Wise CAD Account Review [2024]: Fees, Rates & Details
In need of a local Canadian bank account? In the world of global financial transactions, having a versatile currency account can be a game-changer, whether you’re an avid traveler, have an international business that frequently makes global transactions and transfers, or someone who simply loves to shop online. It’s all about having the right financial tools in your arsenal to minimize the burden of currency conversion costs and get the most for your money.
With Wise, you can send payments to 160+ countries, hold and exchange 40+ currencies, including CAD and USD, and open a local CAD account which you can use online and in the Wise app for added convenience.
This article will dive into all of the main aspects of the Wise CAD account, including exchange rates, associated fees, account security and the wide range of alternative currencies.
Wise CAD account: Key points
- Flexible currency usage: Easily top up your account in one currency and effortlessly exchange it into another for.
- You can manage your account online conveniently
- Get Canadian account details with a linked debit card.
- Make international transactions hassle-fee and send payments to 160+ countries
- Hold and exchange 40+ currencies in one account
- Easily top up your account with Canadian dollars and convert them easily in your Wise account.
- Receive payments conveniently in your account, not just in CAD and US dollars, but in up to 8 other major currencies.
- Wise uses mid-market exchange rate, coupled with low fees starting from just 0.43%.
- International debit card: Spend in over 150 countries with the Wise debit card.
Pros and cons of Wise CAD account
| Pros and Cons of Wise CAD account | |
|---|---|
| Pros | ✅ No ongoing monthly or annual fees, ensuring cost-effective account management. ✅ CAD, USD and an extensive range of over 40 currencies. ✅ Exchange currencies at the mid-market rate. ✅ Enjoy the convenience of a linked international debit card that allows you to spend in more than 150 countries. ✅ Receive payments in CAD and 9 other currencies using local account details. ✅ Send payments to over 160 countries with transparent and competitive fees for hassle-free global transfers. |
| Cons | ❌ Pay 9 USD to receive your Wise debit card ❌ ATM withdrawal fees once you exceed your limits ❌ Variable fees for currency conversion |
What is a Wise CAD account?
The Wise CAD account is an online account that lets you spend, send, and get paid in Canadian dollars, USD, and 40+ other currencies. It can be used for both personal and business international transactions and is good for those who frequently make global money transfers, such as expatriates, international students, frequent travelers, or businesses with global operations.
Often providing better exchange rates and lower transaction fees compared to traditional banks, with no markups on exchange rates, it’s fast, easy to use and cost-effective when it comes to making international payments. Plus, it lets you hold and manage multiple currencies all in one place, eliminating the need for multiple bank accounts and has a wide range of options for sending and receiving money, simplifying financial management.
Are you a business owner who needs to pay invoices in Canadian dollars or any other currency? With a Wise CAD account, you can hold Canadian dollars and easily convert them to your required currency at a competitive exchange rate without having to worry about fluctuating exchange rates. No matter your currency needs, the Wise CAD account is an efficient and cost-effective tool for managing day-to-day and business global transactions.
Can I open a Wise CAD account in the US?
Yes. You can open a Wise CAD account in the US as both a personal and business customer.
Learn more about Wise multi currency account here.
How to open a CAD account in Wise
Open a Wise CAD account easily and quickly in just a few steps:
- Register online: Register with Wise, either online or via the Wise app to open your account. Simply click the Register button and enter your email address or sign up using your Google, Facebook or Apple account.
- Verify your identity: After registration, the next step is to verify your identity and you’ll need to upload a picture of your ID alongside a selfie. This process can be completed online or using your phone and Wise will provide on-screen prompts to guide you through each step. You can also save your progress and come back later to complete your registration.
- Open your currency balance: Once your account has been verified, you can finally set up your currency balance. Just log into your account. Click ‘Open a balance,’ and select your desired currency.
Once you’ve set everything up, you can now use your Wise account to receive payments from over 30 countries using local transfers, hold money in over 40 different currencies, and switch between them easily.
How can I activate a CAD account in Wise?
You can easily activate your Wise CAD account in just a few, simple steps:
- Download and register: First, download the Wise app or visit the Wise desktop site and go through the registration process.
- Enter your personal details: Follow the on-screen prompts to enter your personal details
- Upload ID: Next, you’ll need to upload your ID documents for verification purposes.
- Open your account: Once your account has been verified, open the app and tap ‘Open’ on the homepage.
- Select your currency balance: Choose ‘Currency Balance’ and then select CAD to open your Canadian dollar account.
- Top up and complete the security steps: Finally, top up your Wise balance and complete any necessary security steps. Once you have completed these, your CAD account will be ready for you to use.
Wise CAD account details
When you open a Wise CAD account, you’ll receive local account details in Canada, similar to a traditional bank account, for receiving and sending payments in Canadian dollars. These details can be shared with friends, family, companies, customers, or employees, who can then make payments from any Canadian bank account.
You’ll receive local account details for domestic payments within Canada as well as global account details for global payments.
- For domestic transactions within Canada, account holders can receive payments either via an electronic funds transfer (EFT) or direct deposit or an Interac Autodeposit, which usually take 1 to 3 days to process, but domestic wire transfers and online bill transfers aren’t supported.
- Account holders will also receive global account details for international payments. However, these can only be made via SWIFT transfers and are restricted to Canadian dollars only and any attempt made to send non-Canadian dollar payments will be automatically rejected. Wise charges a 10 CAD fee for SWIFT payments, and usually takes 4 to 5 days to complete.
How does Wise CAD account compare?
Customers in the US have a wide range of options when it comes to choosing a CAD account for both day to day and business use. Not sure if the Wise CAD account is right for you? Doing your research and comparing alternative options is always a good idea to make sure you pick the right account for your specific needs. Here’s a quick overview of Wise vs two other foreign currency account options: Revolut and HSBC.
| Wise CAD account | Revolut CAD account | HSBC Global account | |
|---|---|---|---|
| Availability in the US | Available to personal and business customers | Available to personal and business customers | Personal customers in eligible states |
| Global usage | ✅ | ✅ | No global transfers to Mexico |
| Conversion fees | From 0.43% | All accounts offer some fee free conversion | No HSBC fees |
| Exchange rate fees | No fees; mid-market exchange rate | Fair usage fee of 1% for Standard and 0.5% for Plus plans applies to any additional exchange. Out of hours, weekend and exotic currency fees may apply | Varies; live rates during market hour |
| Other fees | 9 USD fee to get a card | Monthly fees may apply depending on the account you pick | No account opening or transfer fees; exchange rate markups apply |
| Linked Debit Card | ✅ | ✅ | ✅ |
| Best Features | Supports 40+ currencies Local receiving account details for 9 currencies | Supports 30 currencies Budgeting and saving tools available | Hold 8 currencies in one account Manage everything securely from your phone |
| CAD account details provided | ✅ | ❌ | ❌ |
Each CAD account has their own set of individual features and fees that differ from each other. But which account is best will come down to your specific personal and/or business needs.
Wise provides flexibility alongside transparent fees and the mid-market exchange rate as well as your own set of CAD account details. On the other hand, Revolut supports over 30 currencies and provides budgeting and saving tools alongside some fee-free conversions, while HSBC’s global account lets you hold 8 currencies in one account with no account opening or transfer fees.
Wise CAD Account fees
As with all accounts, there are some associated Wise charges that you should be aware of. Here’s an overview of the main expenses you should take into account:
| Wise CAD account | |
|---|---|
| Create account | No fee for personal customers, business customers pay a one time charge of 31 USD for full account features |
| Account monthly fee | No fee |
| Fee to receive payments in euro | No fee with local account details |
| Fee to spend a currency you hold | No fee |
| Exchange rate | Mid market rate, low conversion fees from 0.43% |
| Send payments | Transparent fees from 0.43% |
| Fee to receive card | 9 USD for personal customers, free first card on the business account |
| ATM fees | 2 withdrawals to the value of 100 USD/month free, then 1.50 USD per withdrawal |
| Virtual cards** | Not applicable |
*Information correct at time of writing, 22nd October 2023__**Wise virtual cards are not yet available for US residents.
When is a Wise CAD account needed?
A Wise CAD account is beneficial for both personal and business customers thanks to its multi-currency support, cost-effective transactions, and specialized features for business finance management.
Personal customers:
- The Wise personal account is perfect for anyone living, working, or traveling abroad.
- It supports over 40 currencies, allowing for easy and cost-effective international money transfers and payments alongside the mid-market exchange rate and fair and transparent fees.
- Account holders can also receive a debit card to spend in multiple currencies, including CAD, across 150+ countries, making it the perfect choice for those frequently traveling between the US and Canada, online shoppers making purchases in Canadian dollars, or expats who frequently deal with multiple currencies.
Business customers:
Business customers can also benefit from the Wise Business CAD account, specially tailored for businesses making frequent international transactions.
- It helps streamline international business expenses and makes it easier to send and receive funds from abroad in various currencies, also at the mid-market exchange rate.
- From improved visibility and organization of business finances, to batch payment options that allow up to 1000 payments at once, simplifying payroll and vendor payments, Wise’s CAD account enhances financial operations and ensures that your hard-earned money works for you, and not the other way round.
Wise CAD exchange rate
Wise uses the mid-market exchange rate, like the one found on Google, for conversions to and from Canadian dollars, alongside low and transparent fees that you’ll see in the app before making your transaction.
You can today’s check rates here: Wise USD to CAD exchange rate
How does the Wise CAD account work?
Using a Wise CAD involves a few key steps.
Account creation:
- First, register for a Wise account online by sharing your email address, creating a password, and providing a phone number for 2-step verification. You’ll also need to specify the country that you live in.
- Personal accounts require your legal name, date of birth and address.
- Business accounts will need your business tax identification number and a registered business address.
- In some cases, Wise may request additional documents or business details to complete your identity verification.
Fund transfers:
- Now that your account is set up, you can add money to your balance and set to make transfers through multiple methods, including bank transfers or card payments.
Sending and receiving payments:
- Hold and exchange 40+ currencies, open different balances for a variety of currencies, and send or receive domestic or international payments in CAD using the mid-market exchange rate with no markups and low fees.
How to receive CAD in your Wise account
Receiving money into your Wise CAD account is easy. Here’s how to receive money internationally with Wise:
1. Receive your account details
First, you need to open your CAD account with Wise to get your account details. Wise will provide you with local account details that will allow you to receive payments from within Canada as well as global account details for making and receiving international payments. Wise provides account details for receiving funds in a range of currencies, including: CAD, USD, GBP, EUR, AUD, NZD, MYR, HUF, RON, TRY, and SGD.
2. Receiving payments from inside Canada
Share your local account details with the person or business sending you money. Payments can be made using EFT credits (also known as direct deposits) or Interac Autodeposits. It’s important to note that payment can’t be made using domestic wire or online bill transfer, and if a domestic wire transfer is attempted, it will be automatically returned with a 25 CAD fee deducted. Receiving funds typically takes 1 to 2 days, but can sometimes take up to 3 days.
3. Receiving payments from outside of Canada
To make and receive international payments, share your global account details. These payments should be made via SWIFT transfers and only in CAD, as the account can’t process international payments in other currencies. A 10 CAD fee and a 4.14 USD domestic fee will be charged for SWIFT payments, and will be deducted from the final amount received and the timeframe for receiving international funds is usually 4 to 5 days.
How to use the CAD account abroad
When traveling, your Wise CAD account is the ideal companion, offering a hassle-free and cost-effective way to access your funds. With the Wise card, you can spend like a local at the mid-market rate and pay in over 40 currencies without hidden fees and make use of free ATM withdrawals of up to 100 USD per month, with only a small charge for further withdrawals. You’ll also receive instant notifications of transactions on the Wise app, ensuring that spending and withdrawing money abroad is both convenient and secure.
Learn more: How to use Wise card abroad
What is the eligibility for a Wise CAD account?
To open a Wise CAD account in the USA, you’ll need to be a legal resident of the United States, possess a local US address and be at least 18 years old.
You’ll also need to provide proof of your address, such as official documents that are registered in your name. For more information on eligibility criteria for a Wise account if you’re in a different country other than the US, then head over to the official Wise website.
Who is it good for?
The Wise CAD account caters to a wide range of individuals and businesses, including:
- Anyone that’s in need of simple, flexible and cost-effective international payment solutions in CAD and over 40+ currencies
- Freelancers, entrepreneurs, and others receiving income in foreign currencies
- Savvy travelers who want to manage their budgets and are looking for favorable exchange rates
- Online shoppers making online international transactions
- Business owners making transactions or paying employees or suppliers in CAD and who want to streamline their financial operations.
Is a Wise CAD account safe to use?
Rest assured, Wise is a secure platform and your CAD account is safe to use thanks to the following measures and regulations in place:
- Regulations: Wise is registered with FinCEN in the US and is also licensed as a money transmitter in most states.
- Two-factor authentication (2FA): For additional security, Wise accounts come with 2FA, making it more difficult for unauthorized users to access your account. Wise also conducts ongoing vulnerability scans and internal and external audits to prevent potential fraud or criminal activities.
- Safeguarding funds: Last but not least, Wise holds its customer funds separately in global banks such as Goldman Sachs and Wells Fargo, or as secure liquid assets, as an extra safeguarding step.
Learn more: Is Wise safe to hold money?
Availability
You can open your Wise CAD account from the US, as well as a range of other countries by providing a local proof of address and ID. Additionally, the Wise international debit card, which operates on both the Visa and Mastercard network, can be used in 160+ countries to spend and make ATM withdrawals.
Other available currencies
Beyond Canadian dollars, Wise also supports a wide range of other currencies, offering account holders the flexibility to hold and transact in a variety of currencies, including widely used options like US dollars, British pounds, Euros, Australian dollars and more.
Our other guides:
Wise CAD account limits
With Wise’s CAD account you can send up to 9,500 Canadian Dollars per day and up to 30,000 CAD weekly by direct debit. You can also send up to 30,000 CAD per transfer by debit or credit card and up to 1.5 million CAD by wire transfer and online bill payment.
Learn more: Wise limits
Wise CAD account alternatives
As already mentioned, there are several other alternatives to the Wise CAD account in the United States, each with their own specific features. The best account or you will depend on your financial needs, preferences, and the nature of your transactions, so it’s always best to do some research before making a commitment.
- Revolut: Offers a multi-currency account that supports over 30 currencies with some fee-free currency conversions, and tools for budgeting and savings.
- HSBC: Lets you manage up to 8 different currencies with no account opening or transfer fees.
Conclusion: Is Wise Canadian Dollar account good?
Wise’s CAD account lets you save money when spending, transferring, and exchanging internationally. It supports over 40 currencies, coupled with the use of mid-market rates without exchange rate markups and low fees from 0.43% for conversion, sets it apart as a secure and attractive option for those frequently dealing with international transactions.
With user-friendly features such as direct debits, fast and reliable transfers, local account details, and an international debit card, Wise empowers users to navigate the world of global finance with confidence and ease.
FAQs – Wise CAD account
How do I open a Canadian Dollar account with Wise?
To open a Wise CAD account, first register on their website or app using your email address or Google, Facebook or Apple account. Next, verify your identity by uploading required ID documents and a selfie. Finally, log in and select ‘Open a balance,’ and choose CAD as your currency.
What is the account limit for Wise in Canadian Dollars?
Send up to 9500 Canadian Dollars per day and up to 30,000 CAD weekly by direct debit with Wise. You can also send up to 30,000 CAD per transfer by debit or credit card and up to 1.5 million CAD by wire transfer and online bill payment.
How do I add Canadian Dollars to Wise?
To add Canadian dollars to your Wise account, first log into your account, then click on ‘Add’ in your balance. Choose the amount you want to add and select your preferred payment method, such as a bank transfer or card payment.
