As we started preparing for our South Korea & Vietnam trip this summer, I realized I should probably double check which card we should actually be using to withdraw cash abroad.
We’ve used the Wealthsimple Cash card on past trips to Europe and Japan and had a really good experience with it. But I kept hearing people recommend Wise for travel, especially for ATM withdrawals and avoiding foreign transaction fees, so I decided to compare the two.
Once I started looking into fees, ATM withdrawal limits, exchange rates, and how each card works while travelling, I was very surprised by some of the differences!
So if you’re a Canadian traveller trying to decide between Wise vs Wealthsimple for travel spending and cash withdrawals abroad, here’s what I found.
This post may contain affiliate links. This means I may earn a small commission if you sign up or make a purchase through my links, at no extra cost to you. I only share products and services I personally use, have researched, or genuinely believe are helpful for family travel.
Why Choosing the Right Travel Card Matters
If you’ve never travelled internationally before, you might be wondering why you even need a special travel card in the first place.
The biggest reason is foreign transaction fees.
Many regular Canadian debit and credit cards charge extra fees when you use them outside of Canada or withdraw cash from an ATM abroad. These fees are often around 2.5% on top of the exchange rate, and they can add up quickly over a longer trip or for a family.
You may also run into:
• extra ATM withdrawal fees
• poor exchange rates
• daily bank fees
• cards not working properly overseas
• expensive currency exchange kiosks at airports
That’s why many travellers look for cards specifically designed for international travel and foreign ATM withdrawals.
Two of the most commonly recommended options for Canadians are Wise and Wealthsimple Cash, but they work a little differently depending on how you travel and what you need.
Before comparing the two, here’s a quick overview of what Wise and Wealthsimple Cash actually are.
What is Wise?
Wise is a financial app and prepaid card that’s popular with travellers because it allows you to hold and convert multiple currencies with relatively low fees. Many travellers use Wise for international spending, ATM withdrawals abroad, and transferring money between currencies.
It’s especially popular among frequent travellers and digital nomads because of its multi-currency features.
What is Wealthsimple Cash?
Wealthsimple Cash is a Canadian prepaid Mastercard linked directly to your Wealthsimple chequing account. It allows Canadians to spend and withdraw money internationally without foreign transaction fees.
Unlike Wise, it’s not designed as a multi-currency account. Instead, it works more like a simple Canadian spending account with a prepaid card attached but with some travel-friendly features.
Wise Vs. Wealthsimple
| Feature | Wise | Wealthsimple Cash |
|---|---|---|
| Available to Canadians | Yes | Yes |
| Physical card available | Yes | Yes |
| Foreign transaction fees | No FX markup, but conversion fees may apply | No foreign transaction fees |
| ATM withdrawals abroad | Free up to $100 CAD/month, then $2.69 CAD + 2.69% | No Wealthsimple ATM withdrawal fee |
| ATM operator fees | Still apply | Reimbursed by Wealthsimple |
| Hold multiple currencies | Yes (40+ currencies) | No, CAD only |
| Interest earned | Up to 3.14% on eligible balances | Up to 2.25% interest |
| Monthly account fees | None | None |
| Daily ATM withdrawal limit | $2650/day | $3,000/day |
| Monthly/Weekly ATM withdrawal limit | $7000/month | $10,000/week |
| Best for | Multi-currency accounts & transfers | Travel spending & ATM withdrawals abroad |
The biggest surprise for me was the ATM withdrawal difference.
A lot of travellers online recommend Wise, and I can absolutely see why if you frequently transfer money internationally or want to hold multiple currencies.
But once I realized Wise only allows $100 CAD/month in free ATM withdrawals before charging additional withdrawal fees, it became much less appealing for the way our family travels.
In countries where cash is still used regularly, those fees could add up quickly for a family of five.
Meanwhile, Wealthsimple Cash:
• charges no foreign transaction fees
• charges no Wealthsimple ATM withdrawal fees
• reimburses ATM operator fees internationally
• and has much higher withdrawal limits
A Real-World Example: Taking Out Cash in Seoul
Let’s say we arrive in Seoul and use an ATM 3 times during the beginning of our trip:
• First withdrawal: $100 CAD equivalent
• Second withdrawal: $150 CAD equivalent
• Third withdrawal: $100 CAD equivalent
We’ll also assume the ATM itself charges a fairly typical local ATM operator fee of around $4 CAD equivalent per withdrawal.
Using Wise
First withdrawal: $100 CAD
This falls within Wise’s $100 CAD/month free ATM withdrawal allowance.
Fees:
• Wise fee: $0
• Local ATM operator fee: about $4 CAD
Total fees: about $4 CAD
Second withdrawal: $150 CAD
At this point, we’ve already used the free $100 CAD allowance.
Wise charges:
• $2.69 CAD fixed fee
• plus 2.69% of the withdrawal amount
2.69% of $150 = about $4.04 CAD
Fees:
• Wise fixed fee: $2.69 CAD
• Wise percentage fee: about $4.04 CAD
• Local ATM operator fee: about $4 CAD
Total fees: about $10.73 CAD
Third withdrawal: $100 CAD
This withdrawal is also above the free allowance.
2.69% of $100 = about $2.69 CAD
Fees:
• Wise fixed fee: $2.69 CAD
• Wise percentage fee: about $2.69 CAD
• Local ATM operator fee: about $4 CAD
Total fees: about $9.38 CAD
Approximate total using Wise:
About $24 CAD in fees on $350 CAD withdrawn.
Using Wealthsimple Cash
For the exact same withdrawals:
First withdrawal: $100 CAD
• Wealthsimple fee: $0
• ATM operator fee: reimbursed
Total fees: $0
Second withdrawal: $150 CAD
• Wealthsimple fee: $0
• ATM operator fee: reimbursed
Total fees: $0
Third withdrawal: $100 CAD
• Wealthsimple fee: $0
• ATM operator fee: reimbursed
Total fees: $0
Approximate total using Wealthsimple Cash:
$0 CAD in fees on $350 CAD withdrawn.
Wealthsimple Cash Card seems like the no-brainer choice right?
One Important ATM Tip Most First-Time Travellers Don’t Know
When you withdraw money abroad, the ATM will often ask if you want to be charged in Canadian dollars instead of the local currency.
For example, in South Korea you may see something like:
• Charge in CAD
or
• Charge in KRW (Korean won)
Always choose the local currency.
This feels counterintuitive because choosing Canadian dollars sounds easier, but it usually results in a much worse exchange rate.
This is called Dynamic Currency Conversion (DCC), and it’s basically the ATM company converting the money for you using their own marked-up exchange rate.
Instead:
• choose the local currency
• decline the ATM’s conversion
• and let your card provider handle the exchange rate instead
This applies whether you’re using Wise, Wealthsimple Cash, or most travel-friendly credit cards.
How to Open a Wealthsimple Cash Account for Travel
One thing I really like about Wealthsimple Cash is how simple it is to set up.
You can:
• download the Wealthsimple app
• open an account fairly quickly online
• transfer money directly from your Canadian bank account
• and request the physical prepaid Mastercard through the app
The physical card is mailed to you and can then be used for purchases and ATM withdrawals abroad.
It’s very straightforward to use for travel. At point of purchase use it as a credit card, at the ATM use it as a debit card, choosing Chequing.
If you’re interested in trying Wealthsimple Cash for travel, you can check it out here: Open a Wealthsimple Account – deposit just $100 into your account and receive a $25 CAD referral bonus!
So Which One Are We Using?
After comparing the two, we’ll personally be continuing to use Wealthsimple Cash for our upcoming South Korea & Vietnam trip.
For the way our family travels, it seems like the simpler and more cost-effective option, especially for ATM withdrawals abroad.
That said, I can still absolutely see why many travellers love Wise, particularly if you:
• transfer money internationally often
• want to hold multiple currencies
• travel frequently between countries
• or need more advanced multi-currency features
But for straightforward travel spending, avoiding foreign transaction fees, and taking out cash internationally without worrying about extra withdrawal fees, Wealthsimple Cash feels like the better fit for us.
As always, make sure to double check the latest fees and policies before travelling since financial products can change over time.
And if you’re travelling internationally for the first time, hopefully this helped make the whole “which travel card should I use?” question feel a little less overwhelming.
For more tips on travelling as a family on a budget, check out this post, Travel More, Spend Less: A Beginner’s Guide to Family Travel on a Budget!
You can also find all the tools we use (flights, accommodations, travel apps, and more) on my Travel Resources page.
More Posts You May Love:
- Bolzano With Kids: Easy Family Travel Tips for the Dolomites
- Wise vs Wealthsimple for Travel: Which Card Is Better for Canadians?
- Graz, Austria With Kids: The Coolest European City You’ve Never Heard Of
- How to Visit Banff on a Budget (Where I’d Stay Instead of Banff Hotels)
- Is Japan Good for Teens? What My Teens Loved (and Didn’t)
exploring:
Leave a comment