Wise, formerly known as Transferwise, is an international money transfer service that allows users to send funds to 80+ countries, including Wise transfers in Canada. Transferwise was launched in 2011 by two friends from Estonia. The company started out offering international money transfers, and soon grew to include multi-currency accounts, business accounts, and a debit card. In 2021, Transferwise changed its name to Wise.
Now, Wise is trusted by millions of users who sign up for the service to safely transfer money and convert currencies in a multi-currency account at the Reuters exchange rate. Although its fees may not be the lowest out there, Wise is upfront about its rates, which are lower than a traditional bank, and transparent about how long it takes to send money, with send times listed on the website.
Wise features
Wise is known for its transparent fees – let's take a look at all its other features too.
Why You Want It
Global money transfers that are up to 8x cheaper than banks + No hidden fees.
Special Features
- No hidden fees or markup
Provinces
ALL
Features
Mid-market Exchange Rate?
Hidden Fees?
Example Fees For $1,000
- USD: Start at $7.40
- EUR: Start at $6.34
- GBP: Start at $6.78
- INR: Start at $8.21
- CNY: Start at $15.66
Example Transfer Speed For $1,000
- USD: Same day
- EUR: Same day
- GBP: Same day
- INR: Same day
- CNY: Same day
Debit Transfer?
Credit Transfer?
Bank Account Transfer?
Paypal Transfer?
Transfer Limits
- Direct debit: $9,500/day, $30,000/week
- Debit/credit: $3,000/transfer
- Interac e-Transfer: $25,000
- Bill payment/wire transfer: $1.5 million
* Please note: A lot of these features vary based on the host and recipient countries, as well as payment methods. For the purposes of this table, we've chosen 5 popular recipient countries, but just be aware it could vary depending on your personal situation. All fees shown are for direct debit transfers.
Wise product rating: 1.6 stars
Not only is the Wise money transfer service an inexpensive way to send money internationally, all the fees are super transparent and easy to understand. In a market known for its hidden fees, this helps Wise stand out from the crowd, as does the fact that there are no exchange rate markups.
That being said, if you want to send money as quickly as possible, it could be a better choice to shoulder the extra cost of another service in order to speed up the process.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Wise
The Wise money transfer service has plenty of perks and fulfills its promise to deliver cheap, transparent fees to Canadians.
Pros
Cheap international money transfers
While it might not be the cheapest option for a money transfer service, Wise is certainly a more reasonably priced alternative than sending money through banks. In fact, depending which country you're from, Wise claims their services can be up to 8x cheaper than traditional banks. As for competing money transfer services, Wise knows it's not always the cheapest and fesses up to it right on its site – but also points out that the cheaper option might not be the fairest or fastest.
Transparent fee structure
Currency conversion and international money transfers are notorious for their hidden fees. This is exactly what Wise seeks to eliminate, listing its fees transparently in its easy-to-use calculator for every transaction. They're even clear about their exchange rate markup – which is nonexistent. Wise uses the exact rate found on Reuters, so you know you're getting the best price possible.
Free multi-currency account to hold over 40 currencies
Wise has a free multi-currency account, previously called a borderless account, for personal transactions. It allows users to hold and convert money in over 40 currencies for a low conversion fee. The multi-currency account doesn’t require a monthly fee and funds are safeguarded by Wise. Multi-currency account holders can also get a Wise debit card to spend money internationally in over 150 currencies.
FINTRAC regulated in Canada
Wise Canada is registered with the Financial Transactions and Reports Analysis Centre Of Canada (FINTRAC) as a Money Service Business. This ensures that Wise complies with various regulations put in place by the government to protect individuals.
Ability to enable two factor authentication (2FA)
Since you'll have your private financial information in your account, Wise has an option to set up what they call the 2-step login. This is similar to the 2FA you've likely experienced on other accounts, where you not only have to enter your password, but also a randomly-generated code sent to your email, phone, or authentication app. Wise specifically uses 3 methods for authorization: a text message, phone call, or notification via the app.
The cons of Wise
But there are a few things to keep an eye on with Wise transfers in Canada.
Cons
Your Wise account can be deactivated with no reason given
An alarming number of users claim that Wise deactivated their accounts without warning or explanation. Wise claims that it's not allowed to tell you why your account has been closed because of how it's regulated, but it does say the reasons are usually because it believes your account is a duplicate, that the account's security has been compromised, or that the account contains transactions that can't be completed.
Limits on the amount that can be transferred
There are limits on the amount you can send on Wise Canada, depending on 3 factors: your country/currency, the recipient country/currency, and payment method. For information on limits that would apply to your transaction, you'll have to look up the specific currency you'll be using and read its transaction details. Luckily, if you're using CAD, you can send either $3,000, $9,500, $25,000, or $1.5 million per day, depending on the payment method.
Relatively small list of countries
Compared to other international money transfer services, Wise's list of available countries is relatively small with 80+ listed. With PayPal, for instance, users can send payments to more than 200 countries/regions in 25 different currencies – this is a huge step up from Wise.
Wise alternatives
 |  |  |  | |
|---|---|---|---|---|
| Account | Wise | Simplii Financial™ Global Money Transfer | Western Union Money Transfer | Xoom |
| Genius Rating | ||||
| Why You Want It | Global money transfers that are up to 8x cheaper than banks + No hidden fees. | Pay $0 in transfer fees + Send up to $75,000 within a 24-hour period. | Send money online or in-store + Over 2,700 stores across the country. | 4 different delivery methods available + Money-back gurantee. |
| Mid-market Exchange Rate? | | | | |
| Hidden Fees? | | | | |
| Example Fees For $1,000 |
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| Example Transfer Speed For $1,000 |
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| Debit Transfer? | | | | |
Show More | ||||
| Apply Now See more Wise products Compare | Apply Now See more Simplii Financial products Compare | Apply Now See more Western Union products Compare | Learn More See more Paypal products Compare |
FAQ
Is Wise money transfer safe?
Yes, Wise is safe. In fact, Wise Canada is regulated by FINTRAC, Canada's financial intelligence unit that detects and prevents money laundering and ensures our personal information is safe and secure. Wise also safeguards your funds and has a dedicated in-house team in charge of security. These security measures likely make Wise one of the safest money transfer services available.
What is Wise 2-step login?
Wise's 2-step login is another security measure used to keep your money and information safe. It's similar to other 2-factor authorization practices you've likely experienced in the past. When you enter your password, you'll be sent a randomly generated code by either a text message, phone call, or a notification in the Wise app (if installed).
Can you tell me how to use Wise money transfer?
To use Wise transfer in Canada, start by signing up for a Wise account. You may be asked to verify your identity before sending a money transfer. Once you’re verified, enter the recipient's banking details and how much you’d like to transfer them. You’ll be made aware of the transfer fees and how long the transfer will take. The final steps include paying for the transfer and sending it, at which point, you can track the funds as they transfer to the recipient.
Is there a Wise app for money transfers?
Yes, Wise has mobile apps for both Apple and Android devices and are pretty highly rated. All of the most popular and useful tasks can be done through the app, including sending money abroad, checking the status of your transfers, and cancelling transfers. However, if you want to make transfers to email, you'll have to do it through the Wise site on a web browser since this feature isn't available on the app.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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