Canada Price Comparison Research

A dedicated comparison research team in Wise compared Wise to 4 Canadian bank accounts, as well as PayPal, Western Union and Remitly. They found that we’re on average 4x cheaper for spending abroad. Wise is also on average 4x cheaper to send C$500 abroad. Our fees to withdraw C$500 from an ATM abroad are on average 3x cheaper than the compared providers. This is based on the prices offered by Wise Payments Canada Inc during the research period.

Research methodology

The competitor research was collected in August 2023 during a 5 day period (14/08/2023 - 18/08/2023).

They looked at data across multiple countries, currencies, and price points to make sure any price claims we make are fair and accurate. The data was collected by simulating a transfer using live accounts on the providers website, during standard trading hours and at the same time every day, whenever possible, to ensure consistency across the comparison.

The research scope looked at the following, across EUR, USD, GBP, INR and MXN

using 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 abroad from an account via an ATM

The costs collected for sending money abroad are made up of both the foreign transaction fee and any exchange rate markup. The exchange rate markup is a percentage added to the mid-market exchange rate by a provider when they sell you a currency. The costs collected for spending money abroad and withdrawing money abroad from an account via ATM are only made up of foreign transaction fees.

The research and results

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

CAD > EUR: Wise is 4x cheaper

• Wise: $6.04
• Royal Bank of Canada: $18.79
• Canadian Imperial Bank of Commerce: $33.94
• Toronto-Dominion Bank: $39.98
• Bank of Montreal: N/A
• PayPal: $24.37
• Remitly: $16.75
• Western Union: $31.63

CAD > USD: Wise is 4x cheaper

• Wise: $6.17
• Royal Bank of Canada: $15.74
• Canadian Imperial Bank of Commerce: $33.86
• Toronto-Dominion Bank: $38.04
• Bank of Montreal: $39.37
• PayPal: $23.14
• Remitly: $16.54
• Western Union: $31.31

CAD > GBP: Wise is 4x cheaper

• Wise: $6.10
• Royal Bank of Canada: $18.88
• Canadian Imperial Bank of Commerce: $33.91
• Toronto-Dominion Bank: $38.90
• Bank of Montreal: Not offered
• PayPal: $23.87
• Remitly: $18.57
• Western Union: $30.76

CAD > INR: Wise is 4x cheaper

• Wise: $6.73
• Royal Bank of Canada: $20.41
• Canadian Imperial Bank of Commerce: $34.86
• Toronto-Dominion Bank: $35.95
• Bank of Montreal: $39.99
• PayPal: $24.42
• Remitly: $26.46
• Western Union: $30.40

CAD > MXN: Wise is 3x cheaper

• Wise: $6.77
• Royal Bank of Canada: $17.73
• Canadian Imperial Bank of Commerce: $34.04
• Toronto-Dominion Bank: $37.05
• Bank of Montreal: N/A
• PayPal: $25.33
• Remitly: $9.70
• Western Union: $31.86

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

CAD > EUR: Wise is 5x cheaper

• Wise: $2.70
• Royal Bank of Canada: $12.50
• Canadian Imperial Bank of Commerce: $12.50
• Toronto-Dominion Bank: $17.50
• Bank of Montreal: $12.50
• PayPal: N/A
• Remitly: N/A
• Western Union: N/A

CAD > USD: Wise is 5x cheaper

• Wise: $2.75
• Royal Bank of Canada: $12.50
• Canadian Imperial Bank of Commerce: $12.50
• Toronto-Dominion Bank: $17.50
• Bank of Montreal: $12.50
• PayPal: N/A
• Remitly: N/A
• Western Union: N/A

CAD > GBP: Wise is 5x cheaper

• Wise: $2.75
• Royal Bank of Canada: $12.50
• Canadian Imperial Bank of Commerce: $12.50
• Toronto-Dominion Bank: $17.50
• Bank of Montreal: $12.50
• PayPal: N/A
• Remitly: N/A
• Western Union: N/A

CAD > INR: Wise is 4x cheaper

• Wise: $3.20
• Royal Bank of Canada: $12.50
• Canadian Imperial Bank of Commerce: $12.50
• Toronto-Dominion Bank: $17.50
• Bank of Montreal: $12.50
• PayPal: N/A
• Remitly: N/A
• Western Union: N/A

CAD > MXN: Wise is 4x cheaper

• Wise: $3.10
• Royal Bank of Canada: $12.50
• Canadian Imperial Bank of Commerce: $12.50
• Toronto-Dominion Bank: $17.50
• Bank of Montreal: $12.50
• PayPal: N/A
• Remitly: N/A
• Western Union: N/A

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

CAD > EUR: Wise is 3x cheaper

• Wise: $5.33
• Royal Bank of Canada: $17.50
• Canadian Imperial Bank of Commerce: £17.50
• Toronto-Dominion Bank: $17.50
• Bank of Montreal: $17.50
• PayPal: N/A
• Remitly: N/A
• Western Union: N/A

CAD > USD: Wise is 3x cheaper

• Wise: $5.38
• Royal Bank of Canada: $15.50
• Canadian Imperial Bank of Commerce: $17.50
• Toronto-Dominion Bank: $17.50
• Bank of Montreal: $15.50
• PayPal: N/A
• Remitly: N/A
• Western Union: N/A

CAD > GBP: Wise is 3x cheaper

• Wise: $5.36
• Royal Bank of Canada: $17.50
• Canadian Imperial Bank of Commerce: $17.50
• Toronto-Dominion Bank: $17.50
• Bank of Montreal: $17.50
• PayPal: N/A
• Remitly: N/A
• Western Union: N/A

CAD > INR: Wise is 3x cheaper

• Wise: $5.83
• Royal Bank of Canada: $17.50
• Canadian Imperial Bank of Commerce: $17.50
• Toronto-Dominion Bank: $17.50
• Bank of Montreal:$17.50
• PayPal: N/A
• Remitly: N/A
• Western Union: N/A

CAD > MXN: Wise is 3x cheaper

• Wise: $5.73
• Royal Bank of Canada: $17.50
• Canadian Imperial Bank of Commerce: $17.50
• Toronto-Dominion Bank: $17.50
• Bank of Montreal: $17.50
• PayPal: N/A
• Remitly: N/A
• Western Union: N/A

*Western Union, PayPal and Remitly do not offer a card in their account propositions.