The 3 Best Prepaid Visa Cards in Canada

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    Prepaid Visa cards are still popular in Canada although the best prepaid cards are mostly Mastercards. They come with a variety of perks and are easy to get. Just like a regular credit card, they work at all outlets that accept Visa cards, including online stores.

    Prepaid Visa Card
    Best For
    Traveling
    Depositing your paycheck
    Government deposits

    CIBC AC Conversion Visa Prepaid Card – Best for Traveling

    [Offer productType=”CreditCard” api_id=”61819e0b3775394336ca7113″]

    There are few prepaid Visa cards as exciting as the CIBC AC Conversion Visa prepaid card. It is marketed as a travel card and is designed to save money on conversion fees. The card supports ten currencies:

    • Canadian Dollars
    • Mexican Pesos
    • US Dollars
    • Euros
    • British Pounds
    • Swiss Francs
    • Australian Dollars
    • Hong Kong Dollars
    • Japanese Yen
    • Turkish Lira

    You will have to pay a conversion fee of 2.5% when using unsupported currencies. On the plus side, ATM withdrawals are free in Canada and the first international withdrawal is also free. It will cost you $3.50 per transaction after the first one. 

    The card features a personal identification number (PIN) and contactless payment. Depositing money is simple. You can do it on the AC Conversion app for a maximum of $3,000 per 24h time period. In total, the card can hold $20,000.

    We Financial Visa Prepaid Card – Best for Depositing your Paycheck

    Fees: $4.95 per month
    Maximum balance: $20,000
    Maximum reload: $10,00

    The We Financial Visa Prepaid Card is technically free to apply for but expect to pay $4.95 per month for continued use. The card can be a great pick for users who want ease as it comes with some cool features.

    You get an additional card for $10 and the ability to request an exception that will boost your maximum card balance to $100,000 and maximum ATM withdrawal to $2,500. The bank will look at factors such as your financial situation and history when considering applications to increase limitations. Once approved, you will be able to make large purchases as well.

    Beware that the bank charges a variety of fees including foreign transaction fee (2.5%), replacement fee ($10), and instant replacement fee ($15). At a branch, reloading funds onto the card will cost you $3.

    There are several ways to deposit money including PayDirect. With PayDirect, you’ll be able to receive a part of your government benefits and/or payroll directly to your account. This option is free.

    Some other impressive features include the ability to pay bills, make card to card transfers (for a 3$ fee), and set up pre-authorised debits. Moreover, you can set up alerts to ensure you’re well aware of the latest transactions.  

    Canada Post Prepaid Reloadable Visa Card – Best for Government Deposits

    Carte de crédit bleue avec des feuilles d'érable rouges, logos Visa et Poste Canada

    Fees: $10 to purchase, $3 per month, $3 per reload
    Maximum balance: $10,000
    Maximum reload: $10,000

    To acquire this card, visit a post office near you. It lets you make everyday purchases, pay bills online, and deposit government-issued cheques.

    With an acquisition cost of $10, a monthly fee of $3 and a reload fee of $3, you’ll need to use the Canada Post Visa prepaid card a lot and transfer considerable amounts to make it worth your while. There’s also a $2 fee for ATM withdrawals. To recharge, use the Canada Post Prepaid Card application or visit a Canada Post outlet. You can use Interac transfers or your debit card.

    While the maximum limit for transfers is $500 (at the cost of $3 each), try direct deposits instead. You can make a direct deposit of $10,000 all at once (this is also the maximum balance that can be on the card at any time). At that point, the $3 fee seems minimal!

    Alternatives to Prepaid Visa Cards

    All of these cards have fees, and quite a few, depending on which one piques your interest. It’s possible to get similar or even higher benefits with cards that have virtually no fees.

    KOHO Prepaid Card

    [Offer productType=”CreditCard” api_id=”604aaa18e770040140f2203e”]

    KOHO’s prepaid card offers much flexibility. You can subscribe to one of their four plans. The Easy plan, which is free, offers 1% cashback on grocery and transportation expenses, along with a 3% interest rate on your total balance. It has no annual fee, but it does have a 1.5% conversion fee for foreign currency transactions. The Essential, Extra and Everything plans cost between $4 and $19 per month. They offer 5% interest on your balance, plus more cashback, and some charge no foreign transaction fees.

    EQ Card

    [Offer productType=”CreditCard” api_id=”63d2cb6a18196b6d2e1928c2″]

    The EQ Bank Card offers a range of benefits to its users. For every purchase made using the EQ Bank Card, users receive 0.5% cash back, which is deposited onto the card monthly. This cashback feature allows you to save (a little) on everyday expenses. Moreover, the EQ Bank Card offers the advantage of earning interest on every dollar loaded onto it, at the competitive rate of 2.5% to 4%. The card is also free from various fees, such as transaction fees, foreign transaction fees, monthly fees, and inactivity fees.

    EQ provides free ATM access within Canada, with EQ Bank covering any surcharges or out-of-network fees imposed by ATM providers. However, ATM fees incurred outside Canada are not reimbursed. When making purchases in foreign currencies, you only pay the Mastercard currency conversion rate at the time of the transaction, avoiding the typical 2.5-3% surcharge imposed by other credit cards.

    Neo Money

    [Offer productType=”SavingsAccount” api_id=”60fee79313fd2f260ff90749″]

    Neo Money is a no-fee chequing and savings account that comes with the Neo Mastercard prepaid card. You earn cashback when you shop at partner stores, including Sport Check, The Body Shop and LCBO. Connect to the app to find cashback opportunities near you. For example, you can choose between dozens of categories to see the best offers. If you tend to shop at places that are not Neo partners, you won’t be completely left out. Neo guarantees a 0.5% cashback. However, Neo limits this top-up to $50 per month.

    Wealthsimple Cash Card

    Fees: $0
    Maximum balance: none
    Maximum reload: none

    Wealthsimple offers the Wealthsimple Cash Prepaid Card. With this card, you’ll get to do a lot more than what you’ll do with a traditional prepaid Visa card. The card is free to own with no ATM withdrawal charges, free deposits, and 2.5% foreign transaction fees.

    Moreover, you’ll earn interest on your deposits at a rate of 4% or more, and 1% cash back on your spending.

    This is the card for people who want to spend without having to worry about restrictions. There doesn’t seem to be a maximum balance and ATM transactions, but you won’t be able to spend more than $5,000 a day at a point of sale. That said, a direct transfer can go up to $100,000. This is also the maximum amount you can spend in a single day.

    FAQs about Best Prepaid Visa Cards in Canada

    Which is the best prepaid Visa card in Canada?

    We have covered some of the best prepaid Visa cards in this article. It will be hard to pick a single option as each card comes with its own pros and cons. Consider factors such as associated fees, additional charges, limitations, and rewards when selecting a card. 

    Can prepaid cards help build my credit score?

    No, prepaid cards cannot be used to build credit. In fact, they will not impact your credit score, and companies that issue prepaid cards don’t ask for credit scores. If you’re looking to improve your credit score, you should look into applying for a secured credit card.

    How many prepaid cards can I own?

    There are no limits on how many prepaid cards an individual can own; however, you might not be able to have multiple cards from the same brand.

    What happens if I lose my prepaid card?

    Waste no time and contact the company right away. They will block your card and issue you a new one. In most cases, you will have to pay a fee to get a replacement card.

    What do I need to get a prepaid card?

    Prepaid cards are easy to get. There are no credit requirements and applications are approved right away. You might, however, be asked to submit address proof and identity documents since most cards are only issued to Canadian nationals or residents. Also, in some cases, there might be age limits. Check the online site for eligibility requirements.

    Are prepaid cards safe?

    Most prepaid cards are safe to use as they utilise PIN and chip technology that provides an extra layer of security. Moreover, some come with instant notifications so that you are always aware of the latest transactions. Look at specific features such as insurance coverage and fraud protection guarantee when selecting a prepaid card.

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    Michael Wight is a full-time freelance writer with over 15 years of writing experience. He is heading his own content writing firm, Michael Words, and also contributes to other websites. He is a digital marketing expert and enjoys playing musical instruments in his free time. You can find Michael on Upwork as Michael W. and he is also associated with Michael Words.