5 Alternatives to Wise in Canada [2025]
If you need to send payments overseas, you may have heard of Wise.
Wise offers fast international money transfers to 140+ countries, which use the mid-market exchange rate to convert your dollars to the currency you need.
Wise is popular with customers thanks to its intuitive app and transparent fees – but they're not the only option. Comparing a few sites like Wise can be a smart way to find the best provider for your specific payment.
In this guide, we'll look at some alternatives to Wise, to help you decide which service is best for you.
Quick summary: Which Wise alternative to choose when
While choosing the best provider for your needs will depend on the specific details of your transfer, here are some guidelines to consider if you're looking for sites like Wise for your next payment:
| Provider | 💡 Great for |
|---|---|
| Xe money transfer | Sending a payment to a less commonly used currency – 139 currencies and 220+ countries and territories are covered by Xe Money Transfer. |
| OFX | When you need specialist currency risk management services, or personalized support from a broker. |
| Remitly | Sending relatively small transfers on popular routes – a good range of payout options available. |
| Currencyfair | When you want a flat, predictable fee and low exchange rate markup for larger transfers. |
| PayPal | Sending to someone who uses PayPal regularly, and when speed and convenience are more important than cost. |
About Wise (formerly TransferWise)
Wise was launched in the UK in 2011, and now operates in all but a handful of countries around the world, helping over 12 million customers to send, receive, hold and exchange money.
Wise is working on making it easier, cheaper and more convenient to send and receive transfers across borders, driving down prices and making fees and delivery times as transparent as possible for customers.
Wise services include:
Wise money transfer: Low cost money transfers to 140+ countries
Wise multi-currency accounts to hold 40+ currencies
Wise debit card: International debit cards to spend in 150+ countries
Wise business accounts to receive payments in 20+ currencies, and spend with linked debit cards
Learn more: Full Wise review
When Wise might be a good option:
If you're sending money to a bank account in a supported country, and need a fast online or in-app payment
If you need to hold or exchange 40+ currencies in an online account
If you receive payments from overseas in foreign currencies regularly from 30+ countries
If you like to travel or shop online with international retailers – the Wise card has no foreign transaction fees to pay
If you're sending large international transfers – Wise offers automatic discounts on variable fees for high-value payments, starting from the equivalent of 20,000 GBP (around 36,700 CAD). The more you send, the cheaper it gets
Here's how the Wise variable fee discount works for high-value transfers:
| Transfer value (per month) | Wise variable fee discount |
|---|---|
| Up to 20,000 GBP or currency equivalent (around 36,700 CAD) | 0 |
| 20,000 GBP to 300,000 GBP or currency equivalent (36,700 CAD - 550,776 CAD) | 0.1% |
| 300,000 GBP to 500,000 GBP or currency equivalent(550,7776 CAD - 917,960 CAD) | 0.15% |
| 500,000 GBP to 1 million GBP or currency equivalent(917,960 CAD - around 1.8 million CAD) | 0.16% |
| Over 1 million GBP or currency equivalent (around 1.8 million CAD) | 0.17% |
*Correct at time of writing – 17th April 2025
More information on - Wise large amount transfers
When it may not be the best option:
If you want to send money for cash collection
If you're looking for an interest bearing account for saving
If you like face to face services in a branch
| Pros of Wise | Cons of Wise |
|---|---|
| ✅ Hold, exchange, send and spend 40+ currencies ✅ Mid-market exchange rate when sending money, converting in the Wise account, or spending with the Wise card ✅ Transparent fees and fast payment delivery times – 50% of transfers are instant ✅ No ongoing account or card fees – just pay for the services you use ✅ Accounts come with local account details for 8 currencies, plus international debit cards are available for spending in 150+ countries | ❌ Transaction fees apply, depending on how you use your account ❌ No branch services – so you can't pay in cash or get face to face support ❌ No option to send money for cash collection or home delivery ❌ Accounts are not interest bearing |
Wise money transfer alternatives in Canada
Below, we've listed 5 companies you can use as alternatives to Wise money transfer. We've taken their level of convenience, costs and security into consideration so you can decide who to use for your next international money transfer.
First, though, let's look at a quick side by side comparison for convenience:
| Provider | Supported countries for transfers | Transfer fees | Currency conversion | Limits | Transfer speed |
|---|---|---|---|---|---|
| Wise | Hold 40+ currencies, send to 140 countries | From 0.48, depending on currency and amount | Mid-market exchange rate Currency conversion starts from 0.48 | No limit when sending CAD via bank transfer Up to 1.5 million CAD via wire transfer | More than 60% of transfers are instant, 80%+ of transfers are delivered in less than an hour |
| Xe money transfer | 220+ countries | No to low fees thatvary by destination, amount, transfer speed, and payment method. | Exchange rate includes a markup | Up to 600,000 CAD | 24 hours - 3 business days depending on the currency you're sending |
| OFX | 50+ currencies to 170+ countries | 15 CAD for transfers under 10,000 CAD. Fee-free transfers over10,000 CAD | Exchange rate includes a markup | No maximum limit 200 CAD minimum limit | Usually within 24 hours |
| Remitly | 100+currencies; 170+ countries and territories | Fees vary based on currency and delivery service | Exchange rate includes a markup | 15,000 CAD | Express and Cash collection payments may be instantEconomy services may take several days |
| Currencyfair | Over 20 currencies and 150 countries | Flat rate of 3 EUR | A markup of 0.53% added to the exchange rate | No maximum limit stated | 1-2 business days |
| PayPal | 25+ supported currencies; 200+ countries | International payments: Pay with PayPal balance or bank account: 2.99-4.99 CAD.Pay with card: 2.99 - 4.99 CAD + 2.90% + fixed fee | 3% – 4% currency conversion fee applies | 5,000 CAD per transaction and 15,000 CAD per month | Payments arrive in PayPal accounts instantly Withdrawing to a bank account may take a day or two |
*Information correct as of 17th April 2025
Wise account and card alternatives in Canada
The Wise account and Wise card are designed to help you save money around the world, allowing you to make transfers to 140+ countries and supporting 40+ currencies at the mid-market exchange rate.
Ideal for those that are cost-conscious, you can save when sending, spending, and withdrawing money across the globe – with low and transparent fees.
Plus, with Wise account you can get local account details for 8+ different currencies, meaning you can receive money and make payments as if you were a local.
Whether you're a frequent traveler, business owner, or simply someone looking for smarter international financial management, Wise has you covered, all while keeping your money secure.
| Wise and alternatives | Coverage | Fees | Exchange rates | Card |
|---|---|---|---|---|
| Wise account | 40+ currencies for holding and exchange Spend in 150+ countries | No foreign transaction fee No account opening fee First 2 withdrawals up to total of 350 CAD in a month for no fee, then 1.5 CAD + 1.75%* | Mid market rate, currency conversion fees from 0.48 | Wise card |
| KOHO | CAD account only. You can use the KOHO debit card internationally anywhere Mastercard is accepted | One free international ATM withdrawal per month with the Extra or Everything plan. 2-3 CAD out-of-network-fee. No foreign transaction fee on premium plans | Markup on the exchange rate. 1.5% foreign transaction fee on the no monthly fee Essential plan | Prepaid Mastercard |
| PayPal | 25+ supported currencies Available in 200+ countries | No account opening fee Withdrawals: 1.75% of amount transferred and minimum and maximum fees apply Currency conversion fee: 3.0% to 4.0% above the base exchange rate | 3% or 4% conversion fee | Debit and credit card |
| OFX | Send to 50+ currencies to 170+ countries | No opening fee or monthly fees 15 CAD for transfers under 10,000 CAD. No fee for transfers over 10,000 CAD | Currency conversion includes a markup | No card available |
*ATM operators may charge their own fees
**Information correct as of 17th April 2025
1. Xe Money Transfer – send money to 220+ countries
Summary: Xe offers a range of currency tools and data, including live and historical exchange rate information. You can also use Xe Money Transfer to send payments to pretty much any country in the world, in a broad range of currencies. It's worth noting that while Xe's currency data shows the mid-market exchange rate, the rates used for sending payments with Xe do include a markup on the mid-market rate.
Best Features
Xe's main attraction may be in the sheer range of countries and currencies served. You can send payments to more or less anywhere you want, for delivery to bank accounts and cash pick-up in almost any currency.
| Pros of Xe Money Transfer | Cons of Xe Money Transfer |
|---|---|
✅ Send 139 currencies to 220+ countries and territories ✅ Large, established company processing $115 billion in payments annually ✅ Create your account online or by phone | ❌ Exchange rates include a markup on the mid-market exchange rate ❌ Fees and delivery times vary based on where you're sending money to |
2. OFX – fee free transfers, no max amount limits
Summary: OFX supports international money transfers from over 190 countries in more than 55 currencies. If you're making an online transfer, it is definitely worth looking at OFX as an alternative to Wise. In addition, OFX has personal broker services you can access by phone, any time of the day or night.
Best Features
OFX has an easy to use website and app, much like Wise. So if you like doing everything online, they could be a good option. However, if you prefer the reassurance of talking to someone when you arrange your payment, the phone service can be a great way to get connected with a broker 24/7.
| Pros of OFX | Cons of OFX |
|---|---|
✅ OFX is one of the oldest money transfer companies and they have the expertise to go with it ✅ Their rates are often better than the banks, especially for larger transfers ✅ 24/7 phone support | ❌ Exchange rates will include a markup which is a less transparent way of pricing compared with Wise ❌ No cash, cards, checks or bank drafts are accepted – payments by bank transfer only |
3. Remitly – Send small transfers to South America, Asia and Africa
Summary: Similar to Wise, Remitly is a company that was born online and has grown rapidly. Unlike Wise, however, they specialize in sending smaller transfers amounts or remittances to countries which are mainly in South America, Asia and Africa, and offer a range of payout options, including cash pickup, mobile money, and home delivery, depending on the recipient's location. Check out this Remitly review before you arrange your payment.
Best Features
Remitly offer to send your money "Express" which is faster, but comes with a higher fee or "Economy" which is cheaper, but can be slower. Like Wise, their site is easy to use and their fees, exchange rates and services are clear at each step of the way when making a transfer.
| Pros of Remitly | Cons of Remitly |
|---|---|
✅ Very easy to make a transfer ✅ Great range of payout options ✅ 24/7 customer support online or over the phone | ❌ Services vary by destination, and mainly cover common remittance routes ❌ Maximum transfer sizes apply |
4. Currencyfair
Summary: CurrencyFair is an online currency exchange platform that offers international money transfers with competitive rates. While it previously operated on a peer-to-peer model, as of 2023, CurrencyFair has transitioned to a more traditional exchange system. Customers can exchange to over 20 currencies and 150 countries from one multi-currency account.
Best Features
CurrencyFair uses a low, flat fee of €3 per transfer, plus an exchange rate markup of 0.53%. You can send money to over 150 countries in more than 20 currencies, via a user-friendly platform. Given the flat fee, it can be useful for larger transfers, where the savings compared to a bank or service with higher fees can add up.
| Pros of Currencyfair | Cons of Currencyfair |
|---|---|
✅ Competitive flat fee and exchange rate ✅ Easy to use and regulated by multiple financial authorities ✅ Multi-currency account to hold and manage over 20 currencies | ❌ Limited customer support options ❌ Transfers may take 1–2 business days |
5. PayPal – Instant worldwide transfers
Summary: PayPal is one of the world's most popular payment systems to purchase goods and pay for services. It is a convenient way to transfer money to people in the same country and internationally, if they also have an active PayPal account.
PayPal transfers are pretty much instant, and paying with your PayPal balance or bank account domestically comes with no fees. However, there is a 2.90 CAD + fixed fee to pay by card. Wise will generally have more straightforward fees – and can be cheaper – than PayPal for cross border transfers.
Best Features
Convenient and fast transfers to family and friends all over the world – you don't even need to know their bank account number to get started.
| Pros of PayPal | Cons of PayPal |
|---|---|
✅ Accept a variety of payment methods ✅ Send money to people using just an email address or phone number ✅ If you've used PayPal before, the process is very straightforward | ❌ Good for sending money within the same country, but can be expensive internationally. ❌ Several fees can apply to a single transaction, including a transfer fee and currency conversion charge |
Comparing money transfer apps like Wise
So – now we've introduced our Wise alternatives, let's compare each international money transfer app with Wise, to see which may work for you.
Xe Money Transfer vs Wise
You can send money with Xe to pretty much any country in the world, to be deposited into the recipient's bank account or as a cash pick-up for convenience. Xe fees vary and depend on the chosen currency, destination, and payment method and the exchange rate includes a markup on the exchange rate used to convert your Canadian dollars to the currency you need. If Wise doesn't support the country you're sending to, it's well worth seeing if Xe can help.
| Xe Money Transfer | Wise |
|---|---|
| Covers 220+ countries and 139 currencies | Covers 140+ countries for transfers, and 40+ currencies to hold in Wise Account |
| Fees vary by destination, speed, payment method, and amount | Transparent, low fees starting from 0.48% |
| Exchange rate includes a markup | Mid-market exchange rate |
Get a full Wise vs Xe Money Transfer comparison here.
OFX vs Wise
OFX has a slightly different range of services compared to Wise – including currency risk management solutions for individuals and businesses.
If this is what you're looking for – or if you simply want to talk through your payment with a broker before you get started, OFX may be a good fit.
| OFX | Wise |
|---|---|
| No fees on transfers over 10,000 CAD | Fees apply to all transfers, but high-value transfers come with discount |
| Exchange rate markup applies | Mid-market exchange rate |
| No maximum limit | No maximum limit when sending CAD via bank transfer. Up to 1.5 million CAD via wire transfer |
Learn more about Wise vs OFX in this guide.
Remitly vs Wise
Remitly might be a good Wise alternative if you're looking to send money instantly to be collected in cash at an agent location near to your recipient. Remitly has a couple of different service options which can also be handy – including lower cost economy payments and faster express services, so you can pick the one you need most.
| Remitly | Wise |
|---|---|
| Cash pickup, mobile money, and home delivery options | No cash pickup option |
| Express and Economy tiers with different speed/fees | One speed tier. 60% of transfers are instant, 80% of transfers are delivered in less than an hour |
| Good for smaller transfers to Asia, Africa, and South America | Better for medium to large bank transfers globally |
More on how Wise vs Remitly compare here.
Currencyfair vs Wise
CurrencyFair can be a good option for sending large international transfers thanks to its flat €3 transfer fee. In comparison, Wise currency conversion fees start from 0.48. However, Wise uses the mid-market exchange rate while Currencyfair adds a small exchange rate margin of 0.53%.
| Currencyfair | Wise |
|---|---|
| Flat €3 fee + ~0.53% exchange rate margin | Currency conversion fees starting from 0.48, mid-market exchange rate |
| Best for larger transfers | Low fees benefit small as well as high-value transfers |
| Multi currency account with 20 currencies | Multi currency account with 40+ currencies |
PayPal vs Wise
PayPal lets you send money instantly to other PayPal accounts around the world, with just an email address or phone number. If the person you're sending money to is already active on PayPal, and convenience and speed is the most important thing for you, PayPal could be a viable Wise alternative to pick.
| PayPal | Wise |
|---|---|
| Instant payments to other PayPal accounts | Instant payments to other Wise users via email, phone number, or @Wisetag |
| 3%–4% currency conversion fee + transfer fees | Mid-market exchange rate + currency conversion fees starting from 0.48 |
| Supports over 200 countries | Supports 140+ countries |
Still not sure? Check this Wise vs PayPal comparison guide.
Conclusion: Wise Alternatives
When it comes to sending an international transfer, you've got options. Wise is known for having great rates and low, transparent fees – but comparing a few apps like Wise before you make your payment is still a good idea. That way you'll know you're getting the best possible deal for your international money transfer.
Use this guide as a jumping off point to research different services like Wise, and pick the perfect fit for your needs.
FAQs on Alternatives to Wise Money Transfer
What is the best company to transfer money internationally?
Using a specialist provider can be cheaper than sending an international payment with your normal bank. However, services, coverage, fees and rates do vary between providers, so comparing a few is a smart move. Use this guide to get your research started and find the best available deal for your transfer.
Which is the best multi currency account?
Many specialist online and mobile services which offer international transfers also have multi currency account products for individuals or businesses. Check out the Wise multi-currency account, or the Currencyfair Multi Currency Account for online sellers to get some ideas about which might work for you.
What is the cheapest way to send money internationally?
Comparing a few different online and mobile specialist services will make sure you get the cheapest available international transfer, and beat bad exchange rates and high bank fees.