How To Use A Wealthsimple Cash Referral Code

How to Use a Wealthsimple Cash Referral Code

These days online banking and payments are all the rage, and there are more and more online banks and payment services popping up on the market. Most people associate companies like PayPal or Venmo with online payment services, and with the mention of their names you’ll be able to understand what an online payment service does. (You can literally send and receive money from an online payment service.)

WealthsimpleReferral Codes
Wealthsimple CashUse code AUQHTY when you sign up to get $10.
Wealthsimple TradeUse code KKZH8A when you sign up to get free stocks.

Wealthsimple Cash is a Canadian online payment service with lots of cool features that many people love. And one of the best promotional offers they have is their referral program and the benefits you can get from using a Wealthsimple Cash referral code. We’ll tell you everything you need to know about Wealthsimple Cash and how to use a Wealthsimple Cash referral code in this article.

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What is Wealthsimple Cash?

While you’re learning about using a Wealthsimple Cash referral code, it’s important to know what Wealthsimple Cash is so that you can explain it to the people you refer.

Wealthsimple Cash is not just an online payment service, but also a hybrid chequing account. The account lets you earn high interest and get great interest rates on your account deposits, but because it’s also an online chequing account you can also access your funds anytime. The best part about a Wealthsimple Cash account is that Wealthsimple doesn’t require a minimum balance and it doesn’t charge monthly fees.

It’s also a Peer-to-Peer (P2P) payment service that allows you to send money to anyone on your phone’s contact list instantly. All it requires is linking your contact list to the app.

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Wealthsimple History and Reputation

It might seem strange to include the history and reputation of Wealthsimple in an article about how to use a Wealthsimple Cash referral code, but it’s actually quite important. Many people in our technologically- dominated culture won’t even make a purchase from an Amazon seller before checking out ratings and reviews, so it makes sense that anyone you send a Wealthsimple Cash referral code will wonder about the company.

Currently, Wealthsimple is considered the most popular (and the biggest!) online wealth management company in Canada. It was established in 2014, and it now has hundreds of thousands of users, and they manage more than $10 billion in assets.

How is Wealthsimple Cash Different?

One of the things you’ll often be asked when you use a Wealthsimple Cash referral code is “How is Wealthsimple Cash different from other chequing accounts?”. Luckily, Wealthsimple does a good job of explaining this.

Wealthsimple has said that people typically use chequing accounts to fund their everyday expenses like groceries, rent, and paying utility bills. An ordinary financial institution provides you with a nominal interest rate for your chequing account, which barely covers inflation rates. Inflation rates rise over time, but the interest rates on your chequing account stay the same.

This of course creates an imbalance of spending power. If you got a high enough interest rate, it would offset the inflation rate and do away with the imbalance. However, most financial institutions only provide high interest on savings accounts and they put restrictions on the number of monthly transactions you can make with savings accounts.

This is what you need to know when you’re learning how to use a Wealthsimple Cash referral code: Wealthsimple Cash is different from an ordinary chequing account. How? Your chequing account’s interest rate grows, and you’re able to access your funds easily. While your account gains interest, you can still use your money to pay for your everyday expenses.

You can also open a joint bank account with Wealthsimple Cash, as well. This means that people can use a Wealthsimple Cash referral code to open either a personal or joint chequing account and earn interest on either.

The Wealthsimple Cash App

A lot of people will ask about the Wealthsimple Cash app when you provide them with your Wealthsimple Cash referral code, so this section is important, as well.

The Wealthsimple Cash app allows your chequing account to gain high interest, but also allows you to make peer-to-peer payments. So you can use the app to instantly send money to your family or friends.

All you have to do is download the app and create an account to use it. If you have an existing Wealthsimple account, you can bring it over to the Wealthsimple Cash app. After you’ve created the account, you can add money to your account, then import your phone contacts so that you can send and receive money to people on your contact list.

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Is Wealthsimple Cash Safe?

Even if people don’t ask about Wealthsimple’s security, they’ll want to know about it when you use your Wealthsimple Cash referral code. So, it’s important that you know about Wealthsimple Cash’s security and safety measures.

Because of Wealthsimple Cash’s security features, there’s a little bit of a delay between creating your account and being allowed to send money. Wealthsimple Cash uses biometrics (a fingerprint ID) to keep your account and your funds secure, rather than relying on secret questions that other people could guess. They also use two-factor identification, so your Wealthsimple Cash app is quite secure.

You don’t actually have to use your name on Wealthsimple Cash. Instead, you can use a Dollar $ign handle. Your handle is much like your social media tag or video game handle. Using your Wealthsimple Cash handle, you’re in control of who knows your name, even if you transfer money to or receive payments from them. No matter what, you can enjoy privacy.

You can also keep your account secure by customizing your settings to decide who can find you in the app. If you choose, then people can’t simply search for your name or Dollar $ign handle, remaining totally anonymous and safe.

Another thing you need to know in regards to using a Wealthsimple Cash referral code is that all Wealthsimple Cash deposits are insured by the CDIC (Canada Deposit Insurance Corporation). Whether you have a joint account or a sole ownership account, it’s insured for up to $100,00 in deposits.

For even more added peace of mind, Wealthsimple Cash is regulated by FINTRAC, which means that Wealthsimple Cash is subject to Canadian laws and regulated by the federal government, the same as most other money service businesses in Canada are.

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Other Wealthsimple Products and Services

When you’re learning how to use a Wealthsimple Cash referral code, it’s important to know about Wealthsimple’s other products and services because the people you refer will likely find out about them and have questions. Here’s a look at some of Wealthsimple’s other products and services.

Wealthsimple ServicesFeatures
Wealthsimple CashSend cash in seconds. Settle up. Split the bill. Pay it forward. Add a tip. Pay back. Get paid. Use code AUQHTY when you sign up to claim a free cash bonus.
Wealthsimple CryptoThe simplest way to invest in crypto. Buy and sell cryptocurrencies instantly.
Wealthsimple InvestInvesting on autopilot. Invest in an intelligent portfolio of low-fee funds that are designed to meet your financial goals.
Wealthsimple TaxTax filing made simple. File your taxes with smart technology that is simple, accurate, and secure.
Wealthsimple TradeCommission-free stock trading. 1.5 million people use Wealthsimple Trade to buy and sell stocks. Join them and get a free stock to start your portfolio. Use code KKZH8A to get a free stock.

Wealthsimple Invest

This is an automated Canadian investment service. If you want a hands-off approach to investing, then this is a good choice for you. You can typically add $1 to your account and begin investing. Annual management fees range between 0.40% and 0.50%.

Wealthsimple Trade

This is the first investment trading app in Canada to provide commission-free trading. This is an option for anyone who wants more control over their financial investments. “Commission- free” means that for the most part you can buy and sell ETFs and stocks for free, no matter whether you have a non-registered personal account, or TFSA or RRSP accounts. Even more attractive, Wealthsimple Trade allows for fractional shares.

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Wealthsimple Crypto

This service allows you to buy and sell 25 of the most popular cryptocurrencies in Canada, such as Bitcoin and Ethereum. You can get Wealthsimple Crypto through Wealthsimple Trade, and then use Wealthsimple Crypto to add cryptocurrencies to your investment portfolio.

Wealthsimple Tax

This is a tax filing service that was previously named SimpleTax. Canadians can both prepare and file their taxes easily using Wealthsimple Tax because it uses a simple-to-understand system. Another feature of Wealthsimple Tax that people love is the fact that you can choose how much you choose for your tax preparation services, even if you choose to pay $0.00. This means you can file your taxes easily, and for free.

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A Canadian Online Payment Service

One of the best things about Wealthsimple Cash is that it’s not just prepaid card the way that Koho is, and it’s not just an online bank account. When you give someone your Wealthsimple Cash referral code they’ll have lots of options and offers that will allow them to manage their cash, all while taking all of the best features of other fintech and adding them to your chequing account. This is why if you’re a Canadian looking for an alternative to Venmo, Wealthsimple Cash is the way to go. 

Online payment transactions are faster than you can expect with other online payment services. The process is a bit like making an Interac e-transfer, however your money is either debited or credited to your account instantly. You don’t have to wait around for the bank to record and notice the expense. Because of this, you’ll never have to wonder how much money is in your account.

You’ll need to know for Wealthsimple Cash referral code purposes that there are limits on how much money you can send with Wealthsimple Cash. However, the limit isn’t as low as the sending limits of other financial institutions. You’re allowed to sent $5,000 daily, and up to $20,000 per month.

Wealthsimple Cash’s payment transactions can allow you to split restaurant or drink bills with your friends instantaneously. Usually when you split the bill with friends, it’s implied that this will take some time due to the limitations of online payment services. But you can pay your friends back instantly with Wealthsimple Cash. This is a major selling point if you’re trying to give someone a Wealthsimple Cash referral code.

It’s also easy to integrate Wealthsimple Cash with other financial investment accounts to fund them or make payments, as well.

One of the best features of Wealthsimple Cash’s online payment service is that the people on your phone’s contact list can send you money, as well, after you’ve imported your contact list.

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Gamified Savings

More accurately, Wealthsimple Cash gamifies your entire financial life. What do we mean when we say “gamification”? It gives you a reward system full of incentives to unlock prizes, or level- up, much like a video game.

If you reach $100,000 of deposits across both a Wealthsimple Cash and a Wealthsimple Invest and Save account, and you’re either a primary or sole owner of the accounts, then you’re rewarded with the option to upgrade to a Wealthsimple Black account, which is a Premium service. If you’re the secondary owner of a joint account, then you need to reach $100,000 in deposits, as well ($200,000 total between the both of you) to unlock the Black account.

The black account gives you lower account management fees, so instead of paying 0.5%, you pay only 0.4% with the Black account. The Black account provides you with tools that are beneficial to tax planning, as well. You’ll get tax-loss harvesting, as well as tax-efficient funds, both of which are typically reserved for ultra-wealthy customers.

So with your high- interest rates and the added tax- efficiency from the Black account you can potentially earn even more money- a fact that is worth mentioning when you give someone your Wealthsimple Cash referral code.

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Features

When you’re sharing a Wealthsimple Cash referral code, it’s a good idea to know about the features of Wealthsimple Cash. People you refer are definitely going to be interested in Wealthsimple Cash’s features, so you should take a minute to familiarize yourself with them. Here’s a look at Wealthsimple Cash’s features:

No Account Fees

If you use Wealthsimple Cash, you can save a significant amount of money in maintenance fees because monthly maintenance fees aren’t charged to Wealthsimple Cash accounts. When you compare a Wealthsimple Cash account to similar Canadian chequing and savings accounts, you’ll soon find that it could cost you a couple hundred dollars in monthly maintenance fees if you choose a different financial institution. It’s also worth mentioning to someone when you give them your Wealthsimple Cash referral code that there’s no minimum deposit, either.

Easy Payments

You can send money to anyone in your phone’s contact list easily. All you have to do is integrate your contact list to Wealthsimple Cash and it will show you who’s already using Wealthsimple Cash. You also have a dash that displays your payment history, to show you all of the payments you’ve sent and received.

Cash Card

Another feature you should mention in regard to your Cash referral code is the fact that you get a cash card with your account. It’s similar to a debit card or prepaid card, so it’s pretty easy to set up and use. And every time you use it to make a purchase you get 1% cash back.

No FX Transaction Fees

You can save a lot of money if you travel to foreign countries or send money to another country with Wealthsimple Cash. This is because they don’t charge any foreign exchange (FX) fees. There is a conversion fee that’s charged by Visa, but Wealthsimple Cash itself doesn’t charge that.

Make Payments with Google Pay or Apple Pay

Using your cash card, you can make Google Pay or Apple Pay payments while you’re on the go.

ATM Withdrawals

Another helpful use of the cash card is making cash withdrawals from ATMs. Wealthsimple doesn’t charge any fees for ATM withdrawals, but the ATM owner will undoubtedly charge an ATM withdrawal fee.

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 The Future of Wealthsimple Cash

One thing you should know about when you’re starting to give people your Wealthsimple Cash referral code is all of the features that Wealthsimple Cash has in the works.

Wealthsimple has said that they’re developing a feature to let you pay utility bills, credit card bills, or other bills from their app which will save you from the headache of having to switch back and fort between accounts to get your bills paid.

Wealthsimple Cash is developing a direct deposit feature. This is going to be quite helpful for many people. It will allow you to deposit your paycheque directly to your Wealthsimple Cash account.

Wealthsimple has said that in the future they’re going to reimburse users for any ATM fees that you’re charged for making a cash withdrawal using your cash card at ATMs. We mentioned the fees in the “Features” section of our Wealthsimple Cash referral code article, so you can check that out.

However, though Wealthsimple has announced that these changes are coming, they haven’t given any timelines or said when you’ll be able to see them.

Wealthsimple Cash Referral Program

Anyone with a Wealthsimple Cash referral code needs to know a bit about the Wealthsimple Cash rererral program. This is a promotional program that allows users to receive benefits when they send their Wealthsimple Cash referral code to other people and the referrals meet certain eligibility requirements.

Wealthsimple Cash will give the people you refer $10 in cash to sign on, and so do you.

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How to Get a Wealthsimple Cash Referral Code

Of course you want to get your cash bonus, but how do you get your Wealthsimple Cash referral code? We’ll walk you through the steps below.

  1. Create a Wealthsimple Cash account and then log into the app.
  2. Click the “Invite Friends” button.
  3. Click the “Share” button to get your Wealthsimple Cash referral code.
  4. Copy your link or code, or use the options you’re provided with to share the Wealthsimple Cash referral link through the app.

Stipulations of the Wealthsimple Cash Referral Program

Of course, as with any promotional program, there are stipulations to Wealthsimple Cash’s referral program that you should know about before you start sending out your Wealthsimple Cash referral code.

  1. The person you refer must be a new customer. You won’t get credit for sending your Wealthsimple Cash referral code to an existing customer.
  2. The person you refer must sign up and create an account with Wealthsimple Cash using your Wealthsimple Cash referral code within 30 days of receiving it.

That’s it! Other Wealthsimple referral programs have more stipulations, but the Wealthsimple Cash referral program is pretty straightforward.

When Do I Get My Bonus?

This is the most important part of our article about how to use a Wealthsimple Cash referral code to many people. Of course you want to know when you’ll get your bonus money for referring people!

The good news is that Wealthsimple Cash is fairly quick when it comes to handing out bonuses. You’ll get a credit for the bonus on your account within 10 days after the person you refer signs up with Wealthsimple Cash.

How to Use a Wealthsimple Cash Referral Code Conclusion

Canada is full of quality banks, and Wealthsimple Cash is another to add to the list. With no maintenance fees or minimum account balances and high interest, Wealthsimple Cash beats most bank accounts for its low fees. And when you add the payment service aspect to it, it gets even better. So, if you’re looking for a great referral program you should consider getting your hands on a Wealthsimple Cash referral code in Canada.

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FAQs about Wealthsimple Cash

What is Wealthsimple Cash?

Wealthsimple Cash is not just an online payment service, but also a hybrid chequing account. The account lets you earn high interest and get great interest rates on your account deposits, but because it’s also an online chequing account you can also access your funds anytime. The best part about a Wealthsimple Cash account is that Wealthsimple doesn’t require a minimum balance and it doesn’t charge monthly fees.

How is Wealthsimple Cash different?

Wealthsimple has said that people typically use chequing accounts to fund their everyday expenses like groceries, rent, and paying utility bills. An ordinary financial institution provides you with a nominal interest rate for your chequing account, which barely covers inflation rates. Inflation rates rise over time, but the interest rates on your chequing account stay the same.

Is Wealthsimple Cash safe?

Because of Wealthsimple Cash’s security features, there’s a little bit of a delay between creating your account and being allowed to send money. Wealthsimple Cash uses biometrics (a fingerprint ID) to keep your account and your funds secure, rather than relying on secret questions that other people could guess. They also use two-factor identification, so your Wealthsimple Cash app is quite secure.

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March 16, 2022
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