Wise offers international money transfers with no exchange rate markup, multi-currency business accounts and an international debit card to help you avoid foreign transaction fees. But if you’re searching for a Wise alternative in Canada, there are several apps like Wise to choose from.
To help you find the best money specialist for your needs, compare four leading Wise competitors below.
If you want to send international money transfers: Xe
Xe is a forex and international money transfer service that lets you send funds to 200+ countries. You can send money online or via Xe's highly-rated mobile app, and multiple payment and receiving methods are supported. We also like the fact that Xe is a Canadian company headquartered in Newmarket, Ontario. Full Review
Why it's one of the best
Transfer cost: Transfer fee varies depending on your payment method, the currency you send and the country you send money to. An exchange rate markup is also applied, but Xe's rates are generally quite competitive.
Payment options: Bank or wire transfer, EFT, debit card, credit card, Interac (CAD only), bill payment.
Receiving options: Bank account, mobile wallet, cash pickup.
Remitly offers international money transfers to over 170 countries and territories globally. You can send funds online or via an easy-to-use mobile app. You also have the option of choosing express delivery when you need to send an urgent transfer. With the app boasting an average rating of 4.9/5 based on over 1.6 million app store reviews and 4.8/5 based on over 859,000 Google Play reviews, you can be sure it's as user-friendly as they come. Full Review
Why it's one of the best
Transfer cost: Transfer fee varies depending on where you send money and your payment/delivery method but commonly ranges from $0.99 to $3.99. Free transfers are available in some cases. Exchange rate margins vary depending on the currency you send.
Payment options: Credit card, debit card, bank transfer.
Receiving options: Bank account, cash pickup, mobile wallet, home delivery.
Wide range of transfer destinations
User-friendly mobile app
Multiple payment and delivery options
Fast transfers
Low maximum transfer limits
No advanced transfer tools
Inconsistent exchange rate markup
Transfer Amount
$1 – $15000
Payout Method
Cash pickup location Bank account Mobile wallet Home delivery
OFX offers business and personal money transfers to over 170 countries. Founded in 1998 and headquartered in Sydney, Australia, OFX now has offices in Toronto, London, Dublin, Auckland, Hong Kong, Singapore and San Francisco. There's no maximum transfer limit, so it's perfect if your business needs to send large amounts. OFX also offers a Global Currency Account so you can hold funds in CAD and six other foreign currencies. Full Review
Why it's one of the best
Transfer cost: Transfers are fee-free when you send more than $10,000, while a $15 fee may apply for transfers of less than $10,000. Exchange rates are typically 1.5% or less above the mid-market rate.
Payment options: Debit card, bank transfer.
Receiving options: Bank account.
Established company
Offers limit orders and forward contracts to help you get the exchange rate you want
Large transfers are fee-free
24/7 support
Can only send to a bank account
$250 minimum transfer limit may not suit all businesses
Loop is a Canadian company that specializes in cross-border banking solutions for businesses. It offers CAD, USD, EUR and GBP accounts so that you can send and receive payments in countries where your business operates. This Wise alternative also offers business money transfers in 37 currencies plus a multi-currency credit card that lets you spend in CAD, USD, EUR and GBP. Full Review
Why it's one of the best
Transfer cost: There are no transfer fees. Exchange rate markup of 0.1% to 0.5% applies—0.5% with a free account, 0.25% with a Loop Plus account ($49 monthly fee) and 0.1% with a Loop Power account ($199 monthly fee).
You'll need to pay a monthly fee to get the best exchange rates
Some features still coming soon
Transfer Amount
No minimum – no maximum
Payout Method
Bank account
Pay By Method
Credit card Debit card Bank transfer Interac e-Transfer Wire transfer
Transfer Methods
Through app Online
What is Wise?
Wise (formerly TransferWise) was founded in 2011 as an international money transfer service and payment network. It offers money transfers to 170 countries for a competitive fee with zero markup on the exchange rate. Wise also provides a multi-currency account where you can receive, hold and convert funds in 40 currencies.
Another key product offering from Wise is a debit card for international travel. With the Wise card, you can take out up to $350 CAD per month from any international ATM with no fee. The Wise card is also compatible with both Google and Apple Pay.
In addition to personal money transfers, Wise offers business solutions for international money transfers, payroll and cash flow management.
Is Wise in Canada?
Yes, although Wise was founded in Europe, it has since expanded to operate in countries all over the world, including Canada, Australia, India, China, Japan and the US. In Canada, Wise is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and Authorité des Marchés Financiers (AMF).
Is Wise safe to use?
Yes, in addition to following safety guidelines from financial regulatory agencies around the world, Wise has a number of other security features in place to ensure your money transfers are safe. Unlike banks, Wise doesn’t invest your money but instead holds it in dedicated accounts or high-quality liquid assets.
Wise also provides dedicated anti-fraud teams and support teams along with two-step account verification.
Did TransferWise change its name?
Yes, TransferWise changed its name to Wise in 2021. While TransferWise primarily offered international money transfer services from its founding in 2011, the company has since added multi-currency accounts, a debit card and business solutions to its product lineup. In response to its expanded product offering, TransferWise changed its name to Wise a decade after its inception.
Can I use Revolut as an alternative to Wise in Canada?
Unfortunately, no. Although Revolut offers some similar services to Wise, Revolut is not available in Canada. Revolut was founded in the UK as a banking alternative app that also provides money transfer options. However, after entering the Canadian market for a short stint in 2019, it pulled out of Canada in 2021.
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services. When you have made your choice, select Go to site.
It depends on how much you want to transfer and where you want to send money to. Because Wise offers mid-market exchange rates with no markup, it's generally a competitive transfer option. But there may be cheaper or better alternatives to Wise for your specific transaction.
Because Wise only allows bank-to-bank transfers, you may need a more convenient money transfer service. That's why it's worth comparing safe, cheap and fast Wise alternatives like the ones listed here to make sure you're getting the best deal.
Some of Wise's best competitors include Xe, Remitly, OFX and Loop, all of which offer competitive fee structures and fast money transfer times. However, the best provider for you will vary depending on where you need to send money and what other services you're looking for, such as a multi-currency account.
Since Wise offers the mid-market rate on international money transfers, it's often cheaper than alternatives that charge an exchange rate markup along with a service fee. However, Wise charges transfer fees, and whether or not it's the cheapest option will vary depending on the details of your transaction. Compare Wise with a range of other money transfer services to work out which offers the best value for your specific transaction.
While Revolut has more financial product offerings than Wise, it's not available in Canada. That means Canadians considering Revolut for money transfers will have to consider alternatives like Wise, WorldRemit and OFX.
No, Wise only offers transfers to international bank accounts. So if you want to send a cash pickup transfer, you'll need to consider a provider that offers this service, such as Western Union, MoneyGram or WorldRemit.
Yes, the Wise card is available in Canada. This international debit card lets you withdraw up to CAD $350 per month from foreign ATMs without paying any foreign transaction fees.
If you're looking for alternatives to the Wise card for international travel, consider debit cards that come with no foreign transaction fees and a large global ATM network, like EQ Bank or Scotiabank debit cards. Learn more about the best debit cards for international travel.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
An international money order may not be the best option for sending money overseas. Learn more about money orders in Canada, and find out about other ways to transfer funds abroad.
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