Wealthsimple Presents: The End of Banking?

CIBC Froze my account when I bought cryptocurrency

I’d love to see accounts for kids/minors. Start them in a new style of banking

Chequing is such an antiquated name! Why not keep Cash?

It all sounds too good to be true!..but I'm a believer....

So what is the solution for depositing physical cash?

Need that CDIC though guys

Defintely see myself moving fully over to WS by the end of the year. Already have 90% of my investments there (not my work pension) but defintely wan to move my chequing and take advantage of the CC and LOC... good bye big banks...

It is concerning that you can get a line of credit in a few clicks online...how Wealthsimple is tackling rising identity theft? There is a solid reason why you have to come to a branch and identify yourself for a big credit.
Cash delivery? No thank you....

I've been with Wealthsimple since 2018. I have just transitioned all my financial needs from a traditional bank to Wealthsimple last year or two! No regrets. Amazing job!! Kudos to the whole team builing and supporting WS!

been with since 2016!

Great work Wealthsimple (WS). Cash and cheque delivery will add cost to WS business - not sure if it is a good idea. We want WS to able to sustain the change as well. All the best!

I love Wealth Simple. Easy to invest and even with the robo adviser account, you can see what’s going on easily. As for the banking, I’ve been doing virtual banking for years, zero fees, but they are still constrained by the banks that they are connected with to provide ATM access… etc. plus there interest rates still suck. And their apps are very limiting compared with Wealth Simple’s ease to open and close accounts, transfer funds, and oh ya…. And actually earn interest on cash!

Thanks, Welthsimple. We finally see the hope.

The comments seem fake and are overly positive. Except for cheque/cash delivery in GTA, there is not much newness and disruption. I bank in TD for over 20 years, and do not pay fees at all, for anything (bank drafts, cheques, safety box, and etc). I don't need to go to branch as their platform is well equipped for most things. Commission free trades and low interest is the con. Highest interest is at EQ. WS is great for 24/5 trading, but FX conversion costs do add up. I am not a fan of paying any monthly fees. WS has 10 for use accounts and 10 for visa. WS exposes itself, with the offerings mentioned, to extremely high level of various risks and the program would not be able to be implemented inter-provincially. I do like that WS is pushing the envelope. Aggressive growth and expansion of offerings seems too risky and they are moving too quickly. Fraud is very common now a day. With WS, you can open account at home with fake ids, get credit, get withdrawal delivered to fraudster. My risk appetite is not that high, to hold all of my assets here.

Now, we need just you guys to be able to offer us mortgages. Great job guys!

Total BS, they scammed me out of a promo to move all my portfolio to Wealthsimple, then played the whole avoid and deflect game.

Commercial banking. Linking directly to Wise.

Zero commission/fee CAD and USA dollar conversion.

🙏🏽

WS is taking a step in the right direction for banking. They could improve investing though. Their management fees are twice as high as Questrade, and they lack the ability to journal cad to usd like you can at Questrade/NBDB. They could also stand to improve their platform as Questrade and NBDB are far ahead when it comes to access to resources and detailed information while being zero commission as well.

Should probably have mention the minimum requirements for the credit card of $60,000 individual income, $100,000 in savings or having to deposit $4000 in chequings every month. Not exactly for everyone. On the flip side, if someone deposits 100k not everybody would want a metal card to have everyone everywhere knowing they have at least 100k, that just makes them a walking target. But apart from omitting key information and not considering a demographic of people, the presentation was great! - This last part is not sarcasm.

Just a heads up that I qualify for 3.5% interest at EQ bank.

Great job, as a feedback One thing I don't understand is why joint checking account does not provide debit card linked to the account.

What a waste of time, thought it would be about your services. Not what some random people want from somewhere.

We’ll know more about the products with time. But I loved the presentation so much solely because, although being a tech company, they haven’t misused the buzzword AI.

I’ve been a customer since the SimpleTax days, it’s been amazing to see how they’ve truly redefined banking and investing.

i think it is not fair for the clients not to get high interest who do not get their direct deposit pay from their employer but gets paid by paper cheque.

the question is , can you get a mortgage with them? cant never replace bank without it.

This is fantastic 🎉

If you need an hour to transfer money on your phone, you may be the problem…

No limit on credit card tap? Sounds risky in case of theft. Can we set our own limits?

How do they make money is my question..

WOWW, I am watching this, and I already over the moon, chequing account, credit card!!! 🎉🎉🎉

Banks are all screwed 😅 they will be shaking in their CEO boots... millennials about to transfer millions of wealth out to WS! Short the banks? 🤔

Can someone give me advice. I have a US chequing account with TD, but I'd like to transfer it to a US chequing account I made with Wealthsimple. The app doesn't seem to allow for this transfer. What is the best way to get those US funds into my US account with Wealthsimple

Wealthsimple hit it out of the park. LOVE IT!!! Everything I need in one place. The credit card, LOC and Drafts were the only pieces missing. THANK YOU!!!! Finally a company that listens to it's customers!! I'm so happy and proud to be a generation client with you.

Always read the fine print: Wealthsimple Credit Card $0 monthly fee when you direct deposit $2,000/month ($10/month otherwise). That means $120 per year, just like other banks.

Been with Wealthsimple for over a year now and I was only expecting to use it to invest/save. But you guys are doing a really awesome job, going above and beyond to tear down monopolies and innovate. Your average Canadians definitely need this more than ever. I'm closing my TD chequing account which saves me from the $17.95/month fee. Thank you. Keep up the great work! Very proud of this Canadian company!

Speechless... I am going to find ways to put more money in WS. What changes for me was the fact they made reaching financial milestone a gamified experience.

Not all of us believe in interest. If WS offered a substitute to interest, such as if our account holds X dollars then you purchase a fractional x amount of some etf.

Please forward this suggestion, for all interest based products you have.

LETS GO BABY ❤❤❤

love “wealthsimple presents”

YES GUYS SCREW THE BIG BANKS !! WE HERE WITH YOU!!! ALSO MORE CRYPTO YES!!’

what about foreign transactions? sending money to a foreign bank account?

But EQ bank still has better interest rates.

Is it just me or this was overhyped and underdelivered presentation that hasn’t offered anything revolutionary that “big banks” don’t do already. 😂

Wealthsimple use to keep there promise of highest interest rate in canada i have been there client for 5+ years and premium client for 4+ but this time they disappointed me. The claim of highest interest rate in Canada is false. I did some digging there are few other institutions paying more. Wealthsimple partners with KOHO to offer debit card and chequing a/c. KOHO directly pays 4% interest max( yes they have monthly fee but still you earn more after that), KOHO basic plan without fee give 2.5% but wealthsimple basic is only 1.75%. EQ bank pays 3.5% and serveral other options so please wealthsimple i trust you can do better. Dont break my trust. I always promote you to all my friends for free but this time big nooo. To add KOHO has partner with CANADA POST and you can open accounts in CANADA POST with 4% interest so trust is guranteed in case

What I don't like and WS is not as good is that the extra charges on the CAD/USD conversion in the investment account. I was charged US$500+ for one single transaction.

Great presentation kiddos to Wealthsimple 👏🏾

Is there a reason why you do not mention "There's a $10 monthly fee, but it's waived if you're either a Premium or Generation client, or if you direct deposit at least $4,000 to your chequing account every 30 days. " when you present your credit card ?

You are trying to present yourself as being "different' that the other old banks , but you are still keeping their hidden stuff . What other surprises do you have ?

For those of you that are excited about the 2% cash back : please have a look at Rogers Mastercard .

For those of you that consider this approach "different" . Look at EQ Bank .

Fantastic presentation! I love the client first approach and all the upcoming new features. thank you so much!!

All this but you still can’t sell cash secured puts. When will Wealthsimple drop CSPs? IBKR still blows Wealthsimple out of the water for fees.