per-transaction ATM fee.

Referral Code

The Wealthsimple Prepaid Mastercard doesn’t have a direct sign-up bonus. An indirect bonus of $25 can be obtained by using a referral link.

If you are unable to find a better offer, why not sign up using my referral code (wealthsimple.com/invite/BI347Q)? If you open an account and fund it (with a minimum of $1) within 30 days, we’ll each receive a $25 credit.

Here are the steps:

• During Sign-Up: Look for a box to enter a code on the registration page.
• After Signing Up (within 30 days): Log into the app, tap the gift icon (Rewards Centre) in the top right, go to the Offers tab, and enter the code.

Fund Your Account: Deposit at least $1 into your new account within 30 days. 

Conclusion

With the tagline “Say No to Big Bank Fees,” Wealthsimple has delivered with its no-fee chequing account, no FX fees on foreign transactions and withdrawals, and worldwide reimbursement of all third-party ATM fees.

The Wealthsimple Prepaid Mastercard has earned a place in my travel wallet. It has proven itself as a reliable and indispensable tool for withdrawing cash in destinations where cash still rules. Even in ‘cashless’ economies where cash is often needed for miscellaneous costs and cash-only establishments, my Wealthsimple Prepaid Mastercard is an essential financial tool for all trips.

Its greatest assets are no FX fees and reimbursed ATM charges, two significant aggravations travellers face when withdrawing cash at foreign ATMs. If Wealthsimple retains these two critical features, I will remain a loyal customer.

If you found this article helpful, please share it by selecting one or more social media buttons. Have you travelled with the Wealthsimple Prepaid Mastercard? If so, what was your experience? If you travel with another option such as Wise, Koho, EQ, or Revolut, what features do you appreciate? Please add your thoughts in the comments. Thank you.

Care to pin for later?