Best virtual debit cards in Canada

Enjoy quick and easy online and contactless payments with these digital debit cards.

If you’re sick and tired of carrying a chunky wallet or purse with you everywhere you go, a virtual debit card might be just what you need. Available through your smartphone, a virtual card makes it easy to make purchases online and using your phone, and it means you don’t have to carry a physical card.

In this guide, we’ve chosen the 5 best virtual debit cards in Canada to help you find the best digital card for all your spending needs. We also provide information on how virtual debit cards work, their pros and cons, and how to find the right card for you.

Best virtual debit cards in Canada

Finder Score Monthly Account Fee Free Transactions e-Transfer Fee

Best overall virtual debit card

Wealthsimple logo
$0
Unlimited
$0
Get a $25 cash bonus when you open your first Wealthsimple account and fund at least $1 within 30 days. Plus, earn up to 2.25% interest. T&Cs apply.
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Why we like it

The Wealthsimple Chequing account offers a linked virtual debit card. Perks include earning 1.75% to 2.25% interest (depending on the total value of your assets held with Wealthsimple), being able to access your pay a day early, CDIC deposit insurance of up to $1,000,000, and the ability to earn 1% cash back in stock or cash when you make a purchase with your card.. And if you want to invest your savings, you can trade stocks, ETFs, options and more through your other Wealthsimple accounts.

Pros

  • No monthly fees
  • Earn at least 1.75% interest on your account balance
  • Unlimited free transfers
  • No minimum balance

Cons

  • Limited types of investments

Best virtual card for earning interest

EQ Bank logo
$0
Unlimited
$0
Earn 2.75% interest on your money with qualifying direct deposits of $2,000/month, and 1.00% otherwise. T&Cs apply.
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Why we like it

The EQ Personal Account works as a hybrid chequing and savings account and comes with a prepaid card (that you can use virtually via your phone). You'll earn between 1% an 2.75% interest with an EQ Bank Personal Account. Enjoy zero everyday banking fees, free transactions and no minimum balance requirements. Plus, you can also apply for a Joint account if you're looking to save with your partner or family.

Pros

  • $0 account fee
  • unlimited transactions
  • $0 Interac eTransfers
  • Earn up to 2.75% interest on your balance

Cons

  • No physical branches for in-person service
  • Some standard banking features not available such as overdraft protection, use of ATMs and the option to have paper statements

Best virtual debit card for holding multiple currencies

Wise logo
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Wise Virtual Debit Card
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$0
Unlimited
N/A
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Why we like it

Spend online, in-store and overseas while saving on currency conversion fees with the Wise Virtual Debit Card. Hold 40+ currencies at once in your Wise Personal Account and convert the currencies in real time via the Wise app. This virtual card supports both Apple Pay and Google Pay.

Pros

  • Hold multiple currencies
  • Have up to 3 virtual cards at one time
  • Card is free to all Wise customers

Cons

  • You'll need to get a physical Wise card before you order your virtual one

Best virtual debit card from a Big Five Bank

RBC logo
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RBC Virtual Debit Card
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$0
Unlimited
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Why we like it

Link the RBC Virtual Debit Card to any of your RBC chequing accounts and shop online anywhere Visa is accepted. You can spend using the funds directly from your bank account. One of the best features of the RBC Virtual Debit Card is that you can instantly activate the card online and use it immediately.

Pros

  • Instantly activate the card online
  • Link to any RBC chequing account
  • Free to receive the card

Cons

  • You'll need to be an RBC customer with an active chequing account
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Best prepaid virtual card

KOHO logo
N/A
Up to 3.50%
$14.75
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Why we like it

The KOHO Everything Plan comes with a prepaid travel Mastercard that charges a 0% foreign exchange fee on international purchases, including purchases in the US. The card also lets you earn up to 2% cash back on groceries, transportation, eating and drinking purchases plus 0.5% cash back on all other spending, plus Up to 6.5% at select merchants. Other perks include earning 3.5% interest on your account balance and getting unlimited free Interac e-Transfers.

Pros

  • Free e-Transfers
  • Competitive 3.5% interest rate
  • Unlimited transactions
  • Earn cashback on your spending
  • Interest-free cash advances are also available (for a fee)

Cons

  • High monthly fee of $22 (more if billed monthly instead of annually)
  • Watch out for ATM fees
  • No physical branches
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Key takeaways

  • Virtual debit cards allow you to spend from your physical card using only your smartphone or smartwatch.
  • Some virtual debit cards also offer lower foreign currency exchange fees, making them ideal for travel.
  • Virtual cards are offered by select financial institutions in Canada.

What is a virtual debit card?

A virtual debit card is just like a physical debit card, but with the key difference that it’s available digitally through your smartphone or wearable device. You can use your virtual card to pay for purchases online or tap your smartphone wherever contactless payments are accepted. And just like a physical card, a virtual card is linked to your bank account — so you’re spending your own money rather than accessing credit.

How do you get a virtual debit card?

You can follow these simple steps to get a virtual debit card:

  1. Open the account that is linked to the virtual card by visiting the provider’s website (e.g. EQ Bank) and following the prompts to sign up for the account
  2. You’ll need to provide your name, address and contact details, as well as proof of identity and proof of address (e.g. a driver’s licence and passport)
  3. Submit the online form to open the account
  4. Wait to receive details of your virtual card either via email, by logging into your account or by mail

debit credit card iconHow do virtual debit cards work?

You can use your virtual debit card in essentially the same way you use your physical card. If you’re shopping online, you simply enter your card details at checkout to pay for your purchase.

And if you add your card to a mobile wallet, such as Apple Pay or Google Pay, you can use your smartphone to make contactless purchases when shopping in-store.

Your virtual debit card has different details to your physical card — your card number, expiry date and CVV are all different. Cards are encrypted to protect you against fraud, and your financial institution can send your virtual card details to you instantly once you’ve successfully created an account.

You also have the ability to freeze or cancel your virtual card whenever you want, and you can generate new virtual card details when needed.

Which companies offer virtual debit cards in Canada?

There are several options for where to find virtual debit cards in Canada, including:

  • EQ Bank
  • KOHO
  • PayPal
  • RBC
  • Visa
  • Wealthsimple
  • Wise

Does Revolut offer a virtual debit card in Canada?

No, Revolut is not available in Canada, which means you can’t get a Revolut debit card in Canada. That said, there are some great Canadian alternatives to Revolut along with our picks for the best virtual debit cards above.

Where can I get an instant virtual debit card online?

In Canada, it’s possible to get an instant virtual debit card from select online financial institutions, like Wise. To get a Wise virtual debit card instantly, you’ll first need to sign up for a Wise account and order a physical card, which will give you immediate access to a virtual card you can start using right away.

world iconHow can I use a virtual debit card internationally?

It’s easy to use a virtual debit card internationally. When you’re shopping online, you can use your virtual card to make purchases from international retailers in the same way you would use a physical debit or credit card.

If you’re shopping in-store, tap your phone at the payment terminal wherever your card’s payment network (such as Visa or Mastercard) is accepted.

If your card is linked to a multi-currency account, you can pay using the local currency and avoid expensive currency exchange costs.

However, be aware that some virtual debit cards will come with hefty foreign transaction fees, such as 3% per transaction. So if you plan to regularly use your virtual debit card to make purchases internationally, look for a card with no foreign transaction fees.

The other factor you’ll need to consider is currency conversion costs. Make sure you check the exchange rate markup that will apply when you exchange Canadian dollars for a foreign currency, as this can have a big impact on the cost of your transaction.

What are the benefits of a virtual debit card?

There are several reasons why a virtual debit card makes sense:

  • No need to carry a physical card. Tired of carrying a bulky wallet or purse around with you everywhere you go? A virtual debit card lets you pay with your phone instead, so you can leave your wallet at home.
  • Easy to pay for online purchases. It’s quick and easy to check out online with a virtual debit card, with no need to manually enter all your card details every time you pay.
  • Added security. You don’t have to worry about losing your virtual debit card or having it stolen. It’s also simple to freeze your virtual debit card or cancel it altogether after making a purchase. This provides an extra layer of security if you’re buying from a store you haven’t used before and you want to protect your card details against fraud.
  • Access multiple currencies. Providers such as Wise offer virtual debit cards linked to multi-currency accounts, allowing you to hold and spend funds in dozens of currencies. This means you can avoid expensive currency conversion costs when making international purchases.
  • Instant access. Rather than waiting for your bank to mail out a physical card, you can start using a virtual debit card straight away after opening an account.
  • Manage your finances. If your account supports multiple virtual cards, you can create different cards for different needs or expenses, each with its own spending limit. This can make it easier to manage your money and keep track of your expenses.

What to be aware of with virtual debit cards

There are a few potential drawbacks to be aware of before using a virtual card:

  • Card/account fee. Some accounts may come with a monthly fee or may charge a fee for issuing a virtual card. Check the fine print for details of any fees that will apply.
  • Wallet compatibility. Make sure the virtual debit card you choose is compatible with your mobile wallet of choice, such as Apple Pay, Google Pay or Garmin Pay.
  • Can’t be used at ATMs. Virtual debit cards can’t be used to withdraw cash from an ATM, and they can’t be used to pay for purchases from retailers that don’t support contactless payments. If you regularly need to withdraw cash, you’ll also need a physical debit card linked to your account.
  • Card limits. Some virtual debit cards come with limits on the amount you can spend per day. Exceeding this limit may result in extra fees, so make sure you’re aware of any daily or monthly limits that apply.
  • Foreign transaction fee. If you plan on using your card to make purchases internationally, check the fine print for the card’s foreign transaction fee.

Bottom line

The best virtual debit cards offer a secure and convenient way to pay for online and in-store purchases. But card fees and limits apply, so it’s important to shop around before choosing a card. Compare virtual debit cards and their accounts to find one that’s right for you.

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Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio

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