Wealthsimple Unveils Significant Adjustments to Banking Services
Wealthsimple has announced pivotal modifications to its banking offerings, including the cessation of a popular benefit and the introduction of multiple innovative features. In a recent communication to clients, the company confirmed that the 1% cash back incentive on its prepaid Mastercard will conclude on October 1, 2025.
Customers may continue to accrue cash back until this date, with a final disbursement scheduled for November 1, 2025. While no action is required from clients, this diminutive advantage will be retired, much to the disappointment of many who valued it.
On the ATM front, Wealthsimple is enhancing its reimbursement policy. Effective October 1, the previous cap of $5 per transaction will be lifted, allowing for the full reimbursement of ATM fees, irrespective of the total amount charged by providers.
Typically, refunds are processed within four business days following the completion of a withdrawal.
The firm also reiterated several previously hinted enhancements to its banking functionalities. Clients can now initiate international money transfers in over ten currencies—including U.S. dollars, euros, British pounds, and Indian rupees—at fees pegged to mid-market exchange rates.
Moreover, bank drafts have undergone improvements, now featuring enhanced shipping options and the capacity to send drafts directly to recipients rather than solely to the customer’s home address.
In a further advancement, cheque deposits via the app are now feasible by simply capturing a photograph, with funds becoming instantly accessible.
Additionally, limits for Interac e-Transfers have been broadened, enabling clients to transfer up to $25,000 daily, with the ability to manage these limits directly through the app.
A renovated Wealthsimple app has also been launched, first teased in August, which presents three primary interfaces a Home tab for an overview of total wealth across accounts, a Spend tab for routine banking and credit card transactions, and an Invest tab for managing self-directed and professionally managed portfolios, including watchlists, asset holdings, performance analytics, and trading capabilities for stocks, ETFs, and cryptocurrencies.
Looking forward, Wealthsimple has indicated that additional features are on the horizon. Free cheque delivery will soon enable users to request a cheque within the app and have it mailed directly to the designated recipient, mirroring the capability offered with bank drafts.
Furthermore, international wire transfers are in the pipeline, commencing with USD, EUR, and GBP transactions using the SWIFT system. Lastly, the firm is innovatively developing a portfolio-backed line of credit with interest rates starting as low as 4.20%.
This product is aimed at addressing substantial expenditures, emergency situations, debt consolidation, or investment opportunities. Clients have the opportunity to join a waitlist for testing prior to its official rollout.
These adjustments signify a notable transition in Wealthsimple’s banking services. While clients will forfeit the long-standing 1% cash back reward associated with the prepaid Mastercard, they will benefit from unlimited ATM fee reimbursements and an expanding array of banking and investment features.
Currently, Wealthsimple is enticing select customers with a promotion that includes a complimentary 256GB iPhone 17, contingent upon registering for direct deposit and fulfilling specific eligibility criteria.
Source link: Iphoneincanada.ca.
