Wise vs Tangerine 2024
If you’re looking for ways to manage your money digitally, at home and abroad, you may have heard of both Wise and Tangerine. Both providers offer digital accounts you can manage from your phone, with debit cards for local and international spending. However, where Wise accounts come with multi-currency features, Tangerine has primarily CAD accounts, plus saving and credit card options. This guide walks through where they’re similar - and different - to help you pick the right one for you, looking at accounts, cards, international transfers, and more.
Summary: Wise offers multi-currency accounts with linked debit cards, which you can use to send, receive, hold, spend and exchange dozens of currencies. Tangerine has a focus on the Canadian market, and chequing accounts can’t be used for sending or receiving foreign currency payments. Which is right for you will depend on how you want to transact.
Wise vs Tangerine: side by side
Wise and Tangerine are both safe, regulated and popular providers with digital account and card services. However, their services aren’t quite the same. While there is some overlap, there are also important differences, particularly when it comes to international features. Here’s a quick head to head comparison.
| Feature | Wise | Tangerine |
|---|---|---|
| Eligibility | Personal and business customers in Canada and many other countries | Personal and business customers in Canada |
| Account types | Wise account for business or personal | Chequing and saving account options |
| Multi-currency account features | Hold CAD and 40+ other currencies Local account details available for 8+ currencies | Chequing accounts hold CAD only USD saving accounts available |
| Debit cards available | Y - the Wise international debit card | Y - chequing accounts have cards |
| Credit cards available | No | Y - 2 different credit card types offered |
| Send international payments | Send to 160+ countries, 40+ currencies | Tangerine accounts can not send international payments |
| Receive international payments | Yes - with local account details or SWIFT | Tangerine accounts can not receive international payments |
| Fully licensed and regulated | Yes | Yes |
So, to summarise:
Wise and Tangerine both offer services to personal and business customers
Wise has accounts for Canadian residents and for residents of many other countries, Tangerine focuses on customers in Canada only
Tangerine has several different chequing and saving accounts, as well as credit cards, Wise offers personal and business accounts
Wise has a multi-currency account to support 40+ currencies - Tangerine chequing accounts support CAD only, although there is a USD saving account option
Both providers offer debit cards which can be used globally - Tangerine has a credit card, Wise does not
Wise offers international transfers, Tangerine does not
Both providers are fully regulated and safe to use
The important bits
Next, let’s take a comparison of Wise vs Tangerine on costs, features and reliability - we’ll dive into this in more detail later.
| Wise | Tangerine | |
|---|---|---|
| Rates | Wise exchange rate: Mid-market exchange rate with no markup | Tangerine charges a 2.5% foreign transaction fee for card spending abroad |
| Fees | No fee to open a Wise account, no ongoing fees No fee to spend a currency you hold Transfer fees vary by destination - from 0.33% | Chequing accounts have no ongoing fees Some transaction fees do apply, such as for out of network ATM use |
| Speed for international transfer | More than 60% of payments are instant, 90% arrive in 24 hours | Not available from Tangerine |
| Service | Online, in app and by phone | Online, in app and by phone |
| Safety | Fully regulated and licensed | Fully regulated and licensed |
| Reviews (TrustPilot) | 4.3 star, Excellent rating, from 225k+ reviews | 1.3 star, Bad rating, from 1.5k+ reviews |
Rates: Wise uses the mid-market rate, Tangerine has a 2.5% foreign transaction fee on card spending
Fees: Both providers have no ongoing or account opening fee, but do have transaction fees based on your account use
Speed: Wise payments can be instant, with 90% arriving in 24 hours. Tangerine doesn’t offer international transfers
Service: Both providers offer service online, in-app and by phone
Safety: Both providers are fully licensed and regulated
Reviews: Wise has an Excellent rating with over 225k reviews, Tangerine gets a Bad rating from 1.5k listed reviews
Pros and cons
| Wise | Tangerine |
|---|---|
| ✅ Accounts can hold and exchange 40+ currencies ✅Mid-market exchange rates ✅ Debit cards have no foreign transaction fee ✅No ongoing charges ✅ Send money overseas to 160+ countries | ✅Different account types, as well as credit cards available ✅All chequing accounts have a linked card ✅No ongoing charges ✅Accounts are interest bearing ✅Backed by the Bank of Nova Scotia |
| ❌ Transaction and currency conversion fees apply ❌ No credit cards offered | ❌ Some transaction fees still apply, including out of network ATM costs ❌ 2.5% foreign transaction fee applies on card spending |
The verdict: Which is better - Wise or Tangerine?
Wise and Tangerine are both safe and trustworthy providers which may suit customers in Canada who want to manage their money digitally rather than needing to stand in line in a branch. However, their focus is a bit different - Wise lets you manage CAD alongside dozens of other currencies, while Tangerine customers can get CAD chequing accounts only. Instead, Tangerine has a broader range of CAD services, such as saving accounts and credit cards, which may appeal to a different customer niche.
If what matters to you is having ways to hold and exchange multiple currencies in your account, as well as options to send payments overseas, Wise may be a better fit.
If you’ll be transacting only in CAD, but need a range of financial services including a credit card, Tangerine might just be the provider for you.
Use this guide to learn more about each and decide if either is the best option for you and your money.
About Wise and Tangerine
Wise (originally TransferWise) has been around since 2011, and offers personal and business multi-currency accounts which can hold and manage 40+ currencies. You can accept payments in 8+ currencies with local details, spend using a linked Wise debit card, and send money to 160+ countries with the mid-market exchange rate and low, transparent fees.
Tangerine has been on the scene for over 20 years, starting out as ING Direct. It’s a wholly owned subsidiary of The Bank of Nova Scotia and offers CAD chequing accounts, CAD and USD saving accounts, debit and credit cards. Services are available for personal and business customers.
How do they work?
Wise accounts can be opened online or in app, to hold, send or receive foreign currency payments. You can also order a Wise card for easy spending and withdrawals at home and abroad. Wise customers can send an international transfer with the mid-market rate and low, transparent fees from 0.33%. If you have a card, it’s free to spend any currency you hold in your Wise account - or just leave your balance in CAD and let the card do any required conversion for you, with low fees from 0.33% and no foreign transaction fee.
Tangerine chequing accounts are designed for use in CAD only. You can get a debit card for easy spending at home and abroad, but there’s a 2.5% foreign transaction fee when you use your card overseas. Chequing accounts can’t be used to send or receive international payments. As well as chequing account products, Tangerine has savings accounts including a USD option.
Wise vs Tangerine fees
Costs matter - here’s a quick rundown of the key fees you’ll meet with both Wise and Tangerine.
| Service | Wise | Tangerine |
|---|---|---|
| Open an account | No fee for personal customer 42 CAD for business customers | No fee |
| Order a card | No fee | No fee |
| Spend with your card | No fee to spend currencies you hold Currency conversion from 0.33% when you don’t hold the right balance | No fee to spend CAD 2.5% foreign transaction fee for overseas spending |
| ATM withdrawals | 2 withdrawals a month, to the value of 350 CAD free - 1.5 CAD + 1.75% after that | In network withdrawals are free Local out of network fees of 1 CAD International out of network fees of 3 CAD |
| Receive a payment | Free to receive payments in 10 currencies using local bank details 10 CAD fee to receive payments via SWIFT in CAD 6.11 USD to receive a USD wire (ACH payments are free) | No fee to receive CAD Overseas payments are not supported |
| Send a payment | From 0.43% | Not available |
| Currency conversion | Mid-market exchange rate | 2.5% foreign transaction fee |
*Information taken on 1st of July 2024
Wise vs Tangerine: Which is cheaper for international payments?
Using a digital service provider to send and receive international payments can often work out cheaper compared to a bank. Digital providers have lower overheads and may pass this on to customers in the form of lower fees.
When you send money overseas with Wise you’ll get the mid-market exchange rate and low, transparent fees from 0.33% for any overseas payments. Transfers can be arranged online and in app, to 160+ countries. Tangerine does not offer international payments.
Wise vs Tangerine exchange rates
As we’ve seen, Tangerine doesn’t support incoming or outgoing international payments, and accounts hold CAD only. However, you can still spend with your Tangerine card overseas. In this case, the exchange rate is set by the card network, with a foreign transaction fee of 2.5% added to your final bill.
Wise uses the mid-market exchange rate if you need currency conversion either within your account, to send a payment, or to spend with your card. There’s then a conversion fee to pay, which is shown separately for transparency, and which starts from 0.33%.
Wise vs Tangerine: Which is faster?
Wise international transfers can be instant in about 60% of cases, and over 90% arrive in 24 hours.
Tangerine doesn’t offer overseas transfers - which means you can’t send funds abroad or receive foreign currencies to a Tangerine account.
Wise vs Tangerine: International transfer limits
Wise international transfer limits can depend on the currencies involved. Some payment methods have lower limits than others, which you’ll see in the app or online when you set up a transfer. The highest limit when sending from CAD is 1.5 million CAD when paying by online bill payment or wire.
Usually you can send around 1 million GBP or the currency equivalent if you’re sending in a currency other than CAD.
Wise vs Tangerine: Payment methods
If you want to add money to Wise, or to use Wise to send a payment overseas, you can use the following payment methods:
direct debit (EFT)
online bill payment
debit/credit card
wire transfer
Interac e-Transfer
Wise account balance
You can add money to Tangerine chequing accounts using methods including direct deposit, interac and cheque.
Wise card vs Tangerine card
Wise accounts offer a linked debit card you can use to spend and make ATM withdrawals at home and abroad. Tangerine chequing accounts also come with a debit card - plus you can get a credit card from Tangerine if you want one.
The way Wise and Tangerine work for cards varies a little - here are a few key points:
| Wise card | Tangerine card |
|---|---|
|
|
Wise card vs Tangerine card: Where can you use them?
Wise cards can be used in 150+ countries, with no foreign transaction fee. You can use the debit and credit cards from Tangerine anywhere the issuing network is accepted. Tangerine cards are Mastercard, while the Wise card is usually issued as either a Visa or Mastercard, which are both very broadly supported internationally.
Related: How to use Wise card abroad
Supported currencies
Wise accounts can hold 40+ currencies and come with local account details for 8+ currencies, plus ways to get paid through SWIFT in foreign currencies where needed. Learn more: How to receive money with Wise
Tangerine chequing accounts hold CAD only, but there are USD options available for savings products.
Wise vs Tangerine for Business
Both Wise and Tangerine offer business services. However, while Wise has more of a focus on day to day transactions and card spending, Tangerine is set up to offer savings and investment products for businesses in Canada. Here’s a quick overview of some key points:
| Wise Business | Tangerine Business |
|---|---|
|
|
Ease of use
Creating an account: Wise accounts are opened and operated online or using the Wise app. Tangerine accounts can also be opened online or in app
Making a transfer: Wise international payments can be made online or in-app. Tangerine doesn't offer overseas payments - use Wise instead
Ways to send money: Wise transfers can be funded by direct debit (EFT), online bill payment, debit/credit card, wire transfer, Interac e-Transfer and Wise account balance. Tangerine doesn't offer overseas payments, but you can use Tangerine to send a local CAD Interac transfer
Languages: Wise and Tangerine both offer support online, using the app, and by phone. Wise has multi-lingual services, Tangerine has English and French available
Minimum & maximum amounts: Wise limits depend on which currencies you send to and from, and how you pay - typically where limits apply they’re set at around the equivalent of 1 million GBP per transfer. Tangerine does not offer overseas payments
Safety
Wise and Tangerine are both regulated providers which are safe to use.
In Canada, Wise is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and uses strong digital security measures on all accounts and transfers. As a global company Wise is also overseen by a selection of bodies all around the world.
Tangerine is a wholly owned subsidiary of The Bank of Nova Scotia, fully regulated, and a CDIC member in its own right.
Wise vs Tangerine: customer service
The easiest way to get support for Wise is to log into your account online or in the provider app and start a chat with a member of the team. Tangerine also offers a chatbot service to give answers to basic questions.
If you’re using Wise, you can open a chat to get advice about your issue, and get further contact details or phone numbers if you need to speak to a specific department about your query. If you need to talk to a team member at Tangerine you can get the appropriate number to call, online or in app. Different account numbers have their own phone contact details, and service hours.
Conclusion: Comparing Wise and Tangerine
If you’re looking for a digital account you can operate online or in an app, with a linked debit card for local and international spending, either Wise or Tangerine might suit you. However, they do have somewhat different features, particularly when it comes to international spending and multi-currency use.
If you’d like to hold a range of currencies in your account, or send and receive foreign currency payments with your account, Wise is the better choice. Tangerine chequing accounts can’t be used to send or receive foreign currency wires - but Tangerine does have the benefit of also offering additional products like credit cards which aren’t available from Wise. Use this guide to weigh up your options, and decide if either Wise or Tangerine are right for you.
FAQs
What is the difference between Wise and Tangerine?
Wise and Tangerine have varied products available. Wise offers multi-currency accounts to send, receive, hold, spend and exchange dozens of currencies. Tangerine chequing accounts can’t be used for sending or receiving foreign currency payments - but they do also have USD savings products, and credit cards on offer.
Which is better: Wise or Tangerine?
Neither is outright best - which is right for you will depend on how you want to transact. If you need to send and receive foreign currency payments, Wise may be your best bet. If you’re looking for a credit card or prefer to use a provider backed by a local Canadian bank, try Tangerine.
Is Wise or Tangerine cheaper?
Both Wise and Tangerine have day to day accounts with no ongoing fees. Costs beyond that can vary. For example, Tangerine has a 2.5% foreign transaction fee for card spending, while Wise uses a low conversion charge from 0.33%, and no foreign transaction fee. Compare both options to work out which is cheapest for you, based on how you’ll transact.
Is Wise or Tangerine faster?
Wise international transfers can be instant in about 60% of cases, and over 90% arrive in 24 hours. Tangerine doesn’t offer overseas transfers.
How many currencies do Wise or Tangerine support?
Wise accounts can hold 40+ currencies. Tangerine chequing accounts hold CAD only, but there are USD options available for savings products.