Wise Interest Feature Program Agreement
Wise Payments Canada Inc.
Last updated: 10 September 2026 - Version: 1.0
Welcome to Wise
Contents
1. This Program Agreement
2. The Program
3. Tax Information
4. Consent
5. Questions and Complaints
1. This Program Agreement
1.1 This supplemental agreement (the “Program Agreement”) provides users with important information regarding the interest feature (the “Program”) offered to certain individuals and businesses with a Wise Account profile address and certified tax residency in Canada (“Customers”). The Program is available to new and existing Customers who elect to participate (“Participants,” or “you”). Participants will be eligible to earn interest on the balance of the Canadian Dollars (“CAD”), United States Dollars (“USD”), Great British Pounds (“GBP”), and Euros (“EUR”) (collectively, “Approved Currencies”) held in their Wise Account.
1.2 This Program Agreement refers to and incorporates by reference additional documents (the "Additional Documents"), which also apply to your use of our services, including:
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(a) Our Customer Agreement, which defines the terms and conditions on which we provide our services to you;
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(b) Our Privacy Policy, which sets out the terms on which we process any personal data we collect about you, or that you provide to us. By using our services, you consent to such processing, and you promise that all data provided by you is accurate;
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(c) Our Cookie Policy, which sets out information about the "cookies" on the Wise website (“Website”); and
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(d) Our Acceptable Use Policy, which sets out the permitted and prohibited uses of our services.
The definitions of capitalized terms are defined in parenthesis within this Agreement or the Additional Documents.
1.3 By visiting our Website or using the Program (including downloading and using the Wise App (“App”), or using our services via the API, a social media or other platform or other authorised third party), you confirm that you accept and agree to this Program Agreement in its most current form as posted on our Website, App or by an API Partner. If you do not agree, you must not use our Program.
1.4 In case of any discrepancies between this Program Agreement and the Additional Documents or information we provide on our Website or App or via an API Partner, what is stated in this Program Agreement shall prevail.
1.5 Language/Langue. A French-language version of this Program Agreement and of the related documents has been made available to you before your enrolment, at no charge. By electing to be bound by the English-language version, it is your express wish that this Program Agreement and the related documents be drawn up in English. Une version française du présent contrat de programme et des documents connexes vous a été rendue disponible avant votre adhésion, sans frais. En choisissant d'être lié(e) par la version anglaise, vous exprimez votre volonté expresse que le présent contrat de programme et les documents connexes soient rédigés en anglais.
2. The Program
2.1 Program Overview. The Program offers Participants the opportunity to have the balance of their Approved Currencies held in their Wise Account (“Funds”) swept into an interest-bearing account (each, an “Account”) at one or more participating banks (each, a “Bank”). Wise is not a CDIC member institution; however, your eligible deposits are held in trust with Banks that are participating CDIC member institutions and you have been designated as a beneficiary. As such, if the institution fails, your funds are eligible for CDIC deposit protection up to $100,000 when CDIC trust disclosure requirements are met. It is our responsibility to meet these disclosure requirements for your automatic protection. See cdic.ca/depositors/whats-covered/fintechs/. CDIC limits apply per beneficiary and are subject to CDIC rules, which may aggregate deposits held at the same member institution. For clarity, Funds are eligible deposits for these purposes only once actually held in trust at a participating Bank. Funds are not eligible for CDIC deposit insurance while they remain in your Wise Account pending sweep into an Account. To be eligible for the Program, you allow and agree that Funds will be held at a Bank in an Account(s). Accounts are held in trust by Wise Payments Canada Inc. (“Wise”) for the benefit of Participants in accordance with the requirements under the Retail Payment Activities Act (“RPAA”).
2.2 Wise is a payment service provider registered with the Bank of Canada under the RPAA and a money services business registered with Financial Transactions and Reports Analysis Centre of Canada under the Proceeds of Crime (Money) Laundering and Terrorist Financing Act. The Program is not intended to be a long-term investment option and is not a chequing, savings or other deposit account, investment contract or security. Wise is not a bank. Registration with the Bank of Canada does not imply endorsement of Wise by the Bank of Canada.
2.3 As a Participant, you will be able to access, add to, and withdraw funds from, your balance of Funds (“Balance”) via your Wise Account. Any requests for information about the Program should be directed to Wise. Please see Section 3 of this Program Agreement for Wise’s contact information. You may also obtain information about your balance on our Website and through the App. Wise does not require that customers maintain or establish a certain minimum balance in their Wise Account to participate in the Program.
2.4 Program Description. Funds in your designated Wise Account will be swept, typically within one (1) business day after receipt (not including federal holidays, or publicly observed holidays in Ontario), into one or more Accounts.
2.5 Enrollment and Opt-Out. Once enrolled in the Program, you can opt-out from the Program or cancel your Wise Account at any time by contacting Wise via our Help Center. You can also opt-out of the Program through your Wise Account via the App or our Website.
2.6 Statements. Participants will receive monthly statements showing opening and closing balances and interest earned for the relevant period. Statements will be available through your Wise Account via our Website and App. You will not receive a confirmation for individual sweep transactions, nor will your monthly statement separately itemize the yield paid by each Bank on your Balance.
2.7 Money Movements. Upon acceptance of the Program Agreement, all existing and future funds in Approved Currencies added to your Wise Account will be eligible to be added to your Balance. Your Wise Account will be fully transactional, which means you can continue to send and spend funds at your own discretion. Please refer to our Customer Agreement for information on limits.
2.8 Setoff. If funds are needed to cover a debit in your Wise Account at the end of a business day (such as to cover a withdrawal, transfer or the conversion of funds to currency other than Approved Currencies), the funds will be automatically swept out of the Balance as necessary to cover these transactions.
2.9 Interest. Any interest payable is calculated by Wise in accordance with this Agreement and credited to your Wise Account based on the applicable interest rate and your account balance.
Interest rates are variable, apply uniformly to all eligible Participants, and may change from time to time. Interest compounds and accrues daily. Interest earned will be due and payable after the month in which it is accrued and paid within the first five (5) business days of such month. The amount that you earn will be paid directly into your Wise Account. Interest is rounded to the nearest cent. The minimum interest payment you can receive is $0.01. Amounts that round to $0.00 will not be credited. You may view the current interest rate via the balance screen on our Website and in the App.
Wise may amend, suspend, or discontinue the payment of interest at any time. Yield rates and calculation methods may change from time to time without prior notice. The interest rate available through the Program may be higher or lower than interest rates offered by participating Bank(s) or other financial institutions on comparable accounts. Wise does not consider changes to the interest rate, made in accordance with this clause as material amendments to this Program Agreement.
2.10 Participating Bank(s). Wise will distribute funds across Banks in its sole discretion, and Participants will not be able to select with which Banks Funds are placed. Participants do not have a direct account relationship with the Bank(s), and you will not be able to directly withdraw or add funds to the Account(s). You may only access your Funds through your Wise Account.
2.11 Changes to the Program Agreement. Any material changes to the Program Agreement will be communicated to customers within a reasonable timeframe and in accordance with applicable law.
3. Tax Information
3.1 To be eligible to open and maintain a Balance, you must be a Canadian tax resident with a permanent Canadian address. Under the Income Tax Act, Wise is required to collect certain tax information when you enroll in the Program, including your Social Insurance Number (SIN) if you are an individual, your Business Number if you are a business entity, and any other required tax information, to meet applicable information-reporting obligations.
Providing this tax information is a mandatory condition of participation in the Program. Wise reserves the right to close the account of any user who is not, or who ceases to be, a Canadian tax resident.
3.2 For most users, earned interest on a Balance will be taxed as income in the year it is received for Canadian tax purposes. Wise will issue you the appropriate tax form annually, where applicable, based on the self-certified information you have provided to us. By accepting this Agreement, you provide your consent to receive all tax-related reporting and information returns electronically. If you need a paper copy, please contact Wise.
3.3 You are responsible for ensuring your Wise Account details remain accurate. You must notify Wise within 30 days of any changes to your personal or business’ information, such as name, address or tax identification number to ensure your tax information is updated immediately. Failure to provide timely updates may result in reporting errors or account suspension. Wise is not a tax advisor, and you should consult with a qualified tax advisor to determine the tax consequences of participating in the Program.
4. Consent
4.1 Customer Consent. By accepting the Program Agreement, you consent and hereby agree to receive communications related to the Program electronically (“Communications”). Communications include legal or regulatory disclosures or documents, statements, notifications concerning changes to interest rates, yields, or other items mentioned in this Program Agreement, and any other confirmation, notice or information that we are required to provide you by law in writing. This consent applies to you and your participation in the Program when you enroll.
4.2 Technical Resources. You confirm that you have access to equipment through which you can access the Website, the App, and your Wise Account, and which you can use to receive, read, and retain documents sent by email or posted to our Website or in the App.
4.3 Electronic Signatures. Certain Communications, documents, or screens that we may provide or present in connection with the Program may require your signature and will be presented to you electronically. You consent that when you agree to a document electronically, your agreement will be captured and your electronic signature shall be legally binding.
4.4 Revoking Consent. This is an entirely electronic product and by agreeing to these terms and conditions you consent to all communication and tax statements being electronically delivered to you. If you wish to receive a paper copy, you will not be able to participate in this product. We may choose to send you certain documents in paper rather than in electronic form. You should continue to review all paper communications that we send you. Please ensure that you keep your primary mailing address up to date. If we send you paper documents, it will have no impact on your paperless enrollment.
5. Questions and Complaints
All questions regarding the Program and/or your Wise Account, along with any complaints or concerns regarding unauthorized activity, should be directed to Wise and not to the Bank(s). If you have a question or complaint regarding the Program, please send an email through our Help Center. Please note that e-mail communications will not necessarily be secure; accordingly, you should not include card information or other sensitive information in your e-mail correspondence with us.