Wealthsimple Cash Referral Bonus & Review May. 2024

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Want to sign up for Wealthsimple Cash and looking for an invite code? Or just want to know if it’s right for you? Then this post on Wealthsimple Cash referral bonus and review is for you.

With Wealthsimple Cash referral code “37QWMT”, sign up and get up to a $1 promo bonus deposited into your account within 10 business days.

Wealthsimple just launched a new app that makes it simple and fun to instantly pay your friends and split bills.

We’ll look at its best features and how to get started in this post. Plus learn how to get up to $1 bonus using a Wealthsimple Cash referral code “37QWMT”.

That’s a sign-up bonus of $25 for everyone or a higher bonus of $50 if you’re a resident and student of Waterloo or Kitchener in Ontario.

Also read on to learn about the other promotions and bonuses for signing up for the other Wealthsimple products.

Note: Unfortunately, the $50 bonus offer and $25 referral have both expired. Wealthsimple Cash is currently offering only $1 to new users.

Wealthsimple Cash App Referral Bonus

If you’re a new Wealthsimple Cash user, you can earn a sign-up bonus of up to $1 by using this invite link or by entering this Wealthsimple Cash referral code – 37QWMT.

You’ll be prompted to sign up for a new Wealthsimple account or login with your existing account.

Next, download the Wealthsimple Cash App and complete the registration process.

The best part is you can earn more by referring your friends.

Learn how below.

How the Wealthsimple Cash Referral Bonus Works

The Wealthsimple Cash Referral Bonus program is called “Give 25, Get 25”. That is, both you and your referred friends will receive a bonus of $25 when they sign up.

But the $25 bonus is for a limited time. The normal bonus is $5. Meaning, you get to earn more for yourself NOW when your friends sign up using your referral link.

Here’s how it works:

  • Sign up for Wealthsimple Cash using this referral link to get your own welcome bonus of $25
  • Log in to the app and click on “Invite Friends”
  • Click share to reveal your personalized and unique referral code.
  • Copy the link or share directly using one of the options provided
  • Your friends sign up using your Wealthsimple Cash referral link
  • Both of you get the bonus deposited into your account ($5-$25)

That’s it. There are no limits to the number of friends you can refer. So the more friends you refer, the more you earn.

Note: The Wealthsimple “Give 25, Get 24” referral program has expired.

Wealthsimple Cash KW50 $50 Bonus (Expired)

If you live in Kitchener or Waterloo and you’re a student, then you’re in luck!

For a limited time, Wealthsimple Cash will give you a higher $50 when you sign up for the app using the Wealthsimple Cash promo code KW50.

To claim the $50 cash bonus, simply follow these steps:

  • Sign up for Wealthsimple Cash
  • Claim your unique and personalized Dollar $ign
  • Go to settings and tap “Referrals & Promos”
  • Enter KW50 as the promo code

The $50 bonus will be deposited into your account within 10 business days.

Note: This bonus can not be combined with any other sign up bonuses. Also, you’ll need to wait for a minimum of 5 business days before you can withdraw bonuses from Wealthsimple Cash App. Note that this program has expired.

About Wealthsimple Cash

Wealthsimple Cash is a first of its kind, peer to peer payment app that lets you send cash instantly to friends and loved ones in Canada.

Want to split bills with your friends, pay your share of the rent, settle a debt or pay your dog-walker? Wealthsimple Cash makes it simple and fun.

And like other Wealthsimple products and apps, the Cash app is intuitively designed and fun to use.

Send cash to friends in seconds and get Wealthsimple cash referral bonus

How Wealthsimple Cash App Works

Getting started with Wealthsimple Cash app is simple:

  • Sign up using this Wealthsimple Cash invite code to get a bonus of $1
  • Download the mobile app – available for iOS and Android devices
  • Claim your own unique Dollar $ign
  • Fund your account
  • Start sending cash to your friends in seconds

And earn extra cash by referring your friends to the app. You’ll earn between $5 – $25 depending on the Wealthsimple Cash promo at the time.

Wealthsimple Cash App Features

Here are the best features of Wealthsimple Cash

Free: Sending and receiving cash is completely free. Unlike some financial institutions that charge you to make e-transfers, Wealthsimple Cash is free to use.

There are also no monthly account maintenance fees or minimum balance

Instant: Send cash in seconds, not minutes or up to an hour. The recipient gets the funds instantly with Wealthsimple Cash.

Secure: Your funds in the Cash app are insured through CDIC up to $100,000. In addition, Wealthsimple protects your account using industry best practice.

Simple & Fun: The app makes it simple to send cash, and the personalized Dollar $ign adds a fun element to it.

Interest: Get interest on the funds you hold on the app.

Is Wealthsimple Cash Legit and Safe?

Wealthsimple Cash is provided through Wealthsimple Payment Inc, a FINTRAC regulated Money Service business. So you can be rest assured that they’re operating legally and legit.

Also, your balances are held in trust with a CDIC member. Deposits held with CDIC members are insured up to $100,000.

In the unlikely event that the financial institution fails, your deposits is protected and will be recovered.

Related: CDIC : Understanding How Deposit Insurance Works In Canada

Other Wealthsimple Products

Some other Wealthsimple products and their current promotions are below:

Automated Investing – Wealthsimple Invest: Canada’s most popular robo-advisory service for low-cost hands-off investing.

You can start investing with as little as $1 for an annual management fee of 0.40%-0.50%. Get $10,000 managed free for the first year.

Commission-free Trading – Wealthsimple Trade: Canada’s first commission-free trading app that lets you buy and sell stocks and ETFs for free in your TFSA, RRSP and personal account. Get up $4,500 sign up bonus here (Current promotion gives 2 free stocks).

Fractional shares are now supported on a limited number of stocks.

Learn more: Wealthsimple Trade Promotion & Referral Code (2 Free stocks of up to $4,500)

Crypto Trading – Wealthsimple Crypto: Buy and sell Bitcoin and Ethereum in Canada. Wealthsimple Crypto is available within the Trade app.

Free Tax Filing – Wealthsimple Tax: Formerly SimpleTax, the service lets Canadians prepare and file their taxes in a simple and easy-to-follow way.

Related: 8 Best Free Tax Software In Canada

Alternative to Wealthsimple Cash

This Wealthsimple Cash review will not be complete with mentioning Interac e-Transfer, the most popular way of sending money in Canada.

Interac e-Transfers provides a simple way to send money to anyone using their email address or phone number.

It is available through your financial institution so there are no other apps to download.

Each financial institution sets the fees to send or cancel an Interac e-Transfer. Some are free, while others charge between $1-$2 for the service.

Receiving money is usually free. Also, it may take up to an hour for the recipients to receive the notification for the e-transfer in some instance.

With Wealthsimple Cash, both parties must be users and you have to download another app. You’ll also need to fund your wallet to make transfers. These are some of the drawbacks of the app.

Overall, Interac e-Transfers is widely accepted and used but Wealthsimple Cash is a great alternative for friends looking to easily pay up or split bills in a fun and social manner.

Related Post: Interac E-Transfer Limit: How Much Can I Send?

Other Sign-Up Bonuses

Want to earn even more bonuses for signing up to apps in Canada? Here are a few great options:

  • Simplii: Up to $400 sign-up bonus for new clients through the Simplii refer a friend promotion.
  • Koho: Get a $20 bonus when you sign up using a referral link, and earn up to $1,000 for referring your own friends
  • Newton: Arguably the best crypto trading platform in Canada with the largest selection of digital currencies. Get $25 when you sign up and deposit $100.
  • Questrade: Start investing with low fees and commission. Get up to $300 in total bonuses and offers. Learn how here.

Some FAQs on Wealthsimple Cash Review

Does Wealthsimple Cash have a referral program?

Yes, new users can get a bonus of $1 through the Wealthsimple Cash referral program when they use an invite link or a promo code – 37QWMT.

When will the bonus be credited into my account?

You should receive the bonus credit in your account within 24 hours of your friend signing up for Wealthsimple cash.

Are there fees to use the Wealthsimple Cash app?

Wealthsimple Cash is completely free. There are no monthly fees to use it, plus no fees to send or receive cash.

Is there a limit on how much I can send with Wealthsimple Cash?

You can send up to $5,000 daily, with a limit of $20,000 monthly. The limit is high enough and meets the needs of most people.

Is Wealthsimple Cash legit?

Wealthsimple Cash follows all the relevant Canadian laws and is regulated by FINTRAC as a money service business.

Verdict on Wealthsimple Bonus

Overall, this Wealthsimple Cash review is positive. It is a simple, easy-to-use and fun way to send cash to your friends and acquaintances.

Also, it is from a credible and innovative company so you can expect more features and use-cases to be added in the future.

For example, a Wealthsimple Cash card will be introduced soon to every user that allows everyday purchases.

Ready to get started, get the Wealthsimple Cash App referral bonus using our invite code. Simply click the button below and the referral code is automatically applied.

Or enter this Wealthsimple Cash referral code “37QWMT” when prompted for it.

Like this post on Wealthsimple Cash Promo Code, also check this one on Koho promo code.

Related Posts:

Wealthsimple Cash App Review


The all-new Wealthsimple Cash App is a peer-to-peer payment app that makes it simple and fun to send cash to your friends instantly. 

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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