Canada Price Comparison Research

Caitie Shaughnessy
30.11.21
1 minute read

An independent researcher, Alderson Consulting, compared Wise to 3 other Canadian bank accounts, as well as PayPal, Western Union, and Remitly. They found that we’re on average 4x cheaper for spending abroad. And our fees to withdraw C$500 from an ATM abroad are on average 3x cheaper. Wise is also on average 4x cheaper to send C$500 abroad.

Research methodology

The competitor research was collected in October 2021. They looked at data across multiple countries, currencies, and price points to make sure any price claims we make are fair and accurate.

The research scope looked at the following, across EUR, GBP, and USD, using the C$500 as the transaction value:

  • The cost to send money abroad from an account
  • The cost to spend money abroad using a debit card
  • The cost to withdraw money from an account via an ATM

The costs collected are made up of both the foreign transaction fee and any exchange rate markup.

The research and results

1. Total cost to send C$500. Overall, Wise is 4x cheaper.

CAD → USD: Wise is 3x cheaper

  • Wise: C$4.48
  • Royal Bank of Canada: C$16.90
  • Scotia Bank: NAToronto-Dominion Bank: C$18.12
  • Western Union: C$.82
  • PayPal: C$24.03
  • Remitly: NA

CAD → GBP: Wise is 4x cheaper

  • Wise: C$4.36
  • Royal Bank of Canada: C$21.08
  • Scotia Bank: NA
  • Toronto-Dominion Bank: C$22.55
  • Western Union: C$4.92
  • PayPal: C$24.92
  • Remitly: NA

CAD → EUR: Wise is 4x cheaper

  • Wise: C$4.21
  • Royal Bank of Canada: C$21.31
  • Scotia Bank: NA
  • Toronto-Dominion Bank: C$25.91
  • Western Union: C$5.00
  • PayPal: C$23.45
  • Remitly: C$9.71

2. Fees to spend C$500 using a debit card. Overall, Wise debit card is 4x cheaper.

CAD → USD: Wise is 4x cheaper

  • Wise: C$2.55
  • Royal Bank of Canada: C$1.00
  • Scotia Bank: C$12.50
  • Toronto-Dominion Bank: C$17.50
  • Western Union: NA
  • PayPal: NA
  • Remitly: NA

CAD → GBP: Wise is 4x cheaper

  • Wise: C$2.55
  • Royal Bank of Canada: C$1.00
  • Scotia Bank: C$12.50
  • Toronto-Dominion Bank: C$17.50
  • Western Union: NA
  • PayPal: NA
  • Remitly: NA

CAD → EUR: Wise is 4x cheaper

  • Wise: C$2.55
  • Royal Bank of Canada: C$1.00
  • Scotia Bank: C$12.50
  • Toronto-Dominion Bank: C$17.50
  • Western Union: NA
  • PayPal: NA
  • Remitly: NA

3. Fees to withdraw C$500 abroad via an ATM, using a debit card. Overall, Wise debit card is 3x cheaper.

CAD → USD: Wise is 2x cheaper

  • Wise: C$5.18
  • Royal Bank of Canada: C$3.00
  • Scotia Bank: C$15.50
  • Toronto-Dominion Bank: C$17.50
  • Western Union: NA
  • PayPal: NA
  • Remitly: NA

CAD → GBP: Wise is 3x cheaper

  • Wise: C$5.18
  • Royal Bank of Canada: C$5.00
  • Scotia Bank: C$17.50
  • Toronto-Dominion Bank: C$17.50
  • Western Union: NA
  • PayPal: NA
  • Remitly: NA

CAD → EUR: Wise is 3x cheaper

  • Wise: C$5.18
  • Royal Bank of Canada: C$5.00
  • Scotia Bank: C$17.50
  • Toronto-Dominion Bank: C$17.50
  • Western Union: NA
  • PayPal: NA
  • Remitly: NA

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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