Wise Reviewed (Updated 2024)

Did you know that Canadians send over $5 billion abroad every year? Every time you send money abroad you have to pay conversion fees. Many services also charge transaction fees on top of that and not every institution is transparent about what fees it charges and why. Even when fees are low, little differences in costs can quickly add up on payments made repeatedly.

In this review,, we introduce Wise, an international money service committed to low fees. We look at its security and the fees it charges.

Our Wise money transfer review: the best value way to send money abroad?

Wise, formerly known as Transfer Wise, is a huge, multinational money transfer company that rates highly for security, ease of use and cost. It is one of the best and most popular money transfer services in Canada. Wise keeps fees low and does not charge an exchange markup. However, transfer times can be longer than other services and Wise is limited to only sending money to bank accounts, there is no cash delivery or pick-up as is an option with Ria.

Although the service is generally held in high regard when there is a problem some customers have expressed frustration with the complaints department.

In conclusion, Wise is the best and cheapest choice if you want to send money directly into someone's account.

What is Wise?

Wise is an international money transfer service. Originally called TrasnferWise, it was set up in 2010 in the UK. It started as a currency exchange service and allows you to hold multiple currencies in its accounts. The founders, Taavet and Kristo, are Estonians who live in London and wanted a better way to send money home.

Wise partners with companies and banks like GoCardless, EQ Bank and Flinks.

Wise is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), keeping your money safe.

Wise offers an account with an attached debit card which lets you spend money while travelling. The Wise card has low conversion fees and no transaction fees, meaning you can use your money without having to exchange money and carry large amounts of cash around with you.

How does Wise work?

Wise links accounts in local banks all around the world. Thanks to their global network, they are often able to use a transaction going in other directions to get you a cheap rate. For example, if you were sending CAD to a French bank account, Wise would look for someone sending Euros to a Canadian bank account. Since Wise would not have to purchase the EUR to complete your transfer, they can offer a more competitive exchange rate and fee.

The Wise account allows you to hold money in and convert money to 53 different currencies. You can send money to 80 countries. For a full list of coverage, including both currencies and destination countries, go to Wise's comprehensive list.

How to transfer money with Wise?

In this section, we will take you through how to use Wise to transfer money to another bank account using the Wise website.

How to sign up for Wise

1. Go to Wise.com
2. Set up an account using your email and by choosing a secure password
3. You can also create an account using your Google or Facebook accounts

How to transfer money with Wise

1. Sign in to your account
2. Type in how much you want to be transferred
3. Select starting currency and end currency
4. Choose what kind of transfer: debit card, credit card or personal transfer
5. Add the details of the account you are sending money to
6. Review details and send.

How to open a balance with Wise?

1. Go to Wise.com
2. Set up an account using your email and by choosing a secure password
3. Go through the identity verification process
4. Choose which currency you would like to add to your account
5. Choose payment method
6. Once the money is in your account you can convert it
7. You can spend money on your account with your Wise debit card

How much are Wise's fees?

Wise prides itself on having no hidden fees. In the table below you can see all the flat associated costs with different operations.

Fee	Wise payment	Receiving funds (except US wire transfer)	Receiving US wire transfer	Opening an account
Cost	0.41%	$0	4.14 USD	$0

To help you get a clearer understanding of Wise's fees by country we have created the table below which lays out examples for sending $100 to the 10 most popular recipient destinations. For these examples, we assume the payment is made by bank transfer (the cheapest option).

Destination country	Recipient gets	Fee	Total cost
India	5,865.08 INR	$2.12	$100
China	513.11 CNY	$2.74	$100
Philippines	4,177.42 PHP	$2.59	$100
Columbia	320,872 COP	$4.52	$100
Pakistan	15,461.74 PKR	$2.38	$100
Mexico	1,414.08 MXN	$2.6	$100
UK	64.57 GBP	$1.93	$107
USA	71.35 USD	$1.91	$100
France	73.65 EUR	$1.79	$100
Hong Kong	557.80 HKD	$2.32	$100

Interested in seeing Wise compared to leading competitors in terms of rates and fees?

Compare the top 10 money transfer platforms

Save money in just seconds

Is Wise money transfer safe?

Yes, Wise is a well-established and trustworthy international transfer and currency exchange service. In Canada, it is regulated by FINTRAC, which oversees all financial institutions.

• Money sent via Wise is 'safeguarded', kept in accounts separate from the business
• 2-step security login: text message, face recognition, or fingerprint.
• Anti-fraud teams are always available to help

Wise also offers regular updates on new scams and best practice cyber security. Users should consent to receive updates so they can stay on top of the best way to protect their money.

Wise vs Ria

To help you get a better understanding of how Wise measures up to its competitor in terms of speed, exchange rates and fees we have put together a comparison table showing how Wise looks compared to Ria.

You can see a breakdown when sending money to Phillippines from Canada using both Wise and Ria. The example considers the payment is made with either a debit card, with the recipient collecting the money via a cash pick-up.

Money Transfer Company	Payment Method	Transfer Fee (CAD)	Collection Method	Currency Conversion Offered	Amount Sent (CAD)	Money Received (PHP)
Ria	Debit card	$5	Cash pickup	1CAD = 42.80 PHP	$500	21,144.64
Wise	Bank transfer	$6.17	Bank Account	1 CAD = 42.8814 PHP	$500	21,176.12

Would you like to see how Wise and Ria compare against other leading, global money transfer services?

Compare the top 10 money transfer platforms

Save money in just seconds

OFX vs Wise

OFX is a major competitor in the money transfer market. While OFX has lower fees they have minimum transaction limits and can be susceptible to third-party costs which can result to lower money for the recipients. Wise on the other has one transparent fee for every transfer so that users will know the exact amount that will be paid and received with each transaction.

Another key difference is transaction rates. OFX has a percentage-based exchange rate fee based on the size of the transaction. Wise uses the market exchange rate no matter the size of the transaction making it so that the recipient can request the amount in the currency of choice and will know that is the amount received despite fluctuating exchange rates.

One of the largest differences between OFX and Wise is the minimum transaction amounts. Wise makes it much easier to send multiple small transactions with a standard fee on each transaction. OFX requires a minimum transaction amount built-in with their exchange rate markup. This means that if you need to do multiple small transactions it is easier to do so with Wise but if you pay in larger amounts at a time you can save money using OFX’s services as long as a third-party bank is not charging an additional fee.

As with most services, there are pros and cons to both OFX and Wise. Users should look into both companies and base their choice on how they would carry out transactions. Users should weigh the cost of Wise’s transaction fees against OFX exchange fees to find the best option for them.

If you are wondering how OFX stacks up with its competitors you can compare the best money transfer platforms on this website.