Wise vs Wealthsimple 2024

Both Wise and Wealthsimple are digital first providers which offer personal and business account services in Canada. However, they’re quite different in focus. While Wise Accounts can hold and exchange dozens of currencies for day to day international use, Wealthsimple accounts are mainly offered in CAD, with more features for saving and investing for the future.

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 has a focus on international spending and payments, with multi-currency accounts and cards, which you can use to send, receive, hold, spend and exchange 40+ currencies. Wealthsimple offers a very broad array of products including many accounts for saving and investments, and a Cash Account which has a debit card - but predominantly operates in CAD. Which is right for you will depend on how you want to transact.

Wise Vs Wealthsimple: Side by side

Here’s an overview of some important features for both Wise and Wealthsimple, so you can get a flavour for the services on offer from each.

So, to summarise:

• Wise and Wealthsimple both offer services to personal and business customers

• Wise has accounts for Canadian residents and for residents of many other countries, Wealthsimple focuses on customers in Canada only

• Wealthsimple has several different chequing, saving, investment and retirement accounts, as well as business accounts, Wise offers personal and business accounts

• Wise has a multi-currency account to support 40+ currencies - Wealthsimple chequing accounts support CAD only, although some USD investment options are available

• Both providers offer debit cards which can be used globally

• Both providers offer international transfers, Wise serves more countries and currencies than Wealthsimple, and not all customers with Wealthsimple have this feature available at the time of writing

• Both providers are fully regulated and safe to use

The important bits

Costs, safety and customer satisfaction are important when choosing any financial service provider. Here are some factors you may want to compare if you're deciding between Wise and Wealthsimple.

*The speed of transaction claim depends on individual circumstances and may not be available for all transactions

Rates: Wise uses the mid-market rate, Wealthsimple uses the network rate for card spending

Fees: Both providers have no ongoing or account opening fee for personal accounts, but may have transaction fees based on your account use

Speed: Wise payments can be instant, with 90% arriving in 24 hours. Wealthsimple payments often arrive in hours but can take 5 days depending on destination

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 234k reviews, Wealthsimple is not active on Trustpilot

Pros and cons

The verdict: Which is better, Wise or Wealthsimple?

Wise and Wealthsimple are both specialist digital providers, and both offer an account for day to day use which comes with a debit card. However, they each also have plenty of their own unique features, which probably means one will suit you more than the other.

Wise is a good choice if you want to hold, send, spend, receive and exchange foreign currencies, when you travel, shop with international retailers, or when you need to pay or get paid in foreign currencies.

Wealthsimple is a great pick for people who primarily want to save and invest in CAD, and would like an associated CAD chequing account which has a card for local and overseas use.

This guide can help you learn more about each and decide if either is the best option for you and your money.

About Wise and Wealthsimple

Wise launched in the UK in 2011, and offers personal and business multi-currency accounts which can hold and manage 40+ currencies. When you convert currencies, you get the mid-market exchange rate and low, transparent fees. Accounts can also accept payments in select foreign currencies, send money to 160+ countries, and offer a linked Wise debit card.

Wealthsimple is a Canadian based online investment company which launched in 2014. There’s a large range of products to save and invest, as well as a high interest chequing account called the Cash Account. Cash Accounts offer linked cards for payments and withdrawals and can be used for day to day spending at home and abroad.

How do they work?

Wise offers one account for personal customers and one account for business customers. Features are similar, including broad international and multi-currency features and the option to send or receive foreign currency payments. You can also order a Wise card for easy spending and withdrawals at home and abroad as a personal customer and get debit or expense cards for business. It’s free to spend any currency you hold in your Wise account with your card, with the mid-market rate and low fees from 0.33% if you don’t have the currency you need in your account for spending.

Wealthsimple offers a very broad range of accounts including managed and self directed savings accounts, taxed and tax free savings, and the Cash Account which has a card and is more suited to day to day use. Some Wealthsimple features depend on the value of assets you place with the company - for example you get a better rate of interest and lower investment fees if you have over 100,000 CAD invested. For normal spending, the Cash Account has no ongoing fees and no foreign transaction fee for card use, but doesn’t support incoming international payments or allow you to hold foreign currencies.

Wise Vs Wealthsimple fees

Let’s look at Wise vs Wealthsimple on fees. We’ve focused on the costs of the Wise Account against the Wealthsimple Cash Account, to give the closest comparison. Wealthsimple offers many other products which have quite varied features and fees so do compare a few to see which might suit you before picking.

*Information taken on 1st of October 2024

Wise Vs Wealthsimple: Which is cheaper for international payments? 

Neither Wise nor Wealthsimple is a bank. Instead, they’re digital first services which have been built for online and in-app use. If you need to send a payment, a digital service provider might work out cheaper than a bank. That’s because digital services have lower overheads and have invested in new ways to move money which can be cheaper to operate.

Wise offers international money transfers online and in app, to 160+ countries, with the mid-market exchange rate and low, transparent fees from 0.33%. Wealthsimple offers international payments to around 30 countries, in partnership with Wise. Fees, rates and delivery times are available in the Wealthsimple app or online service when you set up your transfer.

Wise Vs Wealthsimple exchange rates

Wise customers get the mid-market exchange rate with a low conversion fee to pay, split out separately for transparency, from 0.33%. Because Wise offers multi-currency account features you can convert currencies in your account, when you send money to someone abroad or when spending with your card.

Wealthsimple doesn't support holding foreign currencies in the Cash Account. There are some Wealthsimple accounts for investing which allow you to transfer in USD, but only when the USD payment originates within Canada. So - the main time you’ll need to know the Wealthsimple exchange rate is when using your Cash account for overseas spending. In this case the card network - Mastercard - selects the rate used to convert your CAD to the required currency. The network rate is usually pretty fair, and you can get the live Mastercard rate online.

You can find today’s exchange rates and compare here: Wise exchange rates

Wise Vs Wealthsimple: Which is faster?

Wise international transfers can be instant, and most arrive in 24 hours. However, the delivery time does depend a lot on where you’re sending money to, the transfer value and the currency.

Wealthsimple payments overseas are managed in cooperation with Wise, and often arrive in a few hours, although some payment routes may take 2 - 5 business days to settle.

Wise Vs Wealthsimple: International transfer limits

Wise international transfer limits tend to be fairly high to allow customers to complete high value payments conveniently. However, they do vary depending on the details of the payment. Wealthsimple has a flat limit per day for personal customers using the Cash Account.

You can learn more about them here on the Wise transfer limits guide.

Wise Vs Wealthsimple: Payment methods

With Wise Canada you can use the following payment methods:

• direct debit (EFT)

• online bill payment

• debit/credit card

• wire transfer

• Interac e-Transfer

• Wise account balance

To fund your Wealthsimple account you’ll have several options. Exactly what you’re able to do may depend on the specific account type you have, but can include:

• linked bank account (direct deposit)

• debit card

• wire transfer

• Interac e-Transfer

• transfer of an investment from an investment account in your name

Wise card Vs Wealthsimple card

Both Wise and Wealthsimple offer physical and digital card options. Wealthsimple’s card is linked to the Cash Account and has very few fees.

Wise cards are optimised for international use which means you can spend foreign currencies you have in your account for free when you have enough balance. Here’s a quick comparison:

Wise vs Wealthsimple card: Where can you use them?

Both Wise and Wealthsimple cards can be used broadly overseas, wherever the operating network is supported.

Wealthsimple cards are on the Mastercard network, while the Wise card is usually issued as either a Visa or Mastercard, which are both commonly available internationally.

Wise Vs Wealthsimple for business

While both Wise and Wealthsimple serve businesses, their services are very different. Wise Business has accounts for freelancers and registered business owners with linked payment and expense cards and multi-currency features. Wealthsimple targets its services more at more established corporations which wish to invest in managed funds.

Ease of use

Creating an account: Wise accounts are opened and operated online or using the Wise app.  Wealthsimple accounts can also be opened online or in app

Making a transfer: Wise international payments can be made online or in-app. Wealthsimple overseas payments are available to select customers, online only

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. Wealthsimple overseas payments are available using linked bank account (direct deposit), debit card, wire transfer or Interac e-Transfer

Languages: Wise and Wealthsimple both offer support online, using the app, and by phone. Wise has multi-lingual services, Wealthsimple 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. Wealthsimple overseas payments are capped at 999.99 CAD per day

Supported currencies

Wise accounts can hold 40+ currencies and come with local and SWIFT account details to get paid in foreign currencies.

Wealthsimple chequing accounts hold CAD only, but there are USD options available for investment products.

Safety

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.

Wealthsimple is also FINTRAC registered and where customers deposit into a Cash Account, it safeguards funds by holding the money in a tier 1 bank, separate from its own operating capital.

Wise Vs Wealthsimple: customer service

With Wise the easiest option to access service is to log into your account and open a chat. You’ll be connected to an agent to get advice, and can be passed contact details or phone numbers if you need to speak to a specific department about your query.

Wealthsimple offers in-app chat support and phone help. If you’re a Premium or Generation customer with significant assets invested with Wealthsimple, you could also get priority support through the app.

Conclusion: Comparing Wise and Wealthsimple

Wise and Wealthsimple both offer unique features and services which could make them appealing to different customers. Wise has an international focus with accounts for day to day use which come with debit cards and have easy ways to send, spend and receive foreign currencies. Wealthsimple has more features aimed at investors and savers, with most products in CAD only.

If you want a day to day account and card for local and international spending and withdrawals, Wise may be for you. If you’ll be investing or saving - particularly if you’ve got a high value payment to deposit - Wealthsimple might suit you with some extra perks for high wealth individuals.

FAQs

What is the difference between Wise and Wealthsimple?

Wise is a digital provider which offers accounts to hold 40+ currencies with cards to spend in 150+ countries with the mid-market rate and low, transparent fees. Wealthsimple is also a digital provider but with more of a focus on CAD products and investments.

Which is better: Wise or Wealthsimple?

Neither Wise or Wealthsimple is better - they offer quite different products in many cases. Wise focuses on international accounts and card services with low fees and the mid-market rate, while Wealthsimple has an extremely broad range of accounts and investment products, predominantly for CAD use.

Is Wise or Wealthsimple cheaper?

Whether Wise or Wealthsimple is cheaper depends on the account type you have and how you use it. Both offer accounts for day to day use with no ongoing fees, but some transaction fees could apply when you access services. Compare all your options carefully before you pick.

Is Wise or Wealthsimple faster?

Wise transfers can be instant, and most arrive in 24 hours. Wealthsimple payments overseas are managed in cooperation with Wise, and often arrive in a few hours, although some payment routes may take 2 - 5 business days to settle.

How many currencies do Wise and Wealthsimple support? 

Wise accounts can hold 40+ currencies and come with local and SWIFT account details to get paid in foreign currencies. Most Wealthsimple products hold CAD only, but there are USD options available for investment accounts.