What do you think about STACK? (First 0% FX travel card in Canada) 🇨🇦


(Thomas K. Running) #1

It looks like Canadians finally have a good travel card available to them: STACK

It’s not an actual bank account, but rather a prepaid Mastercard.

Most important features:

  • No fees (including no ATM fees, no foreign exchange fees/markup, and no monthly fees) :moneybag:
  • User friendly app :apple:
  • Cashback/discounts with selected merchants :shopping:
  • Free and instant transfers to other STACK users :fast_forward:

However, since I’m not Canadian/living in Canada, I can’t sign up to try. So instead I want to ask all the :canada:s here if you’ve had the chance to try it yet?

How has your experience been so far?

Would you recommend it to others?

Download their app to sign up :small_red_triangle_down:

(Louis) #2

I’ve been using it for a couple of months and it’s great! I would definitely recommend it to any Canadian traveling. I’ve used it a couple of times in Latin America and can confirm it has no fees and uses Mastercard’s exchange rate. The ATM you use might charge a fee, but I managed to find fee-free ATM’s.

The card also has lots of deals in the app. For instance, I received a year of Netflix for free when I signed up. I believe they were also offering a year of Amazon Prime for free, I’m not sure if the offer is still valid. RFD has a lot of discussion about the card here.

Although the Stack card has no fees, there are some usage limits to consider. Only two ATM withdrawals are permitted each day with a limit of $500 CAD per withdrawal. The monthly ATM withdrawal limit is $2000 CAD. However, for POS (point-of-sale) purchases, the limits are more reasonable. The Cardholder agreement lists all of the limits.

I’m not aware of any other options in Canada for a debit/prepaid card that has no fees. The debit cards that Canadian banks offer usually have a minimum foreign conversion fee of 2.5%. I hope the Stack card leads to some more competition and no-fee offerings.

(Thomas K. Running) #3

Thanks for sharing @louisz! It definitely sounds like it’s a no-brainer for Canadians traveling abroad. :clap:

Have you had any issues using the card anywhere, or has it been smooth sailing so far? Given that it’s a prepaid card, I wouldn’t expect the acceptance rate to be as high as a pure debit card, for example.

Also, what do you think about the top-up process?

(Louis) #4

I haven’t encountered any issues in using it so far at ATM’s abroad. For POS purchases, I have only used it in Canada and it has worked well. I know some people who have used it for online purchases and foreign POS purchases without any issues.

I’m curious to know how acceptance would be different between a prepaid card and a debit card. Are there certain types of purchases where are prepaid card would not work and a debit card would? (e.g. rental car, airline tickets, Paypal, money transfer services)

I used the e-transfer method to load the card and it was loaded within a couple of hours.

(Sohail Ajmal) #5

Hey, I’ll give it a try this week and come back with some feedback.
I have been using KOHO which sounds like a similar “bank” card.

@louisz Does Stack support other top-up methods other than e-transfer?

(Sohail Ajmal) #6

They don’t seem to support Quebec yet.

From the looks of it, they also use Peoples Trust Company for their financial layer (accounts, cards).
That means they’ll are likely to provide the same financial services than KOHO.

How’s the samsungPay with Stack? That’s something I am really looking forward using.

(Louis) #7

Yes, they also support loading via Visa Debit and Payroll Direct Load. With the Direct Load option, it’s loaded as an EFT transfer. So you can link the Stack account (i.e. Peoples Trust Company) to online banks such as Tangerine and EQ Bank and load it directly without fees. I linked it to my Tangerine account and it just takes 1-2 business days for the payment to arrive. I haven’t tried the Visa Debit method yet.

I had a Koho card but I cancelled it since they charged a 1.5% foreign conversion fee.

I’m not sure about Samsung and Apple Pay.