Wise for newcomers in Canada: multi-currency account and chequing

What is Wise, and how is it regulated in Canada?

Wise is a company that moves and converts money between currencies. In Canada it operates as Wise Payments Canada Inc. Wise’s help centre lists:

• Registration with FINTRAC as a money services business (number M15193392).
• Registration with the Bank of Canada as a payment service provider under the Retail Payment Activities Act.
• A money services business licence from Revenu Québec (number 902804).

Wise says it is not a bank and “not a CDIC member institution.” It does not accept cash or cheques, and it does not offer overdrafts or loans.

What can newcomers use Wise for?

• Holding several currencies. You can keep balances in CAD, USD, EUR, GBP and other currencies, with no holding fee.
• Receiving money from abroad. Wise gives you local account details in several currencies, including a Canadian account and transit number.
• Converting money. Wise uses the mid-market exchange rate and shows its fee separately.
• Spending abroad. The Wise card has no extra foreign transaction fee; a conversion fee applies if Wise converts your money.
• Sending money home. Compare it with banks and other services in our transfer comparison.

For moving savings from your home country, see the best way to bring money to Canada.

What does Wise charge in Canada?

Source: Wise pricing and card fee pages for Canada, checked October 10, 2026. Wise’s CAD account page describes conversion fees as typically 0.35% to 2%. The fee depends on the currency, so check the exact quote in the Wise calculator before each transfer.

Worked example: Wise versus a bank

Receiving US pay. A US client pays you 3,000 USD by wire. Wise charges 6.11 USD, so 2,993.89 USD arrives in your Wise USD balance. At Simplii, for comparison, an incoming wire from another bank costs $10, and the bank then converts at its own rate.

Spending abroad. You spend the equivalent of $1,000 (CAD) in euros on a trip. Tangerine’s 2.50% conversion fee would add about $25. With Wise, the conversion fee depends on the currency; at the lowest rate Wise advertises (0.19%), it would be about $1.90. Some Canadian cards, such as the EQ Bank Card, also charge no foreign transaction fee.

Sending a wire. Simplii charges $30 to send a wire up to $10,000, before any exchange rate margin. Wise shows one fee and the mid-market rate. Always compare the total amount the recipient gets, not only the fee.

What is the Wise Chequing Account?

Wise launched a Canadian chequing account on September 14, 2026. Wise says it has no monthly fee. It supports pre-authorized debits. It also offers free Interac e-Transfer options for adding CAD or sending CAD to an Interac contact.

Interest. You can opt in to earn interest on CAD, USD, GBP and EUR in your main account and Jars. Rates are variable and set by Wise’s program banks. Wise says you must be a Canadian tax resident with a Canadian address and a valid SIN. Wise says it will issue tax slips starting in 2027 for 2026, for clients who earn over $50 in interest.

How is your money protected at Wise?

Wise uses two different protections, and Wise itself says they are not the same:

• Safeguarding. Wise keeps customer money separate from the money it uses to run its business. Wise says this is designed to protect your money if Wise becomes insolvent, but “safeguarding is not equivalent to deposit insurance.”
• CDIC, for the Chequing Account only. Wise says eligible chequing deposits are held in trust with a CDIC member institution. Coverage is up to the equivalent of $100,000 (CAD) per beneficiary, when CDIC’s trust disclosure rules are met. Wise’s launch release says this applies to all currencies held.

CDIC’s bulletin for fintechs (April 2026) says CDIC protection applies if the member institution holding the money fails, not if the fintech fails. Wise did not name the member institution on the pages we read. See CDIC deposit insurance explained.

Who might use Wise, and what are the limits?

• You earn or receive money in other currencies, such as freelance pay from abroad.
• You send money home often and want to see the fee and rate separately.
• You travel and want to hold the local currency before you go.

Limits to know:

• No cash or cheque deposits, no overdraft and no loans.
• No credit card, so it does not build Canadian credit history.
• Some promotions and features exclude Quebec residents.
• Many people also keep an account at a bank for cheques, drafts and in-person help. Compare options in best bank accounts for newcomers.

Common questions

Sources

• Wise Help: How Wise Payments Canada Inc. safeguards customer funds
• Wise newsroom: Wise launches Chequing Account in Canada (September 14, 2026)
• Wise: Pricing in Canada
• Wise: Card fees in Canada
• Wise Help: Earning interest if you live in Canada
• Wise Help: Account Bonus Promotion in Canada
• Wise: Canadian dollar account details
• CDIC: Information Bulletin for Fintechs (April 2026)
• CDIC: Deposits held in trust
• Simplii Financial: Products and Services Agreement (effective March 3, 2026)
• Tangerine: Bank fee schedule
• EQ Bank: Card fees and features

Checked against these sources on October 10, 2026. Spotted something out of date? Tell us.