What is the Wealthsimple 1.5 fee? (2024)

What is the Wealthsimple 1.5 fee?

There is a one-time 1.5% foreign-exchange fee to convert your funds from CAD to USD. Alternatively, you can deposit USD directly from a US dollar bank account (at a Canadian financial institution), transfer USD from another institution, or wire USD to your USD account.

What fee does Wealthsimple charge?

Managed investing

Fees charged for selecting and buying assets, auto-rebalancing your portfolio, and reinvesting your dividends for you. Our management fees for Generation clients range from 0.4% for clients with $500,000 in assets, to 0.2% for clients with $10,000,000 or more in assets.

Is 1.5 exchange rate good?

Don't resign yourself to paying 1.5%.

But if you're regularly exchanging currency inside your investment accounts, you really need to find a better deal. Many brokerages don't publish their currency spreads because they would rather you not know how much they're gouging you.

Can you use Wealthsimple in the US?

Wealthsimple is not licensed to hold accounts for individuals residing outside of Canada, including Canadian citizens living abroad.

Is Wealthsimple black worth it?

With Wealthsimple Black you'll continue to pay a management fee of 0.40% on every dollar invested. We think the cost advantage tilts towards Nest Wealth at the $250,000 mark, but affluent investors with even more money to invest can really reap the benefits of Nest Wealth's capped monthly fees.

Are there hidden fees with Wealthsimple?

There are no commission fees, transfer charges, or other hidden fees. We don't sell your information or data. Orders are always executed at the best available price.

How do I avoid conversion fees on Wealthsimple?

Premium & Generation plans: Wealthsimple Premium & Generation clients will get access to USD accounts — meaning they can buy, sell, and hold stocks and ETFs in U.S. dollars without the conversion fee per trade.

How much does Wealthsimple charge for USD accounts?

There are two ways that you can upgrade to USD accounts for your stock trading accounts: Subscribing to USD accounts by paying a $10 CAD fee each month. Qualify by reaching either Premium or Generation status and opting into USD accounts.

Who owns Wealthsimple?

As of January 2024, the firm holds over C$30 billion in assets under management. It is primarily owned by Power Corporation indirectly at 54.2% through investments made through their holdings in Power Financial, IGM Financial and Portag3. Wealthsimple Inc.

How trustworthy is Wealthsimple?

Wealthsimple is a trustworthy financial brand. As mentioned above, its AUM was valued at about $20 billion as of November 2023, and it has an estimated three million customers.

How many Canadians use Wealthsimple?

Trusted by over 3 million Canadians

Our business model is simple: put our clients' interests first.

What is the difference between tangerine and Wealthsimple?

The difference between Tangerine 's Investment Funds and Wealthsimple Invest is that Wealthsimple offers a variety of portfolios, including Halal and socially responsible investing, while Tangerine creates portfolios from in-house index funds. Wealthsimple also has a 0.5% management fee, while Tangerine's is 1.07%.

What is the Wealthsimple controversy?

Two platforms accused of 'baiting customers' and misleading users about hidden fees. By James Burton. Oct 05, 2022. Two of Canada's best-known fintech start-ups, Wealthsimple and Shakepay, have been accused of misrepresenting the true costs of their cryptocurrency services.

Is Wealthsimple financially sound?

Simply put, Wealthsimple is a safe platform for investing your money. With over 1.5 million customers and over $15 billion under management, Wealthsimple has gained a great reputation in Canada for being a safe, legitimate and reliable online investment platform.

Can I invest $100 in Wealthsimple?

Although we're biased, we reckon the absolute best way to invest $100 is with Wealthsimple. We offer state of the art technology, low fees and the kind of personalized, friendly service you might have not thought imaginable from an automated investing service. Get started or learn more about our portfolios.

What are the pros and cons of Wealthsimple?

Pros & Cons Explained

Wealthsimple offers commission-free stocks and ETFs. However, there are other fees such as a 1.5% currency conversion fee in Wealthsimple Trade. Customers can upgrade their Wealthsimple Trade accounts to the Plus version for $10 a month.

Why is Wealthsimple holding my money?

Your available balance includes 99.5% of the funds in your account. The remaining 0.5% is held for any funds needed for upcoming fees. Your available balance might be less than your total balance if: You made a recent deposit that's been in your account for less than 5 business days.

What happens if Wealthsimple goes out of business?

In the extremely unlikely event that Wealthsimple were to go out of business, your account would remain safe. All securities are beneficially held under your name, and if we were to close, you could choose to keep your money with Wealthsimple Investments Inc. or transfer it to a new advisor or your bank account.

Does Wealthsimple have monthly fees?

A $10 per month subscription option that provides USD accounts to bypass the currency conversion fee for trading U.S. stocks. 2.5% fee for instant access to funds when withdrawing from Wealthsimple Trade, while standard withdrawals are free but may take 1-3 days to process.

Does Wealthsimple affect your credit score?

Will it affect my credit score? First off: there are no annual fees! And unlike credit cards, the Wealthsimple card doesn't require a credit check or any other qualifications. And no, you'll never need to worry about this card impacting your credit score.

Is Robinhood like Wealthsimple?

Wealthsimple Trade

Like Robinhood, Wealthsimple offers no trading commissions, no account maintenance fees, and no minimum deposits to open an account. You'll also get a sign-up bonus simply for opening an account and making a cash deposit.

Can I withdraw USD from Wealthsimple?

When you want to withdraw funds from a USD account, you can simply withdraw USD from your account into a linked USD bank account. Alternatively, you can convert your cash to CAD and withdraw it to your connected CAD bank account.

Can I use Wealthsimple card outside of Canada?

(a) Using Your Wealthsimple Cash Card: Subject to the Card limits and other terms of this Wealthsimple Cardholder Agreement, you can use your Card anywhere that Mastercard is accepted to make purchases or ATM withdrawals.

How much does Wealthsimple charge to convert CAD to USD?

There is a 1.5% currency conversion fee on top of the WSII corporate exchange rate to convert your funds from CAD to USD.

Is Wealthsimple good for beginners?

Wealthsimple is excellent for beginners. Unless you have your mind set on becoming a day trader or active investor, Wealthsimple is a solid choice for investing for the long term, either passively in a self-directed Wealthsimple Trade account or through use of its robo-advisor, Wealthsimple Invest.