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TL;DR — The free travel card that actually pays you
The EQ Bank Card is, in our analysis, the single highest net-value free card a Canadian can hold in 2026. 0% foreign transaction fee, 0.5% cashback on every purchase, no ATM fee on EQ's side, no annual fee, and the money sitting on the card earns competitive interest in the linked EQ Bank savings account. Since April 6, 2026 EQ also reimburses the operator surcharge on Canadian ATM withdrawals (up to $5 each, 5 per month), so at home the card is genuinely free at any ATM. The one remaining gap versus Wealthsimple Cash is abroad: EQ does not reimburse foreign ATM operator surcharges, and that is where Wealthsimple's worldwide reimbursement still beats it.
The Fees, In One Glance
- Annual fee: $0
- Monthly fee: $0
- Foreign transaction fee: 0% (Mastercard rate, no markup)
- EQ-side ATM fee: $0, in Canada and abroad
- Canadian ATM operator surcharge: reimbursed up to $5 per withdrawal, max 5 per month (since April 6, 2026)
- Foreign ATM operator surcharge: not reimbursed (varies, typically $2–$5)
- Cashback: 0.5% on every purchase, no cap
- Card replacement: first card free; replacements per fee schedule
- Reload fee: $0
What Makes It Different From Wealthsimple
On 0% FX, both cards are tied. The split is in what they give you back:
- EQ: 0.5% cashback on every purchase (passive, no thinking required) + interest on the parked balance + reimbursement of Canadian ATM operator fees (up to $5 each, 5 per month, since April 6, 2026)
- Wealthsimple: No cashback (since Oct 2025), but unlimited reimbursement of foreign ATM operator fees worldwide
At home the two are now level on ATMs — both refund the operator's surcharge at Canadian machines. The split only shows up abroad. The math: if you spend $20,000/year on the card and pull $1,500/year from ATMs abroad, EQ pays you $100 in cashback minus about $30 in unreimbursed foreign ATM operator fees = $70 net. Wealthsimple pays you $0 in cashback plus $30 in reimbursed foreign ATM fees = $30 net. EQ wins for purchase-heavy users; Wealthsimple wins only if your foreign trip is very ATM-heavy.
The Interest on the Float
This is the part most people overlook. Money loaded onto the EQ card sits in an EQ Bank account (Personal or Notice Savings, depending on setup) that earns interest at competitive rates. For someone holding $5,000 on the card between trips, this can be worth $100–$200/year just for staying there. The other prepaid cards in Canada do not pay interest on the loaded balance.
EQ Bank Card foreign transaction fee (2026)
The headline number for anyone converting or spending in USD: the EQ Bank Card foreign transaction fee is 0%. EQ adds no markup on purchases made in a foreign currency. When you tap the card in the US — or anywhere outside Canada — the amount is converted at Mastercard's network exchange rate, which sits very close to the mid-market rate, and nothing is added on top. That is the fee that quietly costs about 2.5% on a standard Canadian bank or credit card, so on $10,000 of USD purchases you keep roughly $250 a typical card would have taken. It applies to online USD purchases (Amazon.com, eBay, US subscriptions) exactly the same as in-person ones.
EQ Bank Card ATM fees & reimbursement
EQ charges $0 on its own side for ATM withdrawals, in Canada and abroad. What changed in 2026 is the operator-surcharge reimbursement — the fee the machine's owner adds:
- Canadian ATMs: since April 6, 2026, EQ reimburses the operator's surcharge on up to 5 withdrawals per month, capped at $5 each (so up to $25/month back), credited within roughly 10 business days. Before that date the reimbursement was uncapped; it is now limited but still means most Canadians pay nothing to withdraw cash at home.
- Foreign ATMs: EQ does not reimburse the local operator's surcharge abroad. You still avoid any EQ or FX markup on the withdrawal, but the machine's own fee (often $2–$5) is yours to pay. For cash-heavy travel outside Canada, Wealthsimple Cash's worldwide reimbursement is the better fit.
EQ Bank Card withdrawal limit
The EQ Bank Card has a daily ATM cash-withdrawal limit of $500. Everyday debit purchases run on a separate, higher limit, and both can be viewed in the EQ Bank app — EQ can adjust them, so confirm the live figures there before a large purchase or a big cash pull.
Is the EQ Bank Card a debit, credit, or prepaid card?
It is a prepaid reloadable Mastercard linked to your EQ Bank account — not a credit card and not a traditional bank debit card. You load Canadian dollars into your EQ account and the card spends from that balance, so at checkout it behaves like a debit card (Mastercard rails, accepted anywhere Mastercard is), but technically it is prepaid. There is no EQ Bank credit card, so searches for an "EQ Bank credit card" or "EQ Bank debit card" both land on this same prepaid Mastercard. Because it is prepaid, it does not build credit history — pair it with a credit card if that is a goal.
Three Real Scenarios
The frequent US shopper ($8,000 USD/year on Amazon, Best Buy, eBay): Canadian bank card costs $200 in invisible markup. EQ costs $0 markup and pays back $40 in cashback. Net advantage over the bank card: $240.
The European backpacker (6 weeks, $3,000 EUR spend, 12 ATM withdrawals at €3 each): a Big Five bank card costs about $75 in FX markup plus ~$36 in foreign ATM operator fees. The EQ card adds $0 FX markup and $0 EQ ATM fee; the ~$36 in foreign operator surcharges is not reimbursed (EQ only refunds Canadian ATM surcharges) — but that ~$36 is charged on the bank card too, so it isn't a saving. With $15 of cashback, EQ's net cash cost is about $21 versus about $111 on the bank card. Saving versus the bank: roughly $90 (the avoided ~2.5% FX markup plus cashback).
The non-traveller using it for daily life: 0.5% on $30,000/year of CAD spending = $150 cashback. Plus interest on whatever you keep loaded. It's not Aeroplan-level, but it's free money for using a card you'd otherwise carry anyway.
What I Like
- Cashback is automatic, no app gymnastics, no caps.
- The savings interest on the loaded balance is a genuinely underused feature.
- Apple Pay and Google Pay both supported; virtual card numbers available.
- Card looks adult — not the toy-store plastic some prepaid cards still ship.
- EQ's customer support is reachable and competent — not a given in fintech.
What I Don't Like
- Abroad, EQ doesn't reimburse the foreign ATM operator surcharge (it does refund Canadian ATM surcharges, up to $5 each, 5 per month). In countries with $5+ operator fees, foreign withdrawals add up.
- Mastercard-only. Always pair with a Visa for full coverage.
- Account opening requires Equitable Bank's standard ID verification — not instant.
- Card delivery to remote postal codes can stretch to 14 business days.
- The Notice Savings Account requires you to give 10 days' notice before withdrawing — fine for the card float, surprising if you weren't paying attention.
EQ Bank Card vs Alternatives
For most travellers and Canadian spenders, EQ wins outright. Wealthsimple Cash wins specifically if your travel is heavy on cash withdrawals from foreign ATMs that charge their own surcharge — the one fee EQ won't refund abroad (at Canadian ATMs the two are now even). Home Trust Preferred Visa wins if you need a credit card (no prepaid restriction, builds credit, doubles the cashback to 1% — but obviously not at zero risk of carrying a balance).
Who It's For
Anyone who spends in foreign currencies at any meaningful volume, snowbirds, online shoppers, people who like the idea of their card float earning interest, and households building an emergency cash buffer that doesn't sit dead.
How to Apply
Open an EQ Bank Personal Account at eqbank.ca (free, ID verification by webcam/upload). Request the card from inside the dashboard. Plastic card arrives in 7–10 business days. Linked savings interest accrues from day one.
Frequently Asked Questions
Does the EQ Bank Card charge a foreign transaction fee?
No. The EQ Bank Card charges a 0% foreign transaction fee, so EQ adds no markup on purchases made in a foreign currency. You pay only Mastercard's network exchange rate, which sits very close to the mid-market rate. That is about 2.5% cheaper than the foreign transaction fee most Canadian bank and credit cards charge.
Does EQ Bank reimburse ATM fees?
Yes, at Canadian ATMs. EQ never charges its own ATM fee, and since April 6, 2026 it reimburses the operator surcharge on Canadian ATM withdrawals — up to $5 per withdrawal, maximum 5 withdrawals per month, credited within about 10 business days. EQ does not reimburse operator surcharges at foreign ATMs, so for cash-heavy travel abroad Wealthsimple Cash's worldwide ATM-fee reimbursement still comes out ahead.
What is the EQ Bank Card withdrawal limit?
The EQ Bank Card has a daily ATM cash-withdrawal limit of $500. Everyday debit purchases have a separate, higher limit. EQ can adjust these, so confirm the current figures in the EQ Bank app before a large cash withdrawal.
Is the EQ Bank Card a credit card or a debit card?
Neither exactly. It is a prepaid reloadable Mastercard linked to your EQ Bank account: you load Canadian dollars into the account and spend from that balance, so it behaves like a debit card at checkout but is technically prepaid. There is no EQ Bank credit card, and because the card is prepaid it does not build credit history.
Does EQ Bank Card charge any FX markup at all?
No. EQ Bank does not add any markup to foreign-currency purchases. You pay only the Mastercard network exchange rate, which is typically very close to the mid-market rate.
Are foreign ATMs really free?
EQ never charges a fee on its own side for ATM withdrawals, in Canada or abroad. At Canadian ATMs, EQ also reimburses the operator's surcharge (up to $5 each, 5 times per month, since April 6, 2026). At foreign ATMs the local operator's surcharge still applies and EQ does not reimburse it — that is the one place Wealthsimple Cash's worldwide reimbursement wins.
How is the cashback paid?
0.5% cashback is calculated daily on every eligible purchase and credited to your card balance once a month. There are no spending caps and no rotating categories.
What is the savings interest rate on the linked account?
EQ Bank's linked savings account pays a competitive variable rate — verify the live rate at eqbank.ca before depending on it. Rates have been moving with the Bank of Canada overnight rate throughout 2025–2026.
Is it a credit card?
No. It's a prepaid Mastercard, so it doesn't build credit history. You load CAD into the linked EQ Bank account and spend from that balance.