Wise
Wise is a one-stop shop for borderless banking. The platform enables international payments with low fees. Furthermore, Wise’s features extend to receiving, holding and spending across multi-currency accounts.
With one click, you can open a balance in a specific currency and convert it to another currency as desired. However, the functionality changes across currencies. For example, some currencies are only eligible to send – you can’t hold a balance or receive payments in those currencies. Having other currencies allows the exchange of Wise account information, making receiving funds from foreign institutions possible. Wise’s exchange rates are are also consistently better than the ‘Big Six’ banks.
Furthermore, Wise includes its own debit card, the “Wise card”, to which funds can be added in various ways. The card automatically converts currencies or deducts from the relevant balance. However, the Wise Card is available only to Wise account holders who are residents of the following countries:
- Canada
- Australia
- Brazil
- EEA (European Economic Area)
- Japan
- Malaysia
- New Zealand
- Philippines
- Singapore
- Switzerland
- UK
How it works: To begin, you’ll need a free Wise account. You can then send international payments from your Wise balance or a linked payment option. Enter the receiving party’s details, currency and desired deposit method as usual. Before sending, Wise confirms a clear exchange rate, cost and delivery timeline. You can track payments in your account.
Payment options: Direct debit (EFT), online bill payment, debit card, credit card, Apple Pay, Google Pay, wire transfer, Interac e-Transfer.
Fees: No monthly account fee; converting currencies and sending money is subject to a fee of at least 0.35%; ATM withdrawals of up to $350 CAD per month are free, while anything over that is subject to a 1.75% fee, plus $1.50 CAD per withdrawal; topping up e-wallets incurs a 2% fee; up to $10 CAD fee for receiving particular payment methods.
Speed: Commonly, same-day transfers, though it can take longer. Wise displays an expected delivery timeline before confirming your payment.
Transaction limits: When sending from CAD, the limits vary by transaction type: $9,500 daily, $30,000 weekly by direct debit; $3,000 by debit or credit card; $1.5 million by online bill payment and wire transfer; $25,000 by Interac e-Transfer.
