For the last couple of years, prepaid cards have become popular in Canada. This card is similar to a debit card but has the benefits of a credit card.
When you own a prepaid credit card, you can reload your card and use the money to cash out at ATMs, pay bills, make online and in-person purchases, and send money.
A prepaid card is key if you want to curb impulse spending. You can only spend the money you have loaded into your account.
When you make a payment, the money is deducted from your balance until it goes down to zero. Unlike your debit card, a prepaid card is not connected to your bank account.
A credit report or credit history is unnecessary to own a prepaid credit card.
You don’t need a bank account to load money onto your card. What you can do is visit ft designation locations such as Canada Post.
Banks, retailers, and other financial institutions that use Visa, Mastercard, or American Express payment networks are the ones who issue prepaid credit cards.
Once you have your card, you should transfer money to it using Interac e-Transfer, direct deposit, bill payment, and payroll.
If you would like to know the best Visa prepaid cards available in Canada so that you know which one to avail, here are your options:
CIBC Air Canada Conversion Visa Prepaid Card
Spending limit: $3,000 (or equivalent) per day
If you travel frequently, this CIBC Air Canada Conversion Visa Prepaid Card is designed to load up to 10 currencies available in 45 countries. These currencies include:
- Canadian Dollar
- US Dollar
- Australian Dollar
- Hong Kong Dollar
- British Pound
- Turkish Lira
- Swiss Franc
- Mexican Peso
When you own this Visa prepaid card, you don’t have to pay an extra conversion fee, and you can also lock in an exchange rate each time you top up your card.
You can use the AC conversion app or visit the website to load your prepaid card to transfer funds between currencies. With the AC conversion app, you can also keep track of your spending.
CIBC Smart Prepaid Visa Card
Spending limit: $3,000 per day
A CIBC Smart Prepaid Visa Card does not have a minimum age requirement, so parents can use this as a tool to introduce to their kids how to manage and budget their finances.
The maximum money you can load into this card is $10,000. You can deposit CAD on it from your CIBC accounts.
Just use any ATM that displays the Visa or Plus symbol to withdraw cash on this Visa prepaid card. This card also allows you to access Visa payWave contactless payment.
CIBC Smart Prepaid Travel Visa Card
Spending limit: US $12,000, EUR 2000, GBP 1,000 or MXN $39,000 per day
If you are in the habit of flying from one country to the next, it is advantageous to have a CIBC Smart Prepaid Travel Visa Card.
You must choose a currency and load this card online via mobile banking or at any CIBC branch. This card allows you to benefit from a fixed exchange rate.
It is available in four currencies: US Dollars, Euros, Pounds Sterling, and Mexican Pesos. Remember that this card does not accept Canadian Dollars.
The Mogo Visa Platinum Prepaid Card
Spending limit: $5,000 per day
If you want to be more mindful and responsible about your spending, choose the Mogo Visa Platinum Prepaid Card.
This card does not charge any monthly interest or interest on a purchase transaction or the initial purchase of the card.
However, it does charge $1.50 for ATM transactions in Canada and $3 for ATM transactions overseas. You can top up this card up to $10,000.
With this, you can make up to ten money transfers within one day. To load this Visa prepaid card, you may use the mobile app or go to a Canada Post office.
Another advantage of using this prepaid card is that it offers a Visa Zero Liability feature that protects you against fraudulent use. You can block your card anytime and order a new one via the mobile app.
When you use this card, you also lessen your carbon footprint. The company will plant a tree when you make a transaction with this card!
The Vanilla Prepaid Visa
Spending limit: The amount of the card
The Vanilla Prepaid Visa Card is like a gift card with amounts of $25, $50, $70, $100, $150, $200, $250, and $20 to $500.
You can buy this prepaid card at any country retailer, including Waltermart, Best Buy, Jean-Coutu, Petro Canada, Shell, and Ultramar gas stations. Once you check it out at the cash register, the card is activated and ready for use.
May this article help you decide which Visa prepaid card suits your lifestyle and spending habits best when it comes to exchanging currency and sending money from Canada to other parts of the country, avail RemitBee’s services.
We provide the best currency exchange rates and most affordable fees. Sometimes, we also process your transaction for free!
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