How to open a Wise account in Canada? Your guide in 2026

Opening a Wise account is a simple way to send and receive money across the globe. You can access local account details in 8+ currencies or hold your money in 40+ currencies.

We take a look at exactly how to open a Wise account in Canada, including everything you need to know about fees, exchange rates and how to verify your account.

Let’s dive in!

How to open a Wise account: step-by-step

Wise is a convenient international money transfer platform. To open your account, you’ll need to be over 18 years old – and you’ll need to provide proof of address and ID verification.

Let’s take a look at how to open a Wise account in Canada

Step 1. Register for a personal account online. You’ll need to share your email address and mobile number, create a password and tell Wise that you live in Canada

Step 2. Verify your identity. This includes uploading an image of your ID documents and confirming your address – more on this later!

Step 3. Finally, you’ll need to add a currency. Simply log into your new account, select “Add a currency” and choose your currency.

Once you’ve opened your Wise account, you can hold over 40 currencies at once, or send funds to family and friends in just a few clicks.

What information do I need to open a Wise account?

To register for a Wise account, you’ll need:

• your name, date of birth and address
• your mobile number
• your email address

You can only open a Wise account for yourself, and you can’t have more than one personal account under your name. However, you can use multiple currencies with your account.

Wise account verification in Canada

Once you’ve registered for your Wise account, you’ll need to verify it. Wise will provide you with on-screen prompts to complete security verification, including a photo ID and proof of address check.

Wise accepts a few forms of ID, such as:

• your passport
• your Canadian driving licence
• your provincial photo ID card
• your Canadian residency or citizenship card

For proof of address, you’ll need to use a document that has the same address as the one listed on your Wise account. For example, you can use:

• a bank statement
• a utility bill
• your vehicle registration
• a photo driving licence that shows your address
• a document issued by a government or financial institution

When transferring large amounts of money, the Wise verification process may also depend on how much you want to send and which currency you use. The platform will alert you if you need to provide any additional documentation. This is done to ensure your money's safety.

Why does Wise ask for your ID?

Wise asks for a valid form of ID during the verification process. This keeps everyone’s money safe, and it reduces instances of money laundering or financial fraud.

If you open an account at a financial institution, you’re often required to take your ID into a branch. The same applies to Wise – but you can complete the process online.

How long does the Wise verification process take in Canada?

The Wise verification process typically takes 1 business day. You’ll receive an email notification once your account is verified.

How to add different currencies to your Wise Account

You can add Canadian dollars as well as multiple foreign currencies to your Wise account, including USD, BRL, INR, PHP or EUR. It’s easy to add a currency in your personal Wise account. Let’s take a closer look.

Step 1. Log into your Wise account and go to “Home”

Step 2. Click “Add a currency”

Step 3. Choose the currency you’d like to hold

Step 4. Add your chosen currency to your account, or use a connected bank account. You’ll also need to verify your identity.

Whether you’re sending money to family in France or paying for online shopping from Japan, you can switch between currencies with just the touch of a button.

How to set up your Wise account to receive money

If you want to receive money from a country where you don’t have a bank account, you can get local account details from Wise.

It’s easy to set up your Wise account to receive local account payments. Simply follow these steps:

Step 1. Log into your Wise account and choose your currency. Click “Get account details”

Step 2. Follow the on-screen instructions to top up your account and add money. You’ll also need to go through Wise’s verification process

Step 3. Once you’re verified, you can use your new account details to receive payments in local currency

You can also receive money in your Wise account by requesting payment or by giving your recipient your Wise-registered email address.

Are there any fees to pay when opening a Wise account in Canada?

It’s free to open a personal Wise account, and there’s no charge to receive payments in 22 local currencies, with the exception of incoming Swift transfers.

Incoming USD wire transfers have a flat fee of 6.11 USD and for incoming CAD SWIFT payments, you would be paying a flat fee of 6.16 CAD.

Wise uses the mid-market exchange rate for currency conversion, helping you avoid hefty markups often added by banks and most money transfer providers..

Instead, Wise uses transparent, pay-as-you-go pricing. You’ll pay from 0.19% per transaction, and you can use Wise’s pricing calculator to work out exactly how much your transfer will cost before you come to send it.

How to open a Wise business account in Canada: step-by-step

With Wise, you don’t lose money to monthly subscriptions or have it held up as minimum balance. You pay only for what you use. Here’s what you get for the essential and complete version for a one-time fee of 55 CAD:

You can always upgrade from the essential features to avail all Wise business features for a one-time payment of 55 CAD

Experience owning a Wise business account
with our demo >>>

It’s easy to open a Wise business account in Canada. Let’s take a closer look.

Step 1. Sign up for a business account – if you already have a personal account, you can connect both accounts to the same login

Step 2. Follow the prompts to tell Wise about you and your business

Step 3. Set up your account. You would need to pay a one time fee of 55 CAD to have access to account details in 10 or more currencies

Step 4. Wise will let you know if you need to provide any further information to verify your account. Once your account is verified, you can manage your finances with ease and in complete security

Get everything you need to grow your business, including advanced API integration, low-fee transfers and global invoicing options.

What information do I need to open a business account?

You’ll need a few key pieces of information to open your business account, such as:

• your name, date of birth and country of residence
• your business registration and location
• a document showing who owns or controls your company

You may need to verify your business account once you’ve opened it. This ensures Wise complies with Canadian financial regulations. Wise will contact you for any additional information or documents, if necessary.

How to set up Wise business account to receive payments

Whether you’re a freelancer or shop owner, you’ll need to set up your Wise business account to receive payments from customers.

Wise supports card payments in multiple currencies, including CAD and USD. To receive payments by card, simply follow these steps:

Step 1. Log into your Wise account and click “Request a payment”

Step 2. Select “Card” and share the link with your customers

Step 3. Wise will notify you when your customer pays – and when the money arrives in your account

You can also use a payment link to request money from your clients, or you can receive a direct bank transfer into your business account.

What are the fees to be paid when opening a business account in Canada?

Good news! It’s free to register for a Wise business account. You’ll pay a one-time 55 CAD fee to get local account details in over 10 currencies, while accessing the mid market exchange rate to get more value for your money when you send or receive payments with Wise.

Avoid international business transaction fees and hefty exchange rate charges – and keep more of your hard-earned cash!

Open a Wise Business account online

Questions often asked about opening a Wise account

Does the Wise account work in Canada?

Yes! You can use your Wise account in Canada. You can also use your personal or business Wise account to get local account details in 10 currencies, including USD and GBP. This lets you receive money in over 20 currencies!

Does Wise charge a monthly account fee?

No, you won’t pay a monthly charge for your Wise account. It’s completely free to open a personal account.

You’ll pay a 55 CAD fee for your business account, but this is a one-time charge.

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

As part of the Wise verification process, you’ll need to provide proof of address. This is because the provider needs to know who is using their services, and where.

However, if you live abroad, you can still open a Wise account in Canadian dollars.

Can you open a Wise account without a Canadian address?

No, you’ll need to provide Wise with a document that proves your address if you want to open an account in Canada.

Do I need a bank account for Wise?

You don't need a bank account for opening a Wise account. You can use Wise to send direct Wise-to-Wise transfers or get local account details in 10 worldwide currencies.

You might need a bank account if you add money to your Wise account via bank transfer.

How much money can I hold in my Wise account?

There aren’t typically any limits on how much you can hold in your Wise account, but this may depend on which currency you’re sending or where you’re based.

Can I use Wise as a normal bank account?

While Wise isn’t a bank, you can use your Wise account to hold multiple currencies. You can also use the account to receive money, pay your bills or send money to an account in 140+ countries.

To explore your international spending, check out Wise.