Technology has revolutionised the way we live and interact with each other. Financial institutions, in particular, have leveraged advancements in technology to enhance security and reduce the risk of fraud.
For instance, Virtual debit cards have become a popular solution for Canadians seeking a safer and more convenient way to make online transactions.
In this article, we’re exploring some of the Best Virtual Debit Cards in Canada, highlighting their features, benefits, and more. So, choose that fits your needs and SIGN UP NOW!
Best Virtual Debit Cards in Canada
- KOHO Prepaid Mastercard
- KOHO Premium Mastercard
- EQ Bank Card
- Wise Virtual Card
- STACK Prepaid Mastercard
- Wealthsimple Cash Card
- RBC Virtual Card
1. KOHO Prepaid Mastercard
The KOHO Prepaid Mastercard is a reloadable prepaid card that allows users to load funds onto the card, which can then be used for purchases, bill payments, and ATM withdrawals. Users can load funds through various methods, including e-Transfers from their existing bank accounts or direct deposits from their employers.
It is accepted wherever Mastercard is accepted, both online and offline. The card offers 0.5% cash back rewards on every purchase, with the option to earn extra cash back through partnerships with select merchants.
In addition, the KOHO app provides users with real-time insights into their spending. Thus, allowing them to track their transactions and set savings goals. The app also offers features like automatic savings, round-ups, and the ability to lock the card.
Also, it has tight security. It is covered under Mastercard’s Zero Liability policy, ensuring that users are fully protected from unauthorised use of their card or account information.
Unlike traditional credit cards, the KOHO Prepaid Mastercard does not charge interest on outstanding balances. However, there may be fees associated with certain transactions, such as international purchases, which are subject to a 1.5% foreign transaction fee. If users choose to place their funds in interest-bearing accounts, their deposits are eligible for CDIC insurance.
Overall, the KOHO Prepaid Mastercard is the best virtual debit cards overall with the best overall features. Your money is also safe, as the funds are held by Peoples Trust which is a Federally regulated bank.
2. KOHO Premium Mastercard
With the KOHO Premium Mastercard, it has advanced features for those willingly to pay a monthly fee. It works as the KOHO Prepaid Mastercard but with more features.
Here’s the deal; One free international withdrawal from an ATM each month. In addition, there are no foreign exchange fees. It also offers price protection allowing you to get the lowest prices as possible on goods purchased.
There’s also increased cash back amounts. With the KOHO Premium Mastercard, you’ll receive 2% cash back when you purchase groceries, food & drinks, and transportation. The more you use the card, the more the cash back, that is, $1.50 on every $100 spent.
The KOHO Premium Mastercard subscription is relatively low. The price is $9 per month or at $84 annually plus a 30-day trial for free.
3. EQ Bank Card
The EQ Bank Card is offered by Equitable Bank, which is a member of the Canada Deposit Insurance Corporation (CDIC). It is designed to provide a convenient and fee-free banking experience. EQ Bank Virtual card supports online mobile wallets like Samsung Pay, Google Pay, and Apple Pay.
With EQ Bank Card, you’ll get a cash back rate of 0.5% on every purchase, with the exception of cash advances and fees. The Card does not charge any monthly fees, making it an attractive option if you’re avoiding recurring charges. In addition, you can withdraw cash from any ATM in Canada without incurring any fees, a significant advantage over traditional banking options.
Moreover, the card does not charge foreign transaction fees, which can be a significant cost savings if you frequently travel or make international purchases. You’ll also earn 2.5% interest on loaded funds, thus a significant benefit if you want to earn interest on your money while still having easy access to it for spending. You can load it via the EQ Bank app or online platform.
Because EQ Bank Card is a prepaid card, it does not allow overdrafts, which means you’ll not spend more than you have available on your card, eliminating the risk of overdraft fees. You can use the card both in Canada and internationally. Interest earned is automatically deposited into your EQ Savings Plus account.
In my opinion, EQ Bank Card offer a convenient and secure way to manage spending, earn cash back rewards, and avoid the risks associated with credit card debt.
4. Wise Virtual Card
If you’re looking for a Virtual card to send and exchange foreign currencies online, then Wise Virtual Card is the top-notch.
Wise Virtual is one of the best virtual debit Cards you can use for international spending, holding over 50 foreign currencies, offering mid-market exchange rates and with low currency conversion fees.
With its enhanced security feature, you can freeze and unfreeze your virtual card instantly, making it a secure and convenient way to make online and in-person payments without carrying a physical card.
In addition, you can add it to digital wallets such as Apple Pay, Google Pay, Samsung Pay, and more.
And the best part; Wise Virtual Cards are available for both personal and business use, and can be used in various countries including Australia, Canada, the European Economic Area, Japan, New Zealand, Singapore, Switzerland, the UK, Brazil, Malaysia, and the US.
You can generate up to three Wise Virtual Cards in addition to your physical Wise Card. These virtual cards have different card details compared to your physical card, but are still linked to the same underlying Wise account
Overall, the Wise Virtual Card offers a secure, convenient, and flexible way to manage your spending and transactions, making it an attractive option for those who want added security while spending abroad.
5. STACK Prepaid Mastercard
The Stack Prepaid Mastercard offers various benefits and features. It offers a Virtual Debit Card that you can use for online transactions. Stack Virtual Card supports digital wallets such as Google Pay, Samsung Pay, and Apple Pay.
You can load funds onto the card through various methods like online payments, e-transfers, or direct deposit. For easy management, you can access the card through a smartphone app. You earn rewards and discounts only at certain participating partners.
The card does not charge any monthly or annual fees, but with a catch. There’s a 2.5% foreign exchange fee, which has nullified its previous advantage of no FX fees.
Conclusion, though the card has limitations such as a $500 limit for each ATM transaction, $2500 daily spending limits, and can not hold more than $20,000, it is an ideal choice for Canadians who value cost-effective banking and automated savings.
6. Wealthsimple Cash Card
The Wealthsimple Cash Card offers a unique combination of features and benefits, making it an attractive option for Canadians. It also supports digital wallets such as Apple Pay, Google Pay, and Samsung Pay.
One of the standout features of the Wealthsimple Cash Card is that it does not charge any foreign transaction fees, allowing users to make purchases abroad without incurring additional costs.
Funds loaded onto the card earn a competitive interest rate of 4%, up to 4.5% for a premium client, and 5% if you’re a generation client as of May 2024, which is significantly higher than traditional chequing or savings accounts.
Unlike traditional credit cards, the Wealthsimple Cash card does not require a credit check for approval. This makes it accessible to users who may not have a credit history or who are not eligible for traditional credit cards.
The Wealthsimple Cash card offers 1% cash back on all eligible purchases. You can also choose to earn stock or crypto back instead of cash back, with the option to auto-invest your rewards in the cryptocurrency of your choice.
Though, the card has some spending limits, such as a $500 limit for each ATM transaction and maximum spending limits of $10,000 per day, which may be a consideration for users with higher spending needs.
Overall, the Wealthsimple Cash Card offers a compelling value proposition for Canadians, particularly those who prioritise fee-free banking, cash back rewards, and high interest rates on their funds. However, in my opinion, the lack of insurance coverage and the direct link to the Wealthsimple Cash account may be drawbacks for some users deciding if this card is the right fit for them.
7. RBC Virtual Card
The RBC Virtual Visa Debit Card is a digital payment solution offered by RBC Royal Bank that allows customers to make online and mobile purchases directly from their chequing account, without the need for a physical debit or credit card.
You can activate your RBC Virtual Visa Debit through the RBC Mobile app or by calling the dedicated phone number. This links the virtual card to your existing RBC Royal Bank banking account.
The virtual card is protected by 24/7 fraud monitoring and Zero Liability protection, ensuring that users are fully protected from unauthorised transactions.
To make a purchase online, you select “Visa” or “Visa Debit” as your payment method and provide the virtual card number, expiry date, and security code (CVV2) as required. You’ll also need to provide your name and billing address.
The funds for the purchase are automatically debited from your user’s RBC Royal Bank banking account at the time of payment, ensuring that the transaction is secure and convenient.
RBC Virtual Visa Debit is accepted worldwide, both online and offline, wherever Visa is accepted in the U.S. or internationally, and in Canada, wherever Visa Debit is accepted.
Overall, RBC Virtual Visa Debit offers a secure, convenient, and flexible way to make online purchases directly from a user’s bank account, without the need for a physical card.
BottomLine
Virtual Debit Cards in Canada have revolutionised the way Canada citizens make transactions online, offering unparalleled security, convenience, and flexibility.
The Best Virtual Debit Cards in Canada include KOHO, EQ Bank, Wise, Stack, WealthSimple & RBC Virtual Card.
Whether you’re shopping online, paying bills, or transferring funds, Virtual Debit Cards in Canada have made it easier than ever to manage your finances with ease.
So, why wait? Make the switch to Virtual Debit Cards today and experience the benefits for yourself.
Best Virtual Debit Cards FAQs
Are virtual debit cards secure in Canada?
Yes, virtual debit cards in Canada are secure. They use high-end encryption and other security features to protect your account information.
How do I get a virtual debit card in Canada?
You can get a virtual debit card by contacting your bank or financial institution directly. They will guide you through the process of setting up a virtual debit card linked to your existing debit card account.
Are there any fees associated with using a virtual debit card in Canada?
The fees associated with using a virtual debit card in Canada vary depending on your bank or financial institution. Some may charge a small fee for each transaction, while others may not charge any fees at all.
Can I use a virtual debit card internationally?
Yes, you can use a virtual debit card internationally.
