Wise Card Canada: All You Need To Know
If you’re a Wise user living in Canada and looking forward to getting a Wise Card, we have got the good news: Wise Card has been launched in Canada.
Wise Debit Card is a part of the Wise account, which is a multi-currency account that lets you hold and convert over 50 different currencies.
With the Wise Card, you can:
- Spend abroad directly from your Wise account, without any hidden fees
- Benefit from the mid-market exchange rate and low fees when you’re spending money in foreign currency
- Use the card in 200 countries, spend online or in-person in 150+ currencies
- Hold and convert in 54 currencies
- Spend with Apple and Google Pay
- Withdraw anywhere (except in Canada)
If you have a personal account, you can purchase the card for $10 CAD on your first order and $5 CAD on subsequent orders. Plus, you’ll get three free virtual cards.
Customers with a business account can acquire this card for free.
What is the ATM withdrawal limit and how much does it cost?
You can withdraw money for free twice a month overseas, as long as the total amount is less than 350 CAD.
Following that, Wise will charge you $1.50 Canadian per transaction. This is fixed. It’ll charge you 1.75 percent extra if you take out more than 350 CAD in a month.
Note that the card presently only supports cash withdrawals outside of Canada.
Pay Less Fees
Banks normally charge 3-6 percent on international money transfers when you shop online. Wise doesn't charge anything. Wise debit card enables you to send and receive money locally and internationally while also allowing you to shop online anywhere in the world.
Save While You’re Traveling
This is a must-have for frequent travelers. You can pay immediately from your account in any currency with a Wise card in your wallet. Forget about confusing conversion fees; Wise converts to the lowest feasible fee, making money transfers straightforward. As a result, you can pay for vacations as if you were a native of the country you're visiting.
Wise allows you to receive payments from over 30 countries across the world and store money in up to 50 different currencies. That is, you are not restricted by your location and can expect to be paid globally rather than locally. Pay for company expenditures, accept that next freelance project, and expect charges that are up to four times lower than those offered by most other companies.
How Does Wise Compare to Competitors?
Wise was compared to three Canadian banks and other money transfer services by an independent researcher.
According to this research:
- Wise is approx. 4x cheaper for spending $500 CAD abroad
- Withdrawing $500 CAD from an ATM abroad is approx 3x cheaper with Wise
- Sending $500 CAD abroad with Wise is approx. 4x cheaper
When compared to only banks in Canada:
- Wise is 3x cheaper for withdrawing funds from ATMs
- Wise is 4x cheaper to send CAD to USD
- Wise is 6x cheaper to send CAD to EUR