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, 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. He’s ghostwritten hundreds of articles on fintech, finding his love for publication at St. Cloud State University. Traveling internationally for nearly half his life — and getting burned once by an OTC money exchange — Zak's vowed not to settle for anything short of the mid-market rate again.
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. If you find yourself traveling overseas frequently or receiving payment in foreign currencies, be sure to look into the Wise Borderless account to see if it fits your needs.
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 made up of a small fixed amount determined by the receiving currency and a fixed percentage determined by your payment method. The amount you’ll pay can be broken down as follows:
| Payment fee | Wise fee | Total fees | |
|---|---|---|---|
| Wire transfer | $9.29 | $2.61 | $11.90 |
| Online bill payment | $9.29 | $2.61 | $11.90 |
| Direct debit | $12.36 | $1.86 | $14.22 |
| Debit card | $24.51 | $1.86 | $26.37 |
| Credit card | $30.71 | $1.86 | $32.57 |
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.
Choose your currency and desired transfer amount. Exchange rates change frequently, so visit Wise’s site to get a final quote.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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 50 different currencies from all over Canada. You can check out the full list of the currencies above, but the following are some of the more popular ones:
As of 20 Jan 2021, a temporary limit of US$980 (or the same amount in Mexican pesos) has been placed on transfers to Mexico by Wise. We’ll update this information once the limit has been lifted.
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:
Reviews accurate as of July 22, 2020.
| Trustpilot | 4.7 out of 5 — based on 93,475 customer reviews |
| CompareRemit | 3 out of 5 — based on 475 customer reviews |
| Monito | 8.8 out of 10 — based on staff reviews |
| NerdWallet | 4.5 out of 5 — based on staff reviews |
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.
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 six steps to have money sent in as little as a few minutes:
Wise offers support in two 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 14 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 July 22, 2020 | |
|---|---|
| Google Play Store | 4.3 out of 5 — based on 84,693 customer ratings |
| Apple App Store | 4.7 out of 5 — based on 19,778 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 on the features on offer.
Yes, but it’s not available to Canadian residents. However, the Wise debit card is available to residents of a number of other countries including the US (except for residents of Nevada and Hawaii), Australia, New Zealand and most European countries. With it, you can spend any currency on your card and use it to withdraw money across the world for free (up to EUR€250 a month). You can find out more about our experience with it in the video below.
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.
