Wise Card Review in Canada: All You Need to Know 2024

Wise launched in 2011 with a mission to challenge the banks and make transacting internationally cheaper, faster, and easier - with no hidden charges or sneaky exchange rate hikes.

Wise offers a range of products including instant low fee international payments, multi-currency accounts, and Wise international debit cards for personal and business customers.

This Wise travel card review covers all you need to know about the Wise card features, fees, availability and more.

Quick summary: Wise debit card in Canada

There’s an in-depth Wise debit card review coming up - first let's look at the key features, pros and cons of the Wise debit card for personal or business users.

Wise card features

• Hold and exchange 40+ currencies in your Wise account

• Spend in 150+ countries, withdraw at 2.3 million ATMs

• Convert currencies in your account with the mid-market exchange rate and low fees

• Virtual cards available instantly

• View and manage your account in the Wise app

• Freeze and unfreeze your physical card and virtual cards instantly

• Wise is regulated in Canada by FINTRAC, and the Autorité des marchés financiers

The Wise travel card offers flexible ways to hold and spend in a broad selection of currencies, making it a great option for anyone who travels frequently, shops online with international retailers, or lives and works overseas. You’ll be able to hold 40+ currencies, and spend with the mid-market exchange rate in 150+ countries - plus your Wise account comes with easy ways to send international payments to 160+ countries, and to receive money in 8+ currencies with local account details.

Who is the Wise debit card for?

The Wise debit card is available in Canada for both personal and business customers, which means it can be a great way for lots of people to manage their money conveniently - and cut transaction costs at the same time. The Wise debit card is great for:

• Travellers looking to make contactless or mobile payments

• Anyone on holiday who wants to withdraw cash cheaply from local ATMs

• People who love to shop online with international retailers

• Anyone who wants a low cost, secure account with both virtual and physical cards

• Entrepreneurs who need to spend in foreign currencies

• Business owners who want to offer international debit cards to team members to manage spending and expenses

What is a Wise card?

The Wise card is a debit card - not a credit card - that’s linked to a Wise multi-currency account. It’s great for spending and making cash withdrawals, online, at home and abroad - and best of all, you’ll get currency conversion using the mid-market exchange rate whenever you choose to spend in a foreign currency.

• Make payments and withdrawals in 150+ countries

• Use 2.3 million ATMs for withdrawals, all around the world

• Top up in the currency you prefer and check your account balances at a glance in the app

• Switch currencies with the mid-market exchange rate and low, transparent fees

• Spend any currency you hold in the account for free

• Auto convert feature makes sure you pay the lowest possible fee when spending currencies you don’t hold in your account

• Instant transaction notifications for security

• Get instant access to 3 virtual cards

• Freeze and unfreeze your card whenever you need to

• Debit card - making it easier to manage your budget without running up debts or incurring credit charges

Can I get the Wise card in Canada?

Yes. You can get the Wise debit card in Canada for yourself or your business.

You’ll just need to register a Wise account online or in the Wise app, by filling in your personal information and uploading some documents for verification. We’ll look at how to open a Wise account and order your Wise card in more detail, later.

How long does it take to get a Wise card in Canada?

Your physical Wise card will arrive within 14 working days after you've ordered it. But, you don’t have to wait until then - once you’ve ordered your physical card, you can get a virtual Wise card in the Wise app, which you can use to start making purchases immediately.

Is the Wise card worth it?

Wise is intent on revolutionising the way people and businesses transact internationally, to make it cheaper, faster and more convenient compared to traditional banks. The Wise travel card is a great addition to Wise’s suite of products, offering easy ways to spend in person, on the move, and online, and make ATM withdrawals, with the mid-market exchange rate and low, transparent fees.

• It’s free to open a Wise personal account - there’s a small one time fee for business customers

• Wise cards in Canada are free to order and come with some fee free ATM withdrawals every month

• You can spend with your Wise card in 150+ countries, and get a digital card for security when shopping online

In short, the Wise card offers easy ways to spend in person, on the move, and online, and make ATM withdrawals, with the mid-market exchange rate and low, transparent fees. That can make it good for lots of customers looking to transact in foreign currencies.

How do Wise card fees compare for spending abroad?

Spending in foreign currencies with a Wise travel card could be significantly cheaper compared to using your regular bank’s debit card.

Your regular bank is likely to add a foreign transaction fee to every purchase or withdrawal you make in a different currency - this is often in the region of 3% of the cost of the transaction. Wise on the other hand uses the mid-market exchange rate with low fees which average out at about 0.6% for most transactions. That means that you can cut your costs whenever you use a Wise debit card to shop when you travel, spend with international ecommerce stores, or make a cash withdrawal overseas.

Can I use my Wise card abroad?

Yes. The Wise card is specifically created to make your life easier when travelling abroad. All you’ll need to do is create a Wise account and order your linked card for free, to start making payments and withdrawals.

• Make ATM withdrawals at home and abroad, anywhere your card network is supported
• Tap to make contactless payments in merchants
• Use your physical or virtual card to spend online internationally
• Add your card to your favourite mobile wallet for on the go payments

We’ll also cover how you can use your Wise travel card abroad in more detail later on.

Is there an annual fee for a Wise card?

There is no annual fee for the Wise debit card, meaning you can enjoy the benefits of your Wise card without worrying about any recurring costs. There are also no monthly fees or minimum balance requirements and you can make two ATM cash withdrawals up to 350 CAD for free.

How much does Wise charge per transaction abroad?

Wise is known for its transparent and low-cost fee structure. For transactions using the Wise travel debit card, the charges include:

• Currency conversion: When you spend in a currency that you don’t have enough currency balance in, Wise charges a small conversion fee, which starts from 0.33% and varies by currency.

• ATM withdrawals: The first two ATM withdrawals per month, up to a total of 350 CAD, are free. After that, there’s a small fee of $1.50 CAD per withdrawal, plus a 1.75% fee on the amount withdrawn.

  Is Wise card debit or credit?

The Wise card is a debit card. That means that, unlike a credit card, there’s no borrowing involved, so you won’t accrue debt or face interest charges, and you’ll only be able to spend the funds that are available in your Wise account.

Wise card fees

Here’s a rundown of all the fees you can expect to meet when ordering and using your Wise travel card:

*Information correct at time of writing, 29 August 2024

Wise card exchange rate

Wise was created with a mission to make currency conversion cheaper and more transparent. Every time you switch currencies with Wise you’ll get the mid-market rate with no hidden markup - when you spend with your Wise debit card, convert currencies within your Wise account, or send an international payment.

This is different to banks and most other international card providers. Typically, the exchange rates you get from other providers will include a markup which is added onto the exchange rate used. That’s an extra fee, but it’s hard to spot and pushes up the prices you pay without you necessarily knowing it.

Wise uses the mid-market exchange rate and splits out the full costs of currency conversion for transparency, to avoid this tricky fee. You’ll be able to see the full fees you pay when you switch currencies within your account - and if you use the card’s auto convert feature, you can be sure the transaction will be processed with the lowest fee possible.

Wise card limits

Your Wise card comes with default set limits which you can change if you would like to. Daily and monthly limits apply - daily limits refresh each day at midnight, while monthly limits restart on the first day of each calendar month. If you’re not happy with the default limits it’s easy to change them to suit you - just log into your account on the Wise app or desktop site.

First, here’s a rundown of the standard Wise personal debit card limits by transaction type:

*Information correct at time of writing, 29 August 2024

What are the benefits of having a Wise card?

• Spend in 150+ countries: Spend and withdraw money in over 40 currencies worldwide
• No annual or monthly fees: Enjoy all the benefits of the Wise card without worrying about recurring fees
• Low-cost currency conversion: Use the mid-market exchange rate with transparent, low fees starting from 0.33%
• Virtual card: Get a virtual card immediately after ordering your physical card for secure online shopping.
• Smart conversion technology: Automatically converts your balance for you that has the lowest conversion fee so that you get the most for your money.

Wise card vs other banks and providers

Let’s look at the foreign transaction fee used by Wise compared to a few other popular options in Canada:

*Information correct at time of writing, 29 August 2024

How does the Wise debit card work?

The Wise international debit card is linked to a Wise multi-currency account, which lets you hold, exchange, receive and send payments in 50+ currencies. Order a linked Wise debit card to make it easier to spend and make cash withdrawals from your Wise account balance, all over the world.

It’s always free to spend currencies you hold in your account. And if you don’t have the currency you need in your account, the Wise debit card can automatically convert the amount for you from whichever available currency account has the cheapest conversion fee. That means that there’s no need to worry about converting money before travelling, because you’ll always know you’re getting the best available deal every time.

What can you do with the Wise debit card?

You can use your Wise card to spend and make withdrawals in Canada and when you're overseas.

Contactless spending is supported and you can also use your physical or virtual Wise card for online shopping.

Here are a few things you can do with your Wise travel debit card:

• Hold and spend in 40+ currencies: Your Wise account supports over 40 different currencies. When you need to switch between them, you’ll always get the mid-market rate, meaning you’ll save on conversion fees.

• Spend and withdraw money abroad: Use your Wise card for contactless payments and ATM withdrawals internationally. You can choose to either keep your money in CAD and let the card convert it for you at the point of payment, or switch your balance to the currency or currencies you need in advance.

• Create and use virtual cards: Generate virtual cards through your Wise account for safer online shopping that adds an extra layer of security to your online transactions.

• Shop online with international retailers: Use your physical or virtual Wise card to shop with international retailers. The card can automatically convert your balance to your required currency if you don’t already hold it in your account.

• Pay with your phone: Add your Wise travel card to mobile wallets like Apple Pay or Google Pay for quick and easy contactless payments using your smartphone.

How to withdraw money abroad with the Wise card

1. Use the Mastercard or Visa ATM locator to find a compatible ATM near you.

2. Insert your physical Wise card and select the option to make a withdrawal

3. Choose the amount you want to withdraw

4. Enter your PIN

5. Your money will be dispensed and your card will be returned

Wise card withdrawal limits

While the Wise travel card offers a high level of flexibility, like most financial providers, it does come with a monthly ATM withdrawal limit to ensure your account is secure. These limits can vary based on your location and the currency you’re withdrawing.

*Information correct at time of writing, 29 August 2024

If your Wise card was issued in Canada, you won’t be able to make withdrawals at ATMs in Canada. However, you can still withdraw money abroad when you’re traveling.

How to get your Wise card in Canada

Here’s how to get your Wise international debit card in just a few simple steps:

• Open a Wise account online in just a few minutes

• Top up your Wise account in the currency of your choice

• Order your Wise travel card for free

• Start spending with your digital card right away

• Your physical card will arrive in the post within 14 working days

  If you don’t already have a Wise multi-currency account it’s good to know you can register in just a few minutes using your email address, Facebook, Apple or Google ID.

You’ll also need to complete a verification step for security - this usually involves taking a selfie with your passport or other eligible ID document. Your account can be up and running as soon as it’s been verified - which is often instant, or at least within 24 hours of registering.

How to activate your Wise card in Canada

To activate your new Wise card, simply make a payment using your Chip and PIN. Alternatively, if your Chip and PIN gets declined, you can activate your card at an ATM by making a balance inquiry, although it’s good to note that you won’t be able to make a cash withdrawal if your card has been issued in Canada.

How to find your Wise card PIN

You can get your Wise card PIN any time online or in the Wise app:

1. Open the Wise app or desktop site and log in

2. If you’re on the website, go to Cards. If you’re on the app, go to Card

3. Select Show PIN

4. You may need to enter your Wise password, or use fingerprint or facial recognition, to check your PIN

   How to top up your Wise card

Your Wise debit card is linked to your Wise multi-currency account. To add funds to your Wise account you’ll need to take the following steps:

• Log into your Wise account online or in the Wise app

• Click ‘Add money’ from the home page or click on a balance/Jar and click ‘Add’

• Tap Add

• Confirm the currency you want to pay with

• Enter the amount you want to top up and select a payment method

• Check everything over, confirm and follow the prompts to complete the payment

You can also add money to your Wise account directly from your online banking service using your local account details for eligible currencies. In Canada, that means you can top up fee free in:

• Canadian dollars

• British pounds

• Euros

• US dollars

• Australian dollars

• New Zealand dollars

• Singapore dollars

• Romanian lei

• Hungarian forint

• Turkish lira

  Log into your Wise account to see the local account details for your preferred currency and use these to transfer money direct from your bank account in that currency.

Can I withdraw money from my Wise card in Canada?

Unfortunately, if your Wise card was issued in Canada, you won’t be able to use it for ATM withdrawals within Canada, but you can still use it to check your balances and change your PIN.

Additionally, the card is still incredibly useful for international travel, allowing you to withdraw cash from ATMs while you’re abroad. Perfect for making purchases and accessing funds during your travels, the first two ATM withdrawals each month up to 350 CAD are free, followed by a small fee once you’ve hit your limit.

How does the Wise card know which currency to use?

The Wise travel card automatically selects the currency for your transaction by detecting the currency needed at the point of purchase. If you hold a balance in that specific currency in your Wise account, the card will use it, meaning your transaction will be free of conversion fees if you have enough balance for your purchase.

If you don't hold the currency you need, the card will use Smart Conversion technology to automatically convert the balance for you that has the lowest conversion fee. If you hold multiple currencies with the same conversion fees in your account, Wise will simply use the one with the best exchange rate so that you get the most for your money.

For example, if you're traveling in Europe and want to pay for a meal in euros, the Wise card will use your EUR balance if you have enough in your account. If you don't have enough euros, the card will automatically convert the required amount from the balance that has the lowest conversion fee.

Wise virtual card

Wise virtual cards have different card details to your physical card, and can be frozen instantly whenever you’re not using them - offering a handy added layer of security. You’ll be able to start using your Wise digital card as soon as you order your physical card, with no need to wait for the physical card to be delivered.

How to replace or delete a digital card

Digital cards can be destroyed and recreated instantly, up to 3 times a day:

1. Go to Card tab

2. Slide to the digital card you want to replace

3. Select Replace card

How to freeze and unfreeze your Wise card

The easiest way to freeze or unfreeze your Wise card is in the Wise app:

1. Open the Wise app

2. Tap on Card

3. Select Freeze card

   How to replace or cancel your Wise card

You can cancel and replace your Wise card on the Wise app or online:

1. Go to Card tab

2. Tap on Replace Card

3. Choose the reason for replacing your card

4. Tap on Replacement Card

Is Wise safe to use?

Yes, the Wise card is safe to use. As a company, Wise is FINTRAC regulated, and covered by regulatory bodies all over the world. That means that no matter what currencies you hold on your Wise debit card, you know your money is kept safely and in accordance with global laws and best practices.

Wise accounts have a range of security features including thorough verification processes, 2 factor authentication and a 24/7 fraud prevention protocol. Additionally, Wise debit cards can be frozen instantly in the Wise app if you’re concerned about security, with real time transaction notifications and the option to check your balance and account history in a glance in the app.

Wise debit card for businesses in Canada

The Wise business debit card is currently available in Canada, the UK, EU and EEA, Singapore, Japan, Australia and New Zealand. If you’re in Canada you can expect your physical card to arrive within about 2 weeks after ordering it.

Wise business accounts come with multi-user access (MUA) which means you’ll be able to assign roles to your team members to let them access the tools they need to do their jobs, without needing to share sensitive company information. Anyone in your team assigned an employee or admin role within the Wise account will be eligible for a Wise business debit card, which they can use to spend and make cash withdrawals all around the world.

Like the Wise personal international debit card, the Wise business card offers currency exchange which uses the mid-market exchange rate, and it’s free to spend currencies you hold in your account when you have enough balance in that currency. If you don’t have the currency you need, just allow the card’s auto convert feature to work its magic, and switch currencies from whichever balance incurs the lowest fee.

Where is the Wise card available?

If you have a Wise account and are a resident of any of the following countries and regions, you can apply for a Wise debit card:

• Canada

• The EU and EEA

• The UK

• British Overseas Territories and UK Crown Dependencies

• Singapore

• Malaysia

• Japan

• Australia

• New Zealand

• Brazil
• The Philippines

What should you do if your Wise travel card gets lost or stolen?

If your Wise card is lost or stolen you can instantly freeze, cancel or replace it in the Wise app.

Conclusion: is the Wise card good for travel?

The Wise travel card can make life easier - and help you save money - if you travel often, shop with international ecommerce stores, or have a business and want to issue your team with international debit cards to manage spending.

Wise currency exchange uses the mid-market exchange rate with no markup and no hidden fees - and with the Wise debit card’s smart auto convert feature you don’t even need to switch currencies before you travel. Leave the Wise card to switch to the currencies you need, when you need them, with the lowest possible fee every time.