Wealthsimple Reinvents Banking with Cash Delivery and Unlimited Cashback Card
So, there’s some exciting news shaking up the Canadian financial space, and I had to talk about it. Wealthsimple, the Toronto-based digital finance company we’ve come to know for robo-advising and sleek investing apps, is now stepping boldly into traditional banking territory—and they’re not doing it quietly.
Just announced, Wealthsimple is launching a suite of banking services that sound like they were pulled straight from the future. First, they’re offering Uber-style cash delivery to your doorstep . Yes, you heard that right. Imagine ordering physical cash just like you’d order food, and having it show up at your door. This is part of a broader upgrade to their zero-fee chequing account, which now includes the ability to send paperless cheques , bank drafts , and wire transfers , all from your phone.
Their CEO, Michael Katchen, summed it up perfectly: “Your phone is the new bank branch.” It’s all about convenience, flexibility, and putting the power back into the hands of users. And honestly, it makes sense. Traditional banks hold our money, often give us zero interest, and then charge us for services that are now being reimagined as completely digital and seamless.
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Now, here’s where it gets even more interesting—Wealthsimple is also releasing its very first unlimited cash-back credit card . We’re talking 2% back on every single purchase , with no tap limits , and no foreign transaction fees . For clients who hold at least $100,000 in assets with them or deposit $4,000 monthly, it’s completely free . Otherwise, the annual fee is $120. It’s a bold move, especially when most credit cards in Canada don’t offer this level of return or flexibility without complex reward structures or restrictions.
They’re also rolling out a secured line of credit that’s instantly approved based on the assets you already hold with them. So you can leverage what you’ve already got, without long approval processes.
What's smart about their approach is that instead of applying for a traditional banking licence like some fintech competitors, they’re partnering with 10 Schedule 1 banks to support these services. That means they’re skipping the red tape and getting these offerings to market faster, while still providing up to $1 million in deposit insurance through CDIC—10x more than what most banks offer per account.
This isn’t just a minor tweak to an app or an added feature. It’s a radical rethink of what banking can be —instant, mobile-first, and customer-centered. No more lining up at branches or juggling half a dozen apps to manage your money. Everything is right there in your pocket, all integrated.
From robo-advising and crypto trading to now a fully equipped banking experience, Wealthsimple is clearly gunning to become Canada’s top digital financial hub. And honestly, with nearly 3 million clients already and assets under management more than doubling in under a year, they might just pull it off.
So if you’ve been feeling like traditional banking is stuck in the past, Wealthsimple’s latest moves are a wake-up call. The future of money in Canada? It might just show up at your door.
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