【May 2026 update】 Wise has added an interest feature. After verifying your tax-residence country in the app, you can activate interest on eligible balances. The rates shown for these four currencies are:

CAD 2.22%, GBP 2.21%, EUR 0.8%, USD 3.14%

Wise, formerly TransferWise, is headquartered in the United Kingdom. It is not a traditional bank, but a financial technology company focused on moving money across borders at a low cost. Its goal is to make international money movement cheaper and more transparent by using exchange rates close to the real market rate.

Traditional banks usually build three kinds of hidden costs into international transfers:

  • A marked-up exchange rate rather than the mid-market rate
  • Opaque intermediary-bank fees
  • Unpredictable delivery times

Wise is designed around the opposite approach:

  • Exchange rates close to the mid-market rate
  • Fees shown separately and in advance
  • Local clearing networks that reduce the need for intermediaries

❗️ Sign up for a Wise account through the blog referral link to get no-fee transfers on your first CAD 800 ❗️

International transfers

International transfers are Wise’s core service. It supports transfers between roughly 40 currencies. Its main advantages are competitive exchange rates close to the mid-market rate, fees that are much lower than traditional banks, and fast delivery that usually takes no more than a day or two.

Here are some common use cases:

  • CAD to USD
Wise CAD to USD exchange example

Google’s live exchange rate at the time was 1.377. Through Wise, the rate for receiving USD 1,000 was 1.378, with a fee of 0.8%.

  • USD to CAD
Wise USD to CAD exchange example

Through Wise, the rate for receiving CAD 1,000 was 1.378, with a fee of 0.45%.

  • CAD to CNY
Wise CAD to CNY exchange example

Google’s live exchange rate at the time was 5.115. Through Wise, the rate for receiving USD 1,000 was 5.120, with a fee of 0.8%.

  • CNY to CAD

This is subject to restrictions and is available only to foreign citizens working in China who receive their salary in renminbi.

Related reading: 🇨🇦 Exchanging Canadian Dollars and U.S. Dollars: Banks, FX Companies and Low-Loss Options

Wise debit card

In Canada, the United States, the United Kingdom and other countries, you can apply for a Wise debit card. You can order a physical card or add it to Apple Wallet or Google Wallet. Features include:

  • No foreign transaction fee when spending abroad, because the balance is automatically converted into the local currency
  • A monthly allowance for fee-free foreign ATM withdrawals; the Canadian account limit is CAD 350
  • Visa or Mastercard acceptance, depending on the market, with broad coverage

Bottom line

For people with genuine cross-border needs—students, overseas workers, remote workers or anyone receiving payments from an overseas platform—Wise is a relatively transparent, accessible option for managing international money. Its exchange rates are competitive and its fees are low, making it a useful choice for cross-border transfers.