Clever card Canada evaluate 2024

Is the Clever card a bank card?

Sometimes called the Clever bank card, the Clever card is definitely a pay as you go card obtainable to residents of Canada and dozens of different international locations. To make use of the cardboard, you will need to have funds loaded into your Clever account. What makes Clever interesting is that it means that you can maintain a number of currencies. Meaning you might doubtlessly buy some international {dollars} when the trade price is in your favour after which spend it as wanted while you’re overseas. 

No further charges apply when making purchases with a foreign money you at present maintain in your Clever account. Nevertheless, when you don’t maintain the foreign money wherein you’re making a purchase order, Clever will routinely deduct the funds from the foreign money in your account with the bottom conversion charges. That stated, when making a purchase order overseas and given the choice to be charged within the native foreign money or Canadian {dollars}, at all times select the native foreign money for the perfect trade price.

The Clever card additionally means that you can withdraw cash from ATMs whereas overseas. Consider it as a Clever debit card, since you need to use it for purchases and ATM withdrawals. Oddly sufficient, you’ll be able to’t use the cardboard inside Canada.

The primary two ATM withdrawals are free, as much as a cumulative worth of CAD$350 per calendar month. Any further withdrawals will value you $1.50 every, and a 1.75% payment shall be added to quantities over $350. Additionally, observe that the ATM supplier might cost its personal payment while you withdraw money. Clever withdrawal charges and third-party ATM charges rely in the direction of your withdrawal limits—so plan accordingly.

How lengthy does it take to get a Clever card?

You could have a Clever account if you wish to apply for a Clever card. The registration course of solely takes a couple of minutes and is finished fully on-line. As soon as your account is energetic, you might want to add funds. Doing so is straightforward, as you might have many choices together with Interac e-Switch, direct debit out of your financial institution, and wire switch. 

Every loading methodology has a payment. Interac e-Switch usually has the bottom payment, and your cash will arrive in about 5 minutes. How a lot you’ll pay in charges is determined by the foreign money and the way a lot you’re loading.

To order your Clever card, log into your account and click on on Clever Card on the aspect bar. The bodily card will arrive inside 14 days, and also you additionally get a digital card you need to use instantly. Whereas the digital choice is handy, it received’t assist people who find themselves travelling quickly and might have ATM entry.

Clever card professionals and cons

The Clever card is a singular choice that many individuals will naturally be interested in. That stated, it is best to contemplate the professionals and cons earlier than you open an account.