【September 20, 2026 update】 Wise announced a chequing account in Canada. The main highlights:

  • No monthly fee and free transfers: no monthly fee, plus free Interac e-Transfer® funding and transfers.
  • Deposit protection: balances are held in trust accounts at CDIC (Canada Deposit Insurance Corporation) member institutions, with eligible coverage of up to CAD 100,000.
  • Features and earnings: supports pre-authorized debits (PAD), local account details in 20+ currencies to receive funds, and a Group Spend feature for shared money management; it also offers market-leading interest on balances such as U.S. dollars.
  • Promotions:
    • Double Payday: over the next year, five customers who receive payroll into the account each month will be drawn to have their first payday doubled (up to CAD 5,000).
    • Toronto pop-up: a flash store at Toronto Eaton Centre from September 14 to October 11 with expert help, free global snacks and drinks, and a chance to win a weekly CAD 10,000 travel fund.

【September 14, 2026 update】 Wise is offering a bonus of up to CAD $250. Sign in to your account to enrol:

  1. Bonus amount and structure (up to CAD $250)

The promotion has two levels, for a maximum of CAD $250 cash:

  • Level 1 — consecutive payroll direct-deposit bonus: CAD $100

    • Requirement: after enrolment, in each of 3 consecutive calendar months, receive at least CAD $1,000 of eligible automatic/direct deposits into your CAD local account each month (for example payroll, pension, EI, or other CPA payment codes).

  • Level 2 — card-spend bonus: up to CAD $150

    • Prerequisite: you must complete Level 1 first; otherwise you cannot claim Level 2 even if you hit the spend thresholds.
    • Spend tiers: within 120 days, use the Wise debit card for eligible spend of:
      • CAD $4,500 → CAD $25
      • CAD $6,500 → CAD $75
      • CAD $8,000 → CAD $150
  1. Eligibility and exclusions

Who can join: Wise personal customers living in Canada (excluding Quebec) who have reached the age of majority.

Exclusions:

  • Within the 24 months before enrolment, the Wise account already received eligible payroll direct deposits.
  • Business accounts, Wise employees, and related parties cannot join.
  • ATM withdrawals, cash advances, and similar cash-like transactions do not count as eligible spend.
  1. Timing and rules
  • Enrolment window: September 14, 2026 through December 31, 2026 (you must tap “Enroll” in the app).
  • Reward calculation period: 120 days starting on the day enrolment succeeds (Wise server time). All direct-deposit and spend requirements must be met within those 120 days.
  • Payout: within 30 business days after the reward period ends or after you complete the relevant level, paid in CAD to your Wise account. The account and card must still be open and in good standing at payout.

【August 2026 update】 Wise updated rates for four currencies. Versus the previous update, the euro deposit rate is slightly higher:

CAD 2.22%, GBP 2.21%, EUR 0.99%, USD 3.14%

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

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 CNY 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.