Because Wise only supports bank-to-bank transfers and requires a Social Insurance Number (SIN), it may not be convenient for all of your money transfer needs. Its fees also depend on the amount of money you’re sending, which may be expensive if you’re transferring a large sum of money.
To help you find the best money specialist for your needs, compare popular alternatives to Wise here. These other money transfer services offer competitive pricing, secure transfers and fast transfer times compared to Wise.
Since its founding in 2010, WorldRemit has helped more than 5.5 million customers around the world send money internationally. It has one of the largest selection of destination countries and accepts a variety of payment options. WorldRemit provides 24/7 customer support in 6 different languages to help you troubleshoot any issues.
Instarem is great for small transfers and offers very competitive exchange rates on money transfers to more than 30 currenices around the world. It is licensed and regulated in 11 countries. We also like that Instarem is transparent about its fees and exchange rates, and offers same-day transfers.
Also known as Forex, OFX has been in the money transfer business for over 20 years. It has offices in Australia, Canada, the US and five other countries around the world. OFX allows you to send funds to more than 170 countries and offers advanced tools to help you get the best exchange rate.
One of the most well-known transfer brands, MoneyGram has been operating for over 80 years and enables money transfers to more than 200 countries. Both MoneyGram and Wise let you send small transfers, with a minimum transfer amount of only $1. MoneyGram also supports cash pickup transfers, bank account transfers, mobile wallet deposits and home delivery, which is facilitated by its 430,000+ locations worldwide.
Founded in 1993 and headquartered in Ontario, XE Money Transfer lets you send money to 200+ countries in 100+ different currencies. It supports multiple payment methods.
Western Union has been in business for over 100 years, and operates in over 200 countries around the world. It sometimes charges higher fees and weaker exchange rates than other dedicated money transfer services. However, Western Union offers multiple transfer options and accepts multiple payment options. You can do an in-person transfer at Western Union agent locations.
What is Wise money transfer?Wise (formerly Transferwise) was founded in 2011 as an international money transfer service and payment network. It enables money transfers to 160 countries for a comparatively small fee and zero markup on the exchange rate. Wise also provides a multi-currency account where you can receive, hold and convert funds in multiple currencies.
Wise also offers a debit card for international travel. With the Wise card, you can take out up to $350 CAD per month from any international ATM with no fee. The Wise card is also compatible with both Google and Apple Pay.
In addition to personal money transfers, Wise offers business solutions for international money transfers, payroll and cash flow management.
Yes, although Wise was founded in Europe, it has since expanded to operate in countries all over the world, including Canada, Australia, India, China, Japan and the US. In Canada, Wise is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and Authorité des Marchés Financiers (AMF).
Yes, in addition to following safety guidelines from financial regulatory agencies around the world, Wise has a number of other security features in place to ensure your money transfers are safe. Unlike banks, Wise doesn’t invest your money but instead holds it in dedicated accounts or high quality liquid assets.
Wise also provides dedicated anti-fraud and support teams along with 2-step account verification.
Yes, TransferWise changed its name to Wise in 2021. While TransferWise primarily offered international money transfer services from its founding in 2011, the company since added money accounts, a debit card and business solutions to its product lineup. In response to its expanded product offering, TransferWise changed its name to Wise a decade after its inception.
Unfortunately, no. Although Revolut offers some similar services compared to Wise, Revolut is not available in Canada. Revolut was founded in the UK as a banking alternative app, which also provides money transfer options. However, after entering the Canadian market for a a short stint in 2019, it pulled out of Canada in 2021.
Alternatively, learn more about Wise in our review.
Each year, Canadian residents send more than $5 billion in cash transfers to friends and family overseas, according to Statistics Canada.(1) The average amount sent, in 2017, was just over $2,800. However, data from the Finder: Consumer Sentiment Survey Q1(2) shows that this amount increased in the last few years.
Survey results from more than 1,845 respondents show that the average value of an international wire transfer increased 65.5% from 2017 to 2023, to just over $4,635. Men were more likely to send a larger amount with the average money transfer sent by male respondents at just under $7,450, compared to just under $2,045 sent by female respondents.
One risk, when sending money overseas, is to pay for the service but to make a mistake on who and where to send the money. According to data from the Finder: Consumer Sentiment Survey Q1, 26% of respondents admitted to sending money to the wrong person overseas, at least once. While just over half (54%) were able to get the wire transfer money back, 46% were not.
An international money order may not be the best option for sending money overseas. Learn more about money orders in Canada, and find out about other ways to transfer funds abroad.
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