Wealthsimple vs Shakepay
Quick answer
For most Canadians, Wealthsimple is the better everyday card: no FX fee, no ATM fee and 1% back that you can invest in crypto. Shakepay pays more on home spending, up to 1.5% in bitcoin, and funds instantly by Interac, but charges 3% on foreign currency.
Wealthsimple and Shakepay compared
| Wealthsimple | Shakepay | |
|---|---|---|
| Our score | 5.9/10 | 5.0/10 |
| Best for | Canadians who want a free everyday card with no FX fees and crypto rewards. | Canadians who want to stack bitcoin on everyday spending in CAD. |
| Cashback | 1% back, in cash, crypto or stocks | Up to 1.5% in bitcoin |
| Card cost | Free | Free |
| Annual fee | None. No monthly fee. | None |
| FX | No foreign transaction fee | 3% on purchases in foreign currencies |
| Conversion | The card spends CAD. Selling crypto in the app includes Wealthsimple's spread. | The card spends CAD. Buying or selling bitcoin or ether includes a spread, typically 1% to 2%. |
| ATM | No Wealthsimple fee. ATM fees in Canada reimbursed up to $5 each. | No Shakepay fee listed. Up to $500 per withdrawal and $1,000 a day. |
| Custody | Custodial. CAD in a chequing account; crypto held by Wealthsimple. | Custodial. Shakepay holds your CAD and bitcoin. |
| Network | Visa (Platinum, prepaid) | Visa |
| Top up with | Direct deposit, Interac e-Transfer and bank transfers; Sell crypto or investments in the app to CAD | Interac e-Transfer from any Canadian bank; Sell bitcoin or ether in the app for CAD |
| Withdraw by | Interac e-Transfer and bank transfers; ATM cash | Interac e-Transfer to your bank; Send bitcoin to your own wallet; ATM cash |
| Where it works | Canadian residents. | All 13 Canadian provinces and territories. |
| Last checked | 17 October 2026 | 17 October 2026 |
Which one should you pick?
Use Shakepay for spending in Canada if you want to stack bitcoin, and Wealthsimple for travel, online shopping in US dollars and cash withdrawals. Both spend Canadian dollars, so neither lets you spend crypto directly; you sell first, and both include a spread on crypto trades.
Frequently asked questions
Which is cheaper abroad, Wealthsimple or Shakepay?
On the entry tier, Wealthsimple has the lower FX markup. Wealthsimple: No foreign transaction fee. Shakepay: 3% on purchases in foreign currencies.
Which pays more cashback, Wealthsimple or Shakepay?
Shakepay has the higher top rate. Wealthsimple: 1% back, in cash, crypto or stocks. Shakepay: Up to 1.5% in bitcoin. Check caps and requirements on each review.
Are Wealthsimple and Shakepay self-custody?
Wealthsimple: Custodial. CAD in a chequing account; crypto held by Wealthsimple.. Shakepay: Custodial. Shakepay holds your CAD and bitcoin..