The best virtual debit cards in Canada for 2024
Considering getting a virtual debit or credit card to allow you to make simple payments online and using just your phone? Several global providers offer virtual card services for Canada customers, across both debit and credit cards, which means you’ve got a choice to make. This guide walks through all you need to know about virtual debit cards, why they’re used and how to get one. Let’s dive right in.
Key points: Virtual cards in Canada
| Provider | 💡 Great for |
|---|---|
| Wise virtual card | Instantly available for free after ordering a physical card. There are no fees to order Wise card itself, and it offers access to 40+ currencies with low currency conversion fees starting at 0.33%. |
| KOHO virtual card | Offers up to 6% cash back on spending and up to 5% interest on balances. Monthly fees depend on your KOHO plan and there is a 1.5% foreign transaction fee for overseas spending unless you have a top tier account. |
| Wealthsimple virtual card | Earn cash back and interest on balances, including a 4% interest rate for accounts with 100,000 CAD or more. The card comes with no fees, including foreign transaction fees and is available upon account verification. |
| RBC virtual card | Fees vary by account type, with a 2.5% foreign transaction fee. It provides secure spending with a different card number from your physical RBC card and the card is available once your account is verified. |
What is a virtual debit card?
A virtual debit or credit card works like your regular physical card, but instead of being a piece of plastic, it’s available through your phone or smart device.
That has the advantage that you won’t need to carry a physical card around with you, but also the drawback that you can’t usually use a virtual card where a physical payment is required - so when you make an ATM withdrawal for example. Virtual cards come in handy for any contactless payments though - just tap your phone to pay instead of your physical card.
Virtual cards are available as both debit and credit cards, and can often be instantly generated once you’ve got an approved account with a bank or provider. In most cases you’ll need to add your virtual card to a wallet app like Apple Pay or Google Pay for easy spending.
Usually getting a virtual card is a free service, and because your virtual card won’t have the same card number as any physical card you hold, it can add a layer of security too. If you’re spending online with a new merchant, for example, you can often generate a virtual card, use it to pay, and then cancel it immediately, so you’ll know the details can’t be used again fraudulently.
Virtual debit cards in Canada comparison: At a glance
Let’s take a look at some of the main providers of virtual debit and credit cards here in Canada. We’ve featured a couple of digital providers, alongside a couple of more traditional companies, so you can compare and decide which might suit you best.
| Provider | Card type | Wait time | Card fee | AER | Benefits |
|---|---|---|---|---|---|
| Virtual Wise Card | Debit card | Instant once physical card is ordered | No fee | Not applicable | 40+ currencies, spend globally, get paid conveniently from 30+ countries |
| Virtual KOHO Card | Prepaid Mastercard | Instant approval once you have set up your account | No fee | Earn up to 5% interest on your KOHO balance depending on the plan you choose | Get your virtual card right away with no credit checks, and no need to wait for a physical card, earn up to 6% cash back on your spending |
| Virtual Wealthsimple Card | Debit Card | Once account is verified | No fee | Not applicable | Wealthsimple offers a range of interest earning opportunities and ways to invest |
| Virtual RBC Card | Debit Card | Once account is verified | Varies* | Not applicable | Available for a range of supported cards |
*based on the physical card you hold
\Correct at time of writing, 16th August 2024
Wise virtual card
Open a Wise account online or in the Wise app, and get an instant virtual card you can use to spend in 150+ countries. Wise accounts can hold 40+ currencies, and there’s no fee to spend any currency you hold enough balance in your account. If you need to switch from CAD to another currency for spending, your card can do this automatically, with low conversion fees from 0.33%.
You have to order a physical Wise card to get a virtual Wise card, but as soon as your physical card order is processed you can spend on your virtual card, so there’s no need to wait. You’ll also always have your physical card too for those times when you need to withdraw cash.
You can open up to 3 Wise virtual cards at a time.
Learn more on Wise Card review
Stack virtual card
Stack cards have been discontinued since September 11, 2023.
KOHO virtual card
KOHO accounts come with a choice of three plans that each come with a physical prepaid Mastercard and virtual card. You can get your virtual card as soon as you open a KOHO account for easy spending in-store and online and earn up to 6% cash back on your spending.
Fees range from 0 CAD - 19 CAD a month depending on the account tier you pick and 1.5% foreign transaction fee for overseas spending unless you have a top tier account.
Wealthsimple virtual card
Wealthsimple offers an everyday spending account which comes with a physical and virtual card. You’ll earn 1% on card spending, plus you can also get interest on your balance, including a 4% interest offer at the time of writing, which applies as long as you hold 100,000 CAD or more across Wealthsimple investment products. The Wealthsimple virtual debit card is on the Mastercard network which is very popular globally.
RBC virtual card
RBC has a virtual debit card you can use securely online. It’s a Visa card which is globally accepted, and has different numbers to any physical RBC card you hold, which can add an additional layer of security when you spend. The fees you’ll pay with RBC depend on your account type - there’s no extra charge to get a virtual card, you’ll just need to log into the RBC online banking service to get started.
How do virtual cards work?
Virtual cards are just like physical cards but in a digital format. Once you have your virtual card you can use it to pay online, transfer money, or link it to a wallet like Apple Pay or Google Pay. By adding your card to a wallet app you can make contactless payments in physical stores by holding your phone to the card reader.
Online payments: Whether you're shopping, paying bills, or subscribing to services, virtual cards are great for securely making payments online, providing an extra layer of security without exposing your main bank account details.
Money transfers: Use your virtual card to send or receive money at home or internationally. Many virtual card providers allow quick and easy transfers between accounts, making it easy to manage funds and send money quickly to others.
Link to digital wallets: Add your virtual card to a digital wallet like Apple Pay or Google Pay for convenient, contactless payments. By linking your card, you can make secure purchases in physical stores by simply holding your phone to the card reader.
Recurring payments: Set up your virtual card for automatic recurring payments, such as subscriptions or utility bills for timely payments and control over your spending. If you want to manage or cancel a subscription, you can easily do so through your account.
International spending: For travelers or those making international purchases, virtual cards offer a convenient way to pay in multiple currencies without the need for a physical card. They often come with competitive foreign transaction fees, making them ideal for global spending.
How to get a virtual card in Canada
The exact process to get your virtual card might vary depending on the provider. If you’re choosing a virtual card from a major bank you’ll need to have an account set up and verified, and get online banking services activated to get your virtual card. This might mean a visit to a branch.
Digital providers like Wise and KOHO have online onboarding processes for convenience. As an example, here’s how to request a virtual debit card with Wise:
Open a Wise account online or in the Wise app
Complete the verification step by uploading your documents
Log into your account in the Wise app and open a currency balance of your choice
Go to the Cards tab and tap the option to order a card
Verify your personal details
Your Wise virtual card will be available instantly in the Wise app
Learn more here: How to use Wise digital card
How to use a virtual card for international spending
Once you have a virtual debit or credit card set up you can use it to make purchases online or to add to a wallet for mobile payments. You can link your card to a wallet like Google Pay or Apple Pay easily - either by opening the provider’s app and tapping the option to add to a wallet, or by opening the wallet you prefer and linking from there.
Some banks and providers also offer temporary cards. These are virtual single-use cards to shop at any prepaid card-accepting online stores, and can be handy when you’re shopping with a new retailer and want to protect your regular card details as much as possible.
Wise: With Wise, you can use your virtual card for international spending at the mid market exchange rate. It can be great for both online purchases and in-person transactions when linked to your mobile wallet, supports over 40 currencies, and can be used in 150+ countries.
KOHO: KOHO’s virtual card allows you to spend internationally, either online or in-store using mobile wallets like Google Pay or Apple Pay. Enjoy no foreign transaction fees for overseas spending on top tier accounts or a standard 1.5% foreign transaction fee on the standard plan.
Wealthsimple: Comes with no foreign transaction fees and can easily be added to your mobile wallet for easy and secure in-person payments while traveling.
RBC: Can be used internationally for online shopping or in-store purchases when linked to a mobile wallet. It allows you to tap and pay up to $250 in the U.S. and internationally, although a 2.5% foreign transaction fee applies.
Transaction fees applies to virtual cards
Virtual cards can be used to spend more or less anywhere that contactless payments and the card’s network is supported, globally. However, it’s important to note that foreign transaction fees or exchange rate markups might be applied when you spend in a foreign currency with your virtual card. That can push up the costs overall.
To build a picture let’s look at the foreign transaction fees applied by the cards we’ve profiled above.
| Provider | Foreign transaction fees |
|---|---|
| Wise | No fee to spend currencies in you hold enough of in your account, low currency conversion fees from 0.33% |
| KOHO | 1.5% foreign transaction fee for overseas spending unless you have a top tier account |
| Wealthsimple | No foreign transaction fee |
| RBC | 2.5% |
*Correct at time of writing, 16th August 2024
Here’s a roundup of the fees you need to know about for these providers:
Wise: It's free to get a physical card, no additional fee to get a virtual card, no foreign transaction fee and currency conversion from 0.33%
KOHO: Fee-free to get a physical card, monthly fees depend on your KOHO plan and there is a 1.5% foreign transaction fee for overseas spending unless you have a top tier account
Wealthsimple: No foreign transaction fee
RBC: Fees vary based on your account, there’s no additional charge for a virtual card. 2.5% foreign transaction fee applies
Go to Wise
Instant virtual cards
Virtual cards offer a convenient and secure way to start spending immediately, without the need to wait for a physical card to arrive. For those who want to get up and running quickly, some providers offer instant virtual cards that are ready to use as soon as your account is set up or your physical card is ordered.
Wise virtual card: As soon as you order your physical Wise card, your virtual card is instantly available for use to start spending in over 150 countries and across 40+ currencies.
KOHO virtual card: KOHO provides an instant virtual card immediately upon account setup. With no need for a credit check or waiting for a physical card, you can start spending online and in-store right away, enjoying up to 6% cash back on your purchases.
How to get a virtual card instantly in Canada
Getting a virtual card instantly in Canada is a straightforward process. Follow these simple steps to start spending online and in-store without the wait:
Choose your provider: Select a financial institution that offers instant virtual cards, such as Wise or KOHO.
Open an account: Sign up for an account through your chosen provider’s website or mobile app. You’ll need to provide some personal information, such as your name, address, and identification details to verify your account.
Order a physical card (if required): For providers like Wise, you’ll need to order a physical card first. The moment your physical card order is processed, your virtual card will be instantly available for use. For KOHO, you can access your virtual card as soon as you set up your chosen KOHO plan.
Start spending: Add your virtual card to your digital wallet or use it directly for online and in-store purchases and enjoy the convenience and security of instant spending without waiting for a physical card.
Online account with instant virtual card
If you want to start spending immediately without waiting for a physical card, several online accounts offer instant virtual alternatives. These cards provide convenience, allowing you to shop online, pay bills, and even make international purchases right away.
Wise: Get an instant virtual card as soon as you order a physical card and spend in over 150 countries and access 40+ currencies. With low conversion fees starting at 0.33%, it’s great for those who need a versatile everyday card for global use and easily integrates into digital wallets.
KOHO: KOHO offers an instant virtual prepaid Mastercard as soon as you set up your account. There’s no need for a credit check, and you can immediately start using the card online or in-store. KOHO also offers up to 6% cash back on purchases and up to 5% interest on your balance.
RBC: Primary chequing accounts feature a virtual Visa debit card that you can activate through the RBC mobile app to shop online, pay bills and make international in-store purchases using funds directly from your bank account.
EQ Bank Card: The EQ Bank Personal Account comes with a prepaid card that you can use virtually via your phone. Once your account is set up, the virtual card is immediately available for use with features including up to 4% interest on your balance, zero everyday banking fees, and unlimited free transactions.
Virtual credit cards in Canada
Most Canadian credit cards can be added to various digital wallets, including Google Pay and Apple Pay, which will essentially generate a virtual credit card, instead of storing your main card information.
RBC virtual credit cards: Designed for business clients, RBC’s virtual credit cards offer enhanced control over expenses. With the ability to issue multiple cards for different purposes, they’re ideal for paying suppliers or equipping employees with a secure payment method through the RBC Commercial credit card program.
Scotiabank virtual credit cards: Scotiabank provides virtual credit cards that can be easily stored in and used with your mobile wallet for everyday purchases. These cards are convenient for contactless payments up to 250 CAD or when you reach a cumulative spend of 500 CAD.
NEO virtual credit card: NEO allows you to start spending immediately with its virtual card, without waiting for a physical card. Offering up to 4% cashback on gas and groceries, and up to 15% cashback across Canada’s largest partner network, this no-fee card is a great option for maximizing rewards on daily purchases.
Are virtual debit cards safe to use?
Virtual cards often have different card numbers compared to your physical debit or credit card, which can provide additional security. In this case, if a virtual credit card number is compromised, you can easily cancel the virtual number and keep your actual card number the same.
How to choose the best virtual card
Instant accessibility: Most virtual debit cards offer immediate access once your account is set up, so you can start spending online and in-store without waiting for a physical card. Providers like KOHO and Wise make it easy to get your virtual card instantly once your account has been approved.
Enhanced security: Virtual cards provide an extra layer of security by allowing you to control spending limits, freeze the card instantly, and avoid exposing your primary bank account details.
Low or no fees: Many virtual debit cards come with minimal or no fees. For example, Wise has no card fee and provides transparent, low-cost currency exchange using the mid-market rate for convenient international spending.
Convenient spending: Virtual debit cards often come with competitive foreign transaction fees, making them a good choice for travelers, like Wise and Wealthsimple which feature no foreign transaction fees.
Cash back and rewards: Some cards offer cash back and other rewards. KOHO lets you earn up to 6% cash back on purchases, while Wealthsimple offers a straightforward 1% cash back on all spending.
Which Canadian banks give virtual debit cards instantly?
Unfortunately, not all Canadian banks offer the convenience of virtual debit cards once you’ve set up your account. RBC and EQ Bank are two Canadian providers that offer virtual cards that allow you to start spending online, pay bills, and make purchases in-store without waiting for a physical card to arrive.
RBC Virtual Visa Debit Card: RBC offers a virtual Visa debit card that you can activate instantly through the RBC mobile app, allowing you to shop online, pay bills, and make international in-store purchases using funds directly from your bank account. It can also be added to your mobile wallet for quick and secure in-app purchases and international tap payments. Just select your main chequing account, go onto the Manage Card page and choose ‘Activate your Virtual Visa Debit’ or ‘View Virtual Visa Debit’.
EQ Bank Card: The EQ Bank Personal Account includes a prepaid card that can be used virtually via your phone. Once your account is set up, you can start using your virtual card immediately. The account also offers attractive features, like up to 4% interest on your balance, zero everyday banking fees, and unlimited free transactions.
Conclusion: Are virtual cards worth it?
Virtual credit and debit cards are useful as you won’t need to carry a physical card with you, but you can still make mobile payments, and shop online easily. They can also add extra security to your credit or debit card account, as you’ll easily be able to generate and cancel virtual cards, even for one time use only. Different cards have their own features and fees - and virtual cards can often be issued as both debit or credit cards depending on your preferences.
Use this guide to pick the right virtual card for you, and remember to check out options like the Wise virtual card if you like to travel or shop online with international retailers. Wise accounts let you hold 40+ currencies, with mid-market exchange rate currency conversions and low fees, which can mean your foreign currency purchases cost less, compared to using a card with a high foreign transaction fee.
FAQs on Best Virtual Cards in Canada
A virtual debit card may be linked to a bank account, or an ongoing account from a specialist provider. You can then add or withdraw funds, and make payments from your account. A virtual prepaid card on the other hand has to be topped up before you can use it, and can often come with a more limited range of services compared to a virtual debit card.
PayPal does not have a virtual card option available in Canada at the time of writing.
If you’re looking for a virtual card to link to your regular current account it’s worth checking if your bank offers this service. RBC has virtual debit cards for example, and other banks can also offer virtual card services for some cards.
With a virtual debit card you have instant access to spending power on your phone, with no need to carry your physical card with you. Virtual cards can also have different card numbers compared to your regular card which can increase security.
The main downside with a virtual card is that you can’t withdraw cash or make a payment where contactless isn’t supported. Also not all cards can be used with all wallets, so you’ll need to check that your preferred wallet is supported by the card you pick.