CAD 1
Min. Transfer Amount
CAD 1,500,000
Max. Transfer Amount
1 - 2 days
Transfer Speed
| Product Name | Wise (TransferWise) International Money Transfers |
|---|---|
| Min. Transfer Amount | CAD 1 |
| Max. Transfer Amount | CAD 1,500,000 |
| Transfer Methods | Online |
| Transfer Options | One off payments |
| Transfer Speed Minimum transfer time | 1 - 2 days |
| Customer Service | Phone, Email |
| Available Currencies | AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, ERN, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW |
| Exchange Rate Updates | Real time |
| Online Transfer Fee | 0.45% |
|---|
Review by
Zak Killermann is a writer at Finder who’s been specializing in cryptocurrencies and blockchain technology for four years — covering everything from ICO booms, crypto winters, memecoins and more. He’s mined and minted cryptocurrencies, and remembers the days when DOGE was just for fun. Zak’s focus is in breaking down technical concepts (like yellow papers) for the average folk to digest on their morning commute. Before diving into all things crypto, Zak contributed to Finder’s money transfers vertical.
Wise, unlike a lot of its competitors, makes it crystal clear how much you are paying in fees before you transfer. Money transfer companies can often try to hide fees and exchange rate markups from the user, making Wise a breath of fresh air. Wise offers accounts for both standard users sending to other individuals as well as business accounts with extra features like Xero integration.
When it comes to online transfers, I would be surprised to see big names like MoneyGram and Western Union offering better rates, but keep in mind that other online-specific companies may offer better deals than Wise.
As TransferWise has expanded beyond international money transfers, the company has changed its name to Wise. As a user, not much will change for you – you’ll be redirected to Wise and can still access your account the same way as normal.
As long as you are sending Canadian dollars, Wise’s fees are the same no matter what country you are sending to from Canada. Fees are determined by the following:
When we checked on May 10, 2021, Wise’s fees tended to be as follows, based on the type of payment method you are using:
| Payment fee | Wise fee | Total fees | |
|---|---|---|---|
| Direct debit (bank transfer) | 0.21% | 0.5% – 1% | 0.71% – 1.21% |
| Debit card | 1.54% | 0.5% – 1% | 2.04% – 2.54% |
| Credit card | 2.16% | 0.5% – 1% | 2.66% – 3.16% |
| Bill payment | $0.95 (flat fee) | 0.5% – 1% | $0.95 + (variable percentage ranging from 0.5% to 1%) |
| Domestic wire transfer | $0.95 (flat fee) | 0.5% – 1% | $0.95 + (variable percentage ranging from 0.5% to 1%) |
To give this more context, here is what sending $1,000 to the Philippines through Wise looks like on May 10, 2021:
| Payment fee | Wise fee | Total fees | |
|---|---|---|---|
| Direct debit (bank debit) | $2.10 | $8.52 | $10.62 |
| Debit card | $15.36 | $8.43 | $23.79 |
| Credit card | $21.62 | $8.38 | $30.00 |
| Bill payment | $0.95 | $8.53 | $9.48 |
| Domestic wire transfer | $0.95 | $8.53 | $9.48 |
Wise uses the mid-market rate for transfers and also allows you to lock in a rate for a day or more to complete your transfer. When we checked Wise’s rates against the mid-market rate on Google and XE, they were similar. Wise’s rates update multiple times a day.
Check if there are any Wise promo codes available
Wise transfer speeds are dependent on how much you are willing to pay in fees and when you send your transfer.
Wise offers money transfers to over 60 different currencies from all provinces and territories in Canada. You can check out the full list of the currencies above, but the following are some of the more popular ones:
I began using Wise when I moved to the US from Australia a few years ago. I tested a few money transfer services and Wise was — and still is — my favorite for a couple of reasons:
Wise was founded in 2010 and serves millions of customers a year. Wise is fully registered and accredited by many global agencies, using the following global standards to protect your money:
As of October 2020, Wise’s reviews are moderately positive overall, with 86% of reviews on Trustpilot ranking it as Excellent, which is better than many competing money transfer companies. Overall, Wise’s clear fee structure and transparent rates make it easy to trust, but that doesn’t mean it is perfect. Customers often complain about slow customer service and turnaround times as well as the fact that missing a dash in your transfer account number can heavily delay your transfer.
Overall, Wise has responded to 77% of the negative reviews on Trustpilot, and response time typically happens within one week.
Reviews accurate as of May 10, 2021.
| Trustpilot | 4.6 out of 5 — based on 117,112 customer reviews |
| CompareRemit | 3.0 out of 5 — based on 469 customer reviews |
| Monito | 9.5 out of 10 — based on staff reviews |
Canadian customers can pay using the following methods:
The funds are deposited directly into your recipient’s bank account once Wise receives your payment. Wise allows you to make secure one-off transfers to a range of destinations around the globe. However, there currently is no option to set up recurring transfers.
Follow these 6 steps to have money sent in as little as a few minutes:
Wise offers support in 2 ways:
To contact Wise by email, visit the Contact Us page and enter your email address, select the topic of the question and provide as much detail as possible about your problem.
Wise provides phone support in 12 regions, including Canada. Both standard users and Wise Business users can contact support during business hours.
Wise has a mobile app on both the Google Play and Apple App stores. The app makes it possible to do the following:
Ratings accurate as of May 10, 2021.
| Google Play Store | 4.4 out of 5 — based on 120,073 customer ratings |
| Apple App Store | 4.7 out of 5 — based on 21,079 customer ratings |
More on the best money transfer apps
Find out other alternatives to Wise
Wise is a straightforward company that presents fees and exchange rates alongside your transfer. Given that you can lock-in your transfer rate for many hours after first seeing it, it’s worth checking Wise’s prices first before exploring the competition. If you are ready to make your transfer with Wise now, head on over to get started by creating your free account.
Yes. Set up a business profile with Wise to begin saving on business payments. If you’re interested in Wise for your e-commerce store, read our review of the features that are available.
Yes. Wise has a debit card that lets customers spend any currency on their cards and withdraw money across the world for free (up to EUR€250 a month). However, this card isn’t currently available in Canada. It may become available in the future, though.
In your account, navigate to the pending transfer and there’ll be a button called Cancel transfer. This will work if the money is still being sent to Wise or if it’s being converted. However, once Wise pays your recipient, there’s no way to get it back. If the details are incorrect, the money will usually bounce. Wise will let you know in this case, so you’ll have the opportunity to update the details or cancel the transaction entirely.
Always make sure you trust the business or person you’re sending a money transfer to.