Wise in Canada: is it a good option to take money for your trip or exchange? I recently tested the Wise account in Canada during my 8-day trip. I used the virtual card to make hotel and tour reservations online, I made payments using the physical card and I also made withdrawals.
In this article I will tell you about my experience using the Wise account in Canada!
Wise in Canada: how to take cash and debit card for travel or exchange
What is Wise?
Wise, formerly known as TransferWise, is a global financial platform offering money transfer and multi-currency account services. It is a company founded in the United Kingdom with headquarters in London.
It is a safe company, registered in the United Kingdom and recognized by the Central Bank of Brazil.
Wise Account how does it work?
The Wise account allows you to accumulate a balance in 40 different currencies, including the Canadian dollar. This way, you can make deposits into your account in dollars, euros, pounds sterling, Canadian dollars… Each of these currencies mentioned allows you to have bank details in the respective country within just a single Wise account and make international and local transfers using these details.
Wise uses the real exchange rate, offering transparency and savings of up to 7 times compared to transactions carried out by traditional banks.
You can make these deposits by paying in reais via pix little by little and save them for when it is time for your trip or exchange.
When creating your Wise account, there are no annual fees for the account or card, and if your account is opened in Brazil, there are also no fees for issuing the card!
Wise international debit card
I have been using Wise for many years and have tested the international debit card in more than 27 different countries. I think it's the Wise account function that I like the most! I use the Wise card a lot in Europe.
With this card you can pay for tickets, food, hotels, tours and everything you want during your trip. I used the Wise Account in Canada and had no problems.
With a Wise account, traveling is much easier! Using my link below, you make your first transfer of up to 500 GBP without paying Wise fees!
How to create an account at Wise
To get started, you need to go directly to the Wise official website and click create account.
In this step, you need to fill in some personal details such as name and telephone number, as well as an email address for your account. Choose a secure email that you don't normally use on other sites.
After filling in the details, you will receive an email to activate your account. Once you enter your password, you can log into your account and start using it.
Once your account is set up, you will have access to a suite of features, including the ability to
It is often necessary to send a document to increase the value of transactions. Don't worry, this step is a security requirement that is checked with the Central Bank.
4 Advantages of using Wise in Canada
Multicurrencies: The Wise card supports multiple currencies, which means you can use it in different countries without the need for complex conversions. In the case of Canada, you can create a balance in Canadian dollars and gradually deposit it into your account.
Transparent Fees: Wise is known for its transparent and competitive rates. When using the Wise card in Canada or anywhere else, you can avoid unpleasant surprises with hidden fees, as you know how much you were charged exactly at the time with notification via the app.
Security: The Wise account is protected by advanced security measures and you can also block your international debit card instantly through the app in case of loss or theft.
Total control: Through the Wise app, you can see the details of all transactions, monitor expenses, set card and transaction limits, and receive notifications in real time. In your cellphone.
Wise account in Canada: what you need to know
Before traveling to Canada, you need to take some precautions regarding your account.
The first is to download the application on your cell phone and log into your account to monitor your balance and transactions in real time.
Add balance in US Dollars or Canadian Dollars. Do not add reais to your account.
I suggest creating the account at least 1 month in advance of your trip, so the physical card will arrive at your home in time. When it arrives, unlock it at a bank teller (just entering the password) or use it to make a purchase at the market, for example.
Use a PIN that is easy to remember, but if you forget it, you can discover the PIN directly in the application. Just click card > see my PIN.
Wise Fees in Canada
You pay nothing to create an account at Wise, have a balance in more than 40 currencies and receive money. However, there are some fees (Wise needs to pay her bills too, right lol):
Sending money has a fee starting at 0.42% that varies depending on the currency.
You can make 2 free withdrawals of up to 350 CAD per month. If you want to withdraw more money, there will be a fee of 1.50 CAD per withdrawal plus 1.75% on the withdrawal amount.
There are no fees to receive money from other Wise or European accounts, but to receive via Wire in USD there is a fee of 4.41 USD and for CAD via SWIFT it costs 10CAD.
Wise Free Withdrawal in Canada
As I said above, Wise allows you to make 2 free withdrawals of up to 350 CAD per month. However, most machines in Canada have a “run fee” and charge 1.50 to 3CAD per withdrawal.
Within the Wise app there is a list of machines that do not charge this fee, but in Canada they all do. There is no escape.
My experience using Wise in Canada
My Wise account was created in the UK as I live in Scotland and use Wise on all my travels.
With the Wise digital card, I bought the plane ticket, made hotel reservations, train and bus tickets, as well as tour reservations in Niagara Falls and Casa Loma. I visited 5 different cities and had no problems in any of them.
With the physical Wise card, I paid for food, bought lots of souvenirs and made a withdrawal at a little store in Quebec. It was the only time I paid in cash, as until then I hadn't held a single Canadian dollar bill!
Oh and I didn't convert my currencies to Canadian dollars within my Wise account. As I had euros and pounds sterling, the Wise account can do an automatic conversion when paying for something. So, I didn't worry about seeing if there was a balance in a Canadian dollar account, for example.
In the video below I tell you more details about the Wise account in Canada, click to watch:
In summary, the Wise account in Canada, together with its international debit card, offers an efficient and cost-effective solution for those looking for a hassle-free financial experience in international transactions. Especially using automatic conversion!
With a Wise account, traveling is much easier! Using my link below, you can make your first transfer of up to 500 GBP without paying Wise fees!
Open an international account >>
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