This Wise Canada review covers what Wise (formerly TransferWise) actually charges Canadians in 2026: transfer fees, the multi-currency account, the debit card and how safe your money is. It shows real Wise quotes, so you can judge whether Wise beats your bank for your own transfer. This page is general education, not financial advice.
YieldMaple checked Wise’s Canadian pricing pages and requested live Wise quotes on October 7, 2026: sending $5,000 CAD to a US bank account, paid by bank transfer, cost $26.51 (US$3,496.42 delivered) in fees.
Wise Canada fees at a glance
| Item | Current figure | Source |
|---|---|---|
| Wise total fee to send $5,000 CAD to a US bank account in USD, paid by bank transfer (Wise quote, October 7, 2026) | $26.51 (US$3,496.42 delivered) | wise.com Verified October 7, 2026 |
| Wise fee structure for CAD to USD transfers paid by bank transfer (Wise quote, October 7, 2026) | 0.48% of the amount plus a $2.64 fixed fee | wise.com Verified October 7, 2026 |
| Wise international transfer (sending) fee (varies by currency) | from 0.19% | wise.com Verified October 7, 2026 |
| Wise account opening fee (Canada) | free to open | wise.com Verified October 7, 2026 |
| Wise account monthly fee (Canada) | $0 | wise.com Verified October 7, 2026 |
| Wise debit card ordering fee (residents of Canada) | free | wise.com Verified October 7, 2026 |
| Wise free ATM withdrawal allowance (Canada) | $100 a month | wise.com Verified October 7, 2026 |
| Wise ATM fee per withdrawal once monthly withdrawals pass the free $100 (charged on the amount over it) | $2.69 + 2.69% | wise.com Verified October 7, 2026 |
| Wise fee to receive a USD wire or Swift payment | US$6.11 per payment | wise.com Verified October 7, 2026 |
In plain sentences: a $5,000 CAD to USD transfer cost $26.51 (US$3,496.42 delivered) in total Wise fees on October 7, 2026, and the fee on that route was 0.48% of the amount plus a $2.64 fixed fee. Across all currencies, Wise lists sending fees from 0.19%. Opening the account is free to open and the monthly fee is $0. The debit card is free to order. ATM withdrawals are free up to $100 a month, then cost $2.69 + 2.69%. Receiving a USD wire costs US$6.11 per payment.
How much does Wise charge to send money from Canada?
Wise charged $26.51 (US$3,496.42 delivered) to send $5,000 CAD to a US bank account on October 7, 2026, when paid by bank transfer. The fee on that route was 0.48% of the amount plus a $2.64 fixed fee, which works out to about 0.53% of the amount sent. How you pay Wise matters as much as the amount:
| Feature | Paid by bank transfer | Paid with a Visa credit card |
|---|---|---|
| Send $1,000 CAD | $7.41 (US$697.80 delivered) | not quoted |
| Send $5,000 CAD | $26.51 (US$3,496.42 delivered) (better on this row) | $156.83 (US$3,404.81 delivered) |
| Send $10,000 CAD | $50.40 (US$6,994.69 delivered) | not quoted |
Source: Wise's own price quotes on wise.com, requested October 7, 2026. The exchange rate moves during the day, so the US-dollar amounts change; the fee structure changes less often.
Sending $1,000 CAD cost $7.41 (US$697.80 delivered), and sending $10,000 CAD cost $50.40 (US$6,994.69 delivered), both paid by bank transfer. Paying with a Visa credit card pushed the $5,000 transfer to $156.83 (US$3,404.81 delivered), because card funding carries a much higher fee. Once your monthly sending passes $35,000, Wise applies a large-transfer discount automatically for the rest of the month.
Is Wise cheaper than a bank wire?
Wise is usually cheaper than a bank wire, because a bank can add a wire fee plus an exchange-rate markup that never appears as a separate fee. Wise converts at the mid-market rate and shows its fee on its own line, so the only fair comparison is the amount your recipient ends up with.
A worked example shows how a hidden markup adds up. If a bank’s exchange rate sits 2% away from the mid-market rate, converting $5,000 costs $100 before any wire fee. Wise’s fee on the same amount was $26.51 (US$3,496.42 delivered) on October 7, 2026. Your bank’s markup may be higher or lower, so ask for its all-in quote on the day you send and compare the delivered amounts.
Who uses Wise, and for what?
- Freelancers paid by US or European clients. Wise gives you account details to receive in 22 currencies, and domestic payments in USD, EUR and GBP arrive free.
- Canadians sending money to family abroad. The fee depends on the currency, from 0.19%, and Wise shows it before you confirm.
- Snowbirds with US bills. Holding US dollars in a Wise balance lets you pay US bills without converting each time.
- Travellers. The Wise card spends in 40+ currencies with no foreign transaction fee; Wise’s conversion fee applies only when it converts for you.
- Investors moving money to a US-dollar account. Wise is one of several routes; the investor section below compares it with a brokerage’s own conversion.
Wise’s own site is where the account is opened: open a Wise account on wise.com .
What is the Wise multi-currency account?
The Wise multi-currency account is a free account that holds 40 currencies and gives you local account details to receive money in 22 currencies. Opening it is free to open, and there are $0 in monthly fees.
| Currency | What you receive |
|---|---|
| USD | US account and routing details for ACH payments from clients, employers and payment platforms |
| EUR | A European IBAN for euro payments |
| GBP | A UK sort code and account number |
| AUD, NZD, SGD, HUF, PHP | Local account details for domestic payments |
| CAD | Canadian account details, plus Interac e-Transfer |
Wise’s pricing page lists domestic (non-wire) payments in AUD, CAD, EUR, GBP, HUF, NZD, PHP, SGD and USD as free to receive, while an incoming USD wire or Swift payment costs US$6.11 per payment. In Canada the account also includes free Interac e-Transfers to any Canadian bank.
Why this matters for US-dollar income: if a US client pays US$5,000 by ACH into your Wise USD details, the money arrives as US dollars with no receiving fee, and you decide when, or whether, to convert it to Canadian dollars at the mid-market rate plus Wise’s conversion fee.
Does the Wise card charge foreign transaction fees?
No. The Wise card has no foreign transaction fee; spending a currency you already hold is free, and when Wise converts for you it charges its conversion fee, from 0.19% depending on the currency.
- Ordering the card: free (express delivery from $15.41)
- Replacing a lost or damaged card: $5
- Free ATM withdrawals up to $100 a month, then $2.69 + 2.69%; ATM operators may add their own fees
- Apple Pay and Google Pay are supported
The trade-off: it is a debit card, not a credit card, so it carries no travel insurance, earns no points and does not build a credit history. Some Canadian credit cards also skip the foreign transaction fee: the foreign transaction fee on the Scotiabank Passport Visa Infinite is none — only the exchange rate applies (Scotiabank calls 2.5% the typical fee it replaces), and the Wealthsimple credit card charges 0%. The Scotia Passport Visa Infinite review and the travel credit card guide compare those cards.
How fast are Wise transfers?
Wise says 77% of transfers arrive in under 20 seconds. The rest take longer depending on how you pay Wise, the destination country and the receiving bank, and some transfers are held for identity or security checks. Wise shows an estimated arrival time before you confirm, and money already in your Wise balance moves faster than a new bank deposit that still has to reach Wise.
Is Wise safe?
Wise is a regulated money services business, not a bank. Wise Payments Canada Inc. is registered with FINTRAC under number M15193392 and holds a money services licence from Revenu Québec.
- Wise says customer money is held in a safeguarded, separate account.
- Wise’s Canadian site says balances are eligible for CDIC insurance up to $100,000. Wise is not itself a CDIC member: its disclosure says eligible deposits are held in trust at a CDIC member institution and are covered when CDIC’s trust disclosure rules are met. The disclaimer on its interest feature says CDIC insurance does not apply to individual customer balances at this time, so check Wise’s current terms before holding a large balance.
- Wise Payments Limited, Wise’s UK company, is authorised by the UK Financial Conduct Authority to issue electronic money.
- Wise says 18.9 million customers, businesses and banks use it.
Wise vs Wealthsimple and Norbert’s Gambit for investors
Investors converting Canadian dollars to US dollars have three common routes. Wealthsimple charges 1.5% when you buy a US stock from a Canadian-dollar account. Wise’s CAD-to-USD fee was 0.48% of the amount plus a $2.64 fixed fee on October 7, 2026, but the US dollars then have to be sent to a brokerage that accepts them. Norbert’s Gambit converts inside a brokerage by buying a dual-listed security and journaling it; at Questrade the journal request costs $9.95 per online journaling request (free and unlimited with Questrade Plus).
The Wise vs Wealthsimple comparison covers the accounts side by side, and Norbert’s Gambit at Questrade and Norbert’s Gambit at Wealthsimple walk through the brokerage route step by step. For the wider picture, see our complete Wealthsimple guide.
The verdict
Wise is one of the cheapest ways to move money out of Canada when you pay it by bank transfer: $26.51 (US$3,496.42 delivered) on a $5,000 CAD to USD transfer on October 7, 2026. The multi-currency account suits Canadians paid in US dollars or euros, and the card suits travellers who want no foreign transaction fee.
- Wise fits personal transfers abroad, US-dollar income, and travel spending, as long as you fund it by bank transfer rather than credit card.
- A bank wire fits transfers that must come from a specific bank account, or very large amounts where your bank offers a negotiated rate in writing.
- A brokerage conversion fits investors keeping the money inside a brokerage, where Norbert’s Gambit or the broker’s own conversion keeps cash from moving between institutions.
The account itself is opened on Wise's Canadian website .