Wealthsimple Cash Review

By: Alex Dabek

Last Updated: Aug 23, 2022

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What Is It? Wealthsimple Cash is a relatively new peer to peer payment app for Canadian residents. It's like Venmo or Cash App but for Canadians! You can send and receive money in just a few taps, it's instant, there's no fees and no security questions required.

The Bottom Line: The Wealthsimple Cash app would be great if more Canadians used it. Right now, you can only send money to other users who have the app which is not many people. Until it grows and becomes more common, interac e-transfer is still the best way for Canadians to send money to their friends and family. However, the app itself works great, it's completely free and it's extremely fast.

Pros & Cons

  • A faster alternative to interac e-transfers
  • Absolutely no fees
  • Cash Card, Save and more features on the way
  • $25 free for signing up (no deposit required)
  • App is not very popular yet
  • Can only send money to other app users
  • Domestic transfers only
  • Debit card is not released yet

Wealthsimple Cash Screenshots:


Like most Wealtshimple products, this app is very minimal, beginner-friendly and easy to use. Right now, this app has just a few buttons where you see your balance, deposit/withdrawal and send/receive money to friends.

  • Send Money Instantly - Send and receive money in seconds with no fees or security questions.
  • $igns - Claim your unique $ign (username) and you can use this to send money to other people.
  • iOS and Android - Currently, Wealthsimple Cash is only on iOS and Android and there is no web app. 
  • High Interest Savings Account - Coming soon. I will update this review when it's released!
  • WS Cash Card - Coming soon. This is a debit card that will let you make everyday purchases. Currently, it's set to release sometime soon but the official date has not been announced.
  • Instant Deposits (up to $250) - Deposits and withdrawals from your bank account are free.
  • No Fees - Wealthsimple Cash has absolutely no fees at this time.
  • Insurance - Every Wealthsimple Cash account is CDIC insured up to $100,000.

How Does Wealthsimple Cash Work?

On Wealthsimple Cash, you can send and receive money to other Canadians who have the app downloaded. Here is what the process looks like:

1. Sign Up For An Account

If you already have a Wealthsimple account it will take a couple minutes. If not, you will take up to 10 minutes to fill out the info.

2. Choose Your Unique "$ign"

This will be your username and all that you need for sending and receiving money. 

3. Add Funds to Your Account

Connect your bank account and then use bank transfer to add funds for free. Currently, there is instant deposits up to $250.

4. Tap the "$" to Send or Request Money

Press the "$" button on the home screen, search the $ign, name or phone number to find your friend, then enter how much money you'd like to send or request. That's it!

Wealthsimple Cash vs. Interac E-Transfer

Wealthsimple Cash beats Interac E-transfer on speed and fees. There are no security questions, the transfers show up in seconds and there are no fees to send or receive money or to have an account open. However, Interac E-transfer is still much better because every person with a Canadian bank account has it. Right now, not many people use Wealthsimple Cash so it's not very practical unless you get all of your friends to use it.


Is WS Cash Safe?

Yes, Wealthsimple is a large fintech company in Canada with over 1.5 million users and has raised over $265 million so far. On the user side, there is 2 factor authentication and their website says they use state-of-the-art encryption to secure your account. Your Wealthsimple Cash Account is also CDIC insured up to $100,000.

Is WS Cash CDIC? Insured?

Yes, Wealthsimple Cash is CDIC insured up to $100,000. You can find their official statement here.

Where It Shines:

  • Fast Transfers - In just a couple taps, you can pay your friends and it will show up in seconds.
  • Absolutely Zero Fees - There are no fees in the app right now. Deposits, withdrawals, transfers, and account fees are all $0.00!
  • Easy To Use - All of Wealthsimple's products are user-friendly and if you already have a Wealthsimple account, you can sign up for Cash in a few minutes.

Where It Falls Short:

  • Not Many Users - This app is only useful if lots of Canadians use it and right now it's still relatively unknown. The Wealthsimple ecosystem does have over 1 million customers so we'll see if this app gains adoption.
  • Withdrawals - Deposits are instant up to $250 but currently withdrawals back to your bank account are slow and can take up to 5 days.
  • Minimal Features - Since the app is still new, there are not many features yet and lots of stuff is coming soon like the Cash Card and more.

Wealthsimple Cash Alternatives

Interac E-Transfer

Any person with a Canadian bank account is eligible to receive Interac E-transfers through their online banking app. Right now, this is the best way for Canadains to send and receive money to each other quickly and cheaply.


PayPal is used by over 300 million people and will let you send and receive funds to other Canadians and people worldwide. It's free to send money to friends and family and all you need is their email address or phone number. Fees can get expensive with other currencies but for CAD transfers it can be an alternative to Wealthsimple Cash or E-transfers.

The Bottom Line

Wealthsimple Cash has lots of potential to be a great app if more Canadians start using it. It lets you send very fast transfers to other Canadians and has no fees but right now, not many people are using it. Maybe one day it can be like Venmo or Cash App for Canadians but right now, it's still too early and e-transfers are much better.

  • Send cash instantly to friends
  • Absolutely zero fees
  • Get $25 free just for signing up

More Info

About Wealthimple

Wealthsimple was founded in 2014 but the Wealhsimple Cash app launched in 2020. So far, 1.5 million people use Wealthsimple products for crypto, investing, taxes and more. 

How Many People Use WS Cash?

On the Google Play store, Wealthsimple Cash has over 50,000 installs. This is the only metric that we have found. We also know that in total, over 1.5 million people use Wealthsimple products whether it's Trade, Invest, Tax, etc.

Can I Pay Bills With WS Cash?

Not yet. Currently you can only send and receive money to friends however, when the Cash Card is released you will be able pay bills and make everyday purchases. There is no official release date for the Cash Card, it just says "coming soon."

How Does WS Cash Make Money?

Currently, Wealthsimple Cash is not monetized because it's free and it has no fees. There might be fees in the future as they add more features however it's unknown what Wealthsimple's plans are. Wealthsimple does have other products though so Cash might bring more exposure to those offers.

Does WS Cash Affect Your Credit Score?

According to their help centre, "Wealthsimple Cash cards are prepaid Visa cards so it will not impact your credit score."

Can I Transfer from WS Cash to WS Trade?

No, you can not transfer funds from WS Cash to other WS products at this time so you have to withdraw to your bank account first. Customer support did say lots of customers are requesting this feature so they might add it in the future.

Does WS Cash Have a Business Account?

At this time, there is no Wealthsimple Cash accounts for businesses.