4 Wise alternatives in Canada

Wise offers international money transfers with no exchange rate markup, multi-currency business accounts and an international debit card to help you avoid foreign transaction fees. But if you’re searching for a Wise alternative in Canada, there are several apps like Wise to choose from.

To help you find the best money specialist for your needs, compare four leading Wise competitors below.

If you want to send international money transfers: Xe

Finder Award

Not yet rated

Go to site

$0
Transfer Fees

Within minutes
Fastest Transfer Speed

$1 – $560,000 online (no max offline)
Transfer Amount

• Our Take
• Pros + Cons
• Details

Xe is a forex and international money transfer service that lets you send funds to 200+ countries. You can send money online or via Xe's highly-rated mobile app, and multiple payment and receiving methods are supported. We also like the fact that Xe is a Canadian company headquartered in Newmarket, Ontario. Full Review

Why it's one of the best

• Transfer cost: Transfer fee varies depending on your payment method, the currency you send and the country you send money to. An exchange rate markup is also applied, but Xe's rates are generally quite competitive.
• Payment options: Bank or wire transfer, EFT, debit card, credit card, Interac (CAD only), bill payment.
• Receiving options: Bank account, mobile wallet, cash pickup.

• Send money just about anywhere
• User-friendly mobile app
• Wide range of payment and receiving methods
• Competitive rates

• Transfer fee applies
• Exchange rate markup applies
• You need to sign up to get a quote

Transfer Amount	$1 – $560,000 online (no max offline)
Payout Method	Bank account
Pay By Method	Credit card Debit card Bank transfer
Transfer Methods	By phone call Through app Online

If you want an easy-to-use money transfer app: Remitly

Finder Award

Not yet rated

Go to site

From $0
Transfer Fees

N/A
Fastest Transfer Speed

$1 – $15000
Transfer Amount

• Our Take
• Pros + Cons
• Details

Remitly offers international money transfers to over 170 countries and territories globally. You can send funds online or via an easy-to-use mobile app. You also have the option of choosing express delivery when you need to send an urgent transfer. With the app boasting an average rating of 4.9/5 based on over 1.6 million app store reviews and 4.8/5 based on over 859,000 Google Play reviews, you can be sure it's as user-friendly as they come. Full Review

Why it's one of the best

• Transfer cost: Transfer fee varies depending on where you send money and your payment/delivery method but commonly ranges from $0.99 to $3.99. Free transfers are available in some cases. Exchange rate margins vary depending on the currency you send.
• Payment options: Credit card, debit card, bank transfer.
• Receiving options: Bank account, cash pickup, mobile wallet, home delivery.

• Wide range of transfer destinations
• User-friendly mobile app
• Multiple payment and delivery options
• Fast transfers

• Low maximum transfer limits
• No advanced transfer tools
• Inconsistent exchange rate markup

Transfer Amount	$1 – $15000
Payout Method	Cash pickup location Bank account Mobile wallet Home delivery
Pay By Method	Credit card Debit card Bank transfer
Transfer Methods	Online Bank Account to Bank Account

If you want to send large business money transfers: OFX

Finder Award

Not yet rated

Go to site

$0
Transfer Fees

N/A
Fastest Transfer Speed

$150 – Unlimited
Transfer Amount

• Our Take
• Pros + Cons
• Details

OFX offers business and personal money transfers to over 170 countries. Founded in 1998 and headquartered in Sydney, Australia, OFX now has offices in Toronto, London, Dublin, Auckland, Hong Kong, Singapore and San Francisco. There's no maximum transfer limit, so it's perfect if your business needs to send large amounts. OFX also offers a Global Currency Account so you can hold funds in CAD and six other foreign currencies. Full Review

Why it's one of the best

• Transfer cost: Transfers are fee-free when you send more than $10,000, while a $15 fee may apply for transfers of less than $10,000. Exchange rates are typically 1.5% or less above the mid-market rate.
• Payment options: Debit card, bank transfer.
• Receiving options: Bank account.

• Established company
• Offers limit orders and forward contracts to help you get the exchange rate you want
• Large transfers are fee-free
• 24/7 support

• Can only send to a bank account
• $250 minimum transfer limit may not suit all businesses

Transfer Amount	$150 – Unlimited
Payout Method	Bank account
Pay By Method	Debit card Bank transfer
Transfer Methods	By phone call Through app Online

If you want a multi-currency business account: Loop

Not yet rated

Go to site

$0
Transfer Fees

1 day
Fastest Transfer Speed

No minimum – no maximum
Transfer Amount

• Our Take
• Pros + Cons
• Details

Loop is a Canadian company that specializes in cross-border banking solutions for businesses. It offers CAD, USD, EUR and GBP accounts so that you can send and receive payments in countries where your business operates. This Wise alternative also offers business money transfers in 37 currencies plus a multi-currency credit card that lets you spend in CAD, USD, EUR and GBP. Full Review

Why it's one of the best

• Transfer cost: There are no transfer fees. Exchange rate markup of 0.1% to 0.5% applies—0.5% with a free account, 0.25% with a Loop Plus account ($49 monthly fee) and 0.1% with a Loop Power account ($199 monthly fee).
• Payment options: Credit card, debit card, bank transfer, Interac e-Transfer, wire transfer.
• Receiving options: Bank account.

• Competitive exchange rates
• Send payments to 180 countries
• Avoid foreign exchange costs
• Multi-currency credit card also available

• You'll need to pay a monthly fee to get the best exchange rates
• Some features still coming soon

Transfer Amount	No minimum – no maximum
Payout Method	Bank account
Pay By Method	Credit card Debit card Bank transfer Interac e-Transfer Wire transfer
Transfer Methods	Through app Online

What is Wise?

Wise (formerly TransferWise) was founded in 2011 as an international money transfer service and payment network. It offers money transfers to 170 countries for a competitive fee with zero markup on the exchange rate. Wise also provides a multi-currency account where you can receive, hold and convert funds in 40 currencies.

Another key product offering from Wise is 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.

Is Wise in Canada?

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).

Is Wise safe to use?

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 teams and support teams along with two-step account verification.

Did TransferWise change its name?

Yes, TransferWise changed its name to Wise in 2021. While TransferWise primarily offered international money transfer services from its founding in 2011, the company has since added multi-currency 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.

Can I use Revolut as an alternative to Wise in Canada?

Unfortunately, no. Although Revolut offers some similar services to Wise, Revolut is not available in Canada. Revolut was founded in the UK as a banking alternative app that also provides money transfer options. However, after entering the Canadian market for a short stint in 2019, it pulled out of Canada in 2021.

Compare other alternatives to Wise

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services. When you have made your choice, select Go to site.

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Product	Offer	Filter Values	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
Wise (TransferWise) Finder Award		24 hours	From 0.33%	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to site More info Compare product selection Compare	loading
RemitBee		Within minutes	From $0	Send money to 100+ countries via Debit Card, EFT, e-Transfer, and more or exchange USD/CAD between bank accounts online.	More info Compare product selection Compare	loading
Xe Money Transfers Finder Award		Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to site More info Compare product selection Compare	loading
Instarem		Within minutes	From $0	Enjoy a special exchange rate and zero fees on your first transfer. Conditions apply. Valid until September 30, 2025. Instarem offers inexpensive transfers and the opportunity to earn rewards points.	Go to site More info Compare product selection Compare	loading
Africhange		Within minutes	From $0	Send money in CAD to Africa on this blockchain and P2P powered provider.	Go to site More info Compare product selection Compare	loading
Remitly Finder Award		Within minutes	From $0	Special offers like free transfers and better exchange rates available for new customers. Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site More info Compare product selection Compare	loading
MoneyGram Finder Award		Within minutes	From $0	For a limited time, get $0 fees on your first money transfer from Canada. Conditions apply. MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.	Go to site More info Compare product selection Compare	loading
OFX Finder Award		24 hours	From $0	Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee. OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site More info Compare product selection Compare	loading
Xe Money Transfers Finder Award		Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to site More info Compare product selection Compare	loading
Airwallex	Get up to $500 in FX fees refunded for international money transfers sent within the first 3 months of opening a new account.		Within an hour	$0 - $35	Offer: Sign-up and get up to $500 in cash bonuses. Airwallex has transparent fees and fast transfers. Make business payments to 150+ countries in 60+ currencies.	Go to site More info Compare product selection Compare	loading

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Frequently asked questions

• Is there a better alternative to Wise?

  It depends on how much you want to transfer and where you want to send money to. Because Wise offers mid-market exchange rates with no markup, it's generally a competitive transfer option. But there may be cheaper or better alternatives to Wise for your specific transaction.

  Because Wise only allows bank-to-bank transfers, you may need a more convenient money transfer service. That's why it's worth comparing safe, cheap and fast Wise alternatives like the ones listed here to make sure you're getting the best deal.

• Who is Wise's best competitor?

  Some of Wise's best competitors include Xe, Remitly, OFX and Loop, all of which offer competitive fee structures and fast money transfer times. However, the best provider for you will vary depending on where you need to send money and what other services you're looking for, such as a multi-currency account.

• Is Wise actually cheaper?

  Since Wise offers the mid-market rate on international money transfers, it's often cheaper than alternatives that charge an exchange rate markup along with a service fee. However, Wise charges transfer fees, and whether or not it's the cheapest option will vary depending on the details of your transaction. Compare Wise with a range of other money transfer services to work out which offers the best value for your specific transaction.

• Is Revolut better than Wise?

  While Revolut has more financial product offerings than Wise, it's not available in Canada. That means Canadians considering Revolut for money transfers will have to consider alternatives like Wise, WorldRemit and OFX.

• Does Wise offer cash transfers?

  No, Wise only offers transfers to international bank accounts. So if you want to send a cash pickup transfer, you'll need to consider a provider that offers this service, such as Western Union, MoneyGram or WorldRemit.

• Is the Wise card available in Canada?

  Yes, the Wise card is available in Canada. This international debit card lets you withdraw up to CAD $350 per month from foreign ATMs without paying any foreign transaction fees.

• What is an alternative to the Wise card?

  If you're looking for alternatives to the Wise card for international travel, consider debit cards that come with no foreign transaction fees and a large global ATM network, like EQ Bank or Scotiabank debit cards. Learn more about the best debit cards for international travel.

To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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