How to open a Wise account in Canada

Wise offers personal and business multi-currency accounts which you can use to hold 40+ currencies, spend in 150+ countries, and get paid like a local from 30+ countries. Plus, every time you need to convert from one currency to another, to send a payment or spend on your Wise card, you’ll get the mid-market exchange rate with low, transparent fees.

This guide to opening a Wise account in Canada covers all you need to know about types of Wise accounts, account verification, required documents, getting set up with your account, and more.

How to open a Wise account

Wise multi currency accounts are opened and managed online or in the Wise app, with a fully digital account registration process.

Once you’ve opened your Wise account you can send payments to 160+ countries, hold a balance in 40+ currencies, and access local account details for up to 10 currencies to get paid easily. If you’d like, you can also order a Wise debit card for convenient spending and withdrawals around the world.

Wise Account opening: Step by step

1. Open the Wise desktop site or app and click on Create account

2. Enter your email address

3. Tap the type of account you want to open – personal or business

4. Confirm your country of residence

5. Verify your mobile number with a code

You’ll be asked to complete a verification step for security, usually by uploading images of some ID documents and confirming your personal and contact information. More on that, next.

What do I need to open a Wise account?

You can open a Wise Canada account entirely from your computer or smart device. To open a Wise multi currency account you’ll need to have the following information:

• Your personal and contact information

• Valid proof of ID

• Valid proof of address

For Quebec residents, you’ll always need to provide a copy of a valid government-issued photo, like a passport, driver’s licence or national identity card.

Wise can accept a range of documents to verify customers’ identity and address – all you’ll need to do is to take a quality image of the documents you’re using, and upload them within the Wise app. If you have any problems you can simply reach out to the Wise team using the chat feature to get advice.

Examples of required documents for opening Wise account

Here are some common examples of the documents used to prove your ID and address when getting verified with Wise:

Wise account opening requirements

Opening a Wise account is easy and open to anyone over the age of 18 living in one of many countries that Wise operates in. Registering online takes minutes and you’ll need to verify your identity with photo ID, proof of address and/or a selfie with you holding your ID.

Wise account verification

As a financial service provider, Wise (formerly TransferWise) must verify customer accounts before they can be used. This is an important step in keeping customers and their money safe – and it can be done entirely online or in the Wise app.

Getting verified with Wise is pretty straightforward. For a smooth verification experience, make sure your ID document is valid, and use a clear photo which captures all the important details of the document. You’ll also need to check the document you’re providing includes your full name, current address and date of birth. Once everything is uploaded, the Wise team can verify your account pretty quickly, or at least within a day or two.

How to know if your Wise account is verified

Once your Wise account has been verified you’ll get an email notification. If you’re sending a Wise transfer you’ll also be notified that your payment is on its way.

And don’t worry if you’re looking to receive a payment with Wise – you can receive money with Wise without verification. Just make sure the person sending you money has all your local account details, and your transfer will be deposited right into your normal bank account.

Why is Wise asking for ID?

As a financial service provider, Wise must verify customers to comply with the law and keep accounts safe. Banks have to do the same when you set up an account – asking for some ID is all part of the verification process used to ensure customers and their money are secure, and accounts can’t be used fraudulently. Learn more about Wise safety.

How to open a currency balance in your Wise Account

With a Wise multi currency account, you can open balances easily from the Wise mobile app or desktop site.

Here’s how to open a currency balance in your Wise account:

1. Log into your account on the Wise app or desktop site

2. Click on the + Open button, and then select ‘Balance‘

3. From the list of currencies, select the currency you want to open a balance in.

4. Your balance will be opened instantly, and you can start using it.

You can top up your account in various currencies and there are different payment methods available with varying fees to top-up. Any money you add will be available for you to spend after, using your Wise card if you have one, or you can use the balance to send a payment to someone in a currency of your choice.

How to set up a Wise account to receive money

When you open a Wise account you’ll be able to access local account details for up to 10 currencies. You can then use these account details to receive money to your Wise account from 30+ countries using a local transfer. Just get your local account information from the Wise app, and share them with the person sending you money – easy for you and easy for the sender, too.

There’s also a handy Wise request payments feature which lets you generate a payment link you can send to someone, to make getting paid even faster. In the next section, we’ll cover how to get your Wise Account details.

How to get your Wise Account details

Once you’ve opened a currency balance in any of the 10 supported receiving currencies, you can get your own local account details to allow others to send money to you using a local transfer.

Here’s how to find your Wise account local account details:

1. Log into your account on the Wise app or desktop site

2. Tap the currency balance you need details for

3. Click Receive and View and share account details

4. You’ll be able to generate a shareable link which gives your account details

Once your account is up and running you can use the 10 local account details to receive money from over 30 countries. It’s free to receive incoming payments in supported foreign currencies, but there is a 10 CAD fee to receive CAD by SWIFT and a 4.14 USD fee if you’re receiving a USD wire.

Wise account details

Do I need a bank account for Wise?

You do not need a bank account to receive a payment with Wise. You can simply open a digital Wise account and use your Wise local account details to get in 10 currencies.

Although, it's also possible to receive money into your bank account with Wise, if you are the recipient of the transfer. You can simply give your bank account details to the sender, and they can use Wise to transfer money to your account, and the funds will be directly transferred to your bank account.

What is the minimum deposit for a Wise account?

There’s no minimum deposit requirement for a Wise account. To access some features for the first time, you may be asked to top up your account, but the funds are yours to send, spend or withdraw however you’d like to once the feature has been activated.

How much money can I hold in my Wise account?

It’s free to hold money in your Wise multi currency account, and in most cases there’s no limit to the amount you can hold, especially if you have a Canadian account.

Some Wise US customers with Wise routing numbers that begin with 026 are subject to holding limits – but these are set very high, from 35 million USD per year for personal customers. Likewise, there are additional limits if your registered address is in one of the following countries: India, Japan, Malaysia, Philippines and Singapore.

Does Wise charge a monthly fee?

There’s no monthly or annual fee to pay for the Wise multi currency account or Wise debit card.

You may be asked to pay a one time fee for some Wise features – like ordering a Wise card – but after that you’ll only pay Wise’s low transaction fees when you use your account.

Can I use Wise as a normal bank account?

Wise isn’t a bank, and the Wise account won’t necessarily come with all the same features you’d get from a bank. Wise accounts can be used for everyday transactions in Canada and abroad, but it’s important to read through the account’s terms and conditions so you understand the differences between Wise and a standard bank, to help you choose how to use your Wise account.

Can you open a Wise account without a Canadian address?

You’ll be asked to prove your residential address when you open a Wise account. That means that to open a Wise account in Canada you’ll need a Canadian address.

However, to open a Wise account you don’t need to be a Canadian citizen, passport or visa holder. Wise multi currency accounts can also be opened from a broad range of other countries, so if you’re a foreign resident you may still be able to open your Wise account with your local proof of address from wherever is home for you and get Canadian local account details.

How to open a Wise business account in Canada

Wise business accounts have all the perks of a Wise personal account with some extra business friendly features, too. You can hold 40+ currencies, get paid by customers around the world with local account details for 10 currencies, and pay contractors, suppliers and staff in 160+ countries. Whenever you need to convert from one currency to another you’ll get the mid-market exchange rate, with low, transparent fees.

Here’s how to open a Wise business account step by step:

1. Open the Wise desktop site or app and click on Create account

2. Enter your email address and confirm you’re opening a business account

3. Add details about yourself and your business

4. Upload any required verification documents

5. Start a transfer and pay the one time 42 CAD fee for full Wise business account access

6. Once your verification is complete, you’ll be notified and can use your account freely

Requirements to open a business account

Wise business accounts are available to Canadian based freelancers, entrepreneurs and business owners. The exact documents and information you’ll need to register a Wise account can vary based on the business type. However, in general you’ll need:

• Business name and Canadian address

• Full personal details and details of your business

• Incorporation documents based on the type of company you run

The account holders, and any team members you want to add to the account, will also need to be verified, usually by adding images of some ID and address documents. The whole process can be done online or in the Wise app, and the Wise team can always help if you’re not sure what documents or details are required in your situation.

How to set up Wise business account to receive payments

Wise Canada business customers can get their own local account details for 10 currencies, to make it easy for customers to pay from 30+ countries. Simply give the account details to anyone sending you money, add to your invoices or generate a Wise payment request, to have funds deposited directly to Wise. You can also add your local account details to marketplace sites and PSPs to get paid in a selection of currencies easily.

Here’s how to open a currency balance in your Wise business account, and receive payments:

1. Log into your account on the Wise app or desktop site

2. Select the currency you want to open a balance in

3. Click on Get account details, and top up your account if you’re opening a balance for the first time

4. You may need to complete a verification step – this can be done right from your phone

Once you have a currency balance set up, you can give your local account details to anyone sending you a payment. To get your local account details with Wise here’s what you’ll do:

1. Tap the currency balance for the currency you want to be paid in

2. Click Receive and View and share account details

3. You’ll be able to generate a shareable link which gives your account details

What is a Wise Account?

Wise is a fintech company which exists to make it easier for individuals and businesses to hold, send, spend and receive foreign currencies. You can open a Wise multi currency account online or on the Wise app, hold 40+ currencies, and order a linked international debit card for spending in 150+ countries. Read our Wise multi currency account review to learn more.

Wise stands out because of its feature packed accounts which offer flexible and low cost ways to manage your money across currencies. All Wise currency exchange uses the mid-market exchange rate, and fees which start from 0.39%. That can mean you save compared to using a bank – with no foreign transaction fees, minimum balances or maintenance costs to worry about.

Learn more: Wise Account Review

What are the advantages of a Wise account?

Not sure if Wise is for you? Here are some of the features and benefits available with Wise, for you to consider:

• Open a Wise account online or in app, to hold 40+ currencies

• Get a Wise card for spending and withdrawals in 150+ countries

• Send payments to 160+ countries and get paid like a local from 30+ countries

• Convert currencies with the mid-market exchange rate and low fees from 0.39%

• Accounts available for personal and business customers around the world

Conclusion: How to setup a Wise account in Canada

Wise accounts are flexible and low cost, with great international features, which makes them a good choice for anyone who loves to travel or shop overseas, business owners paying and getting paid in foreign currencies and more.

It’s easy to open a Wise account online or in-app, to hold 40+ currencies and spend around the world with your linked Wise international debit card.

Wise converts currencies with the mid-market exchange rate, with low, transparent fees for the services you need – which can mean that you get a better deal overall.

How to open Wise account FAQs

Does the Wise account work in Canada?

Yes, the Wise account works in Canada and most countries around the world, allowing you to manage your money in multiple major currencies.

Can I open a Wise account online?

Yes, you can. Head to the Wise desktop site and click Create an account to register your Wise account in Canada. You’ll just need to add a few personal and contact details, and to complete a verification step – which can all be done right from your phone or laptop.

How much does it cost to open a Wise account?

It’s free to open a personal Wise multi currency account, with a low one time fee to open a Wise business account. There’s no maintenance charge to worry about, so you’ll only pay Wise transaction fees for the services you actually need.

Can I open a Wise account in Canada if I’m not resident?

You’ll need to provide a proof of address document to verify your Wise account. That means that to open a Wise Canada account you’ll have to have a Canadian address. However, Wise is also available in almost all other countries around the world, so if you’re not a Canadian resident you’ll likely still be able to register a Wise account in your home country and set up local account details in CAD.

Does Wise charge a fee to open an account?

There’s no fee to open a Wise personal account, and no minimum balance or maintenance charge to pay either.

Why is Wise asking for my ID?

Like other financial institutions, Wise is obligated to know who is using their service to help them keep your money safe. That’s why Wise asks its customers to verify their identity and is no different to banks who also require customer ID.