Wealthsimple’s peer-to-peer app goes national

Wealthsimple Cash users across the country can now send payments directly to friends, family or “annoying landlords,” the digital wealth manager announced this week in its online magazine.

Wealthsimple Inc., based in Toronto, launched a beta version of the payment system in November 2020, and the product is now available nationwide. There are no transfer fees or account fees.

Individuals download the Wealthsimple Cash app, choose a username — or what Wealthsimple calls a “Dollar $ign” — and can then deposit funds in their account. Clients can also find people to transfer funds to via phone numbers or “Dollar $igns.”

Wealthsimple first launched Wealthsimple Cash, a spending and saving account product, in January 2020.

Correction: An earlier version of this story stated that Wealthsimple Cash offers an interest rate of 2.4%.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.