Personal Finance

Is the PayPal debit card unavailable in Canada? Here are some alternatives

Piyush Singh

29.10.24

Read time 4 minutes

The PayPal® debit card is a popular choice for online purchases and cashback rewards. However, it isn’t currently available in Canada.¹

We’ll take a look at some great debit card alternatives for Canadians, including key features, fees, exchange rates and how to make the most of your money.

We'll also look at the Wise card for making payments and purchases in Canada and beyond!

Click on the links below to jump right to
Alternatives to the PayPal debit card in Canada KOHO Prepaid Travel Mastercard Wise card - get more value for your money EQ Bank Prepaid Mastercard BMO Debit Mastercard

Alternatives to the PayPal debit card in Canada

Although you can’t get a PayPal debit card in Canada, there are plenty of alternatives for Canadians. Let’s take a closer look.

KOHO Prepaid Travel Mastercard

The KOHO® Prepaid Travel Mastercard® is a prepaid debit card aimed at frequent travellers. You can use your card anywhere that Mastercard is accepted, including shops, restaurants and tourist attractions.²

The benefits to using your KOHO Prepaid Travel Mastercard include:

up to 2% cash back on purchases
advanced security features, including 24/7 support and Mastercard’s Zero Liability Policy
the option to create and manage your holiday budget in the KOHO app
access to a physical or virtual card for travel abroad²

Let’s take a look at how much it costs to use your KOHO card, including transaction fees and ATM charges.

Fee	Cost
International transaction fee	1.5% on all non-Canadian transactions²
Exchange rate for foreign currency transactions	You’ll pay Mastercard’s exchange rate – this rate can fluctuate, so you won’t know how much your transaction will cost until you make your payment³
ATM withdrawal fee	This is typically 2 CAD to 3 CAD per ATM withdrawal⁴

If you sign up for the KOHO Extra or Everything plan, you won’t pay foreign fees on non-Canadian transactions. You can also access additional cashback rewards² and you’ll get 1 free ATM withdrawal outside Canada each month.⁴

Wise card - get more value for your money

The Wise card is your flexible international alternative to cards which might end up costing you more money. Whether you’re paying for a hotel or buying groceries, use your Wise debit card to:

spend money in over 160 countries
use Google® or Apple® Pay for instant payments in-store or online
withdraw cash twice a month or up to 350 CAD from ATMs abroad for free*
access advanced security features like 2-factor authentication

\*Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks.

The Wise card isn’t just for travel. Use your card to pay for online shopping, groceries, restaurant bills and plane tickets – in Canada or elsewhere!

Wise uses a transparent, pay-as-you-go fee structure for global card payments. Let’s take a closer look.

Fee	Cost
Order a Wise card – physical or digital	Free
Exchange rate for foreign currency transactions	Mid-market rate – a fair exchange rate with no mark-ups
International transaction fee	Fees start from just 0.33%
ATM withdrawal fee	1.75% per withdrawal, after 2 free withdrawals a month (or over 350 CAD per month)*

Get more value for your money! Wise doesn’t charge a markup on the mid-market exchange rate that might be seen with some providers and banks.

You’ll always pay the fair rate to exchange currencies – and you can even use Wise’s pricing calculator to work out exactly how much your transaction will cost.

EQ Bank Prepaid Mastercard

The EQ Bank® Prepaid Mastercard is a popular alternative to using your PayPal cash card in Canada. Use your virtual reloadable EQ Bank Prepaid Mastercard to:

pay anywhere that Mastercard is accepted – at home or abroad
earn the same interest rate as your EQ Bank Personal Account
get 0.5% cash back with every purchase
avoid hidden foreign transaction fees⁵

It’s easy to get an EQ Bank card. Simply sign up and open a Personal Account. Then, you’ll need to fund your account and order a card. You can top up your card at any time in the EQ app.⁵

Let’s take a look at how much it costs to use your digital EQ Bank Prepaid Mastercard.

Fee	Cost
International transaction fee	Free – but you’ll pay Mastercard’s currency conversion rate for foreign payments⁶
Exchange rate for foreign currency transactions	You’ll pay the Mastercard exchange rate for any foreign currency transactions – this is subject to fluctuate³
ATM withdrawal fee	Free in Canada – you’ll receive a reimbursement in your account. Foreign providers may charge a fee for cash withdrawals abroad⁶

Wise partners with EQ Bank to offer fast, flexible and low-cost international transfers across the globe – all without leaving the EQ mobile app.

BMO Debit Mastercard

You can use your BMO® Debit Mastercard to shop in Canada or abroad, including online, in-app or in-store payments.

Key features of the BMO Debit Mastercard:

Make payments anywhere that Mastercard or Interac® e-Transfer are accepted
Use a physical or virtual card for your holiday spending
Make in-app purchases via your mobile wallet
Manage your debit card with advanced security and protection⁷

However, you may need to watch out for BMO’s transaction limits. You can only spend up to 250 CAD using your virtual card – and you’ll need to insert your physical card for larger amounts. Payments to online retailers are limited to 3000 CAD.⁷

You’ll also need to pay to use your BMO Debit Mastercard, including an exchange rate markup for foreign payments. Let’s take a closer look.

Fee	Cost
Exchange rate	BMO uses the Mastercard exchange rate, plus a 2.5% markup charge⁷
ATM withdrawal fee	Fee-free access at over 40,000 Allpoint® and BMO ATMs in Canada and surcharge fee-free access at over 12,000 Allpoint ATMs in Canada, Mexico, Puerto Rico, the UK and Australia – elsewhere, fees may apply⁸

To sum it up

Whether you’re off on holiday or shopping online, EQ Bank, BMO, Wise and KOHO are all handy alternatives to the PayPal Canada debit card.

However, you’ll need to consider exactly how much it costs to use your debit card, especially if you’re making regular purchases overseas.

Many providers add a markup to the standard fair exchange rate – and you’ll need to include any foreign transaction fees in your holiday budget.

Wise does things a little bit differently! Spend money in over 160 countries – all without hidden fees or exchange rate charges.

Sources

Sources checked on 29 October 2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.