Wise CAD Account Review [2024]

In need of a local Canadian bank account? In the world of global financial transactions, having a versatile currency account can be a game-changer, whether you’re an avid traveller, or someone who simply loves to shop online. It’s all about having the right financial tools in your arsenal to minimise the burden of currency conversion costs and get the most for your money.

With Wise, you can send payments to 160+ countries, hold and exchange 40+ currencies, including CAD and USD, and open a local CAD account which you can use online and in the Wise app for added convenience.

This article will dive into all of the main aspects of the Wise CAD account, including exchange rates, associated fees, account security and the wide range of alternative currencies.

Wise CAD account: Key points

• Flexible currency usage - easily top up your account in one currency and effortlessly exchange it as needed

• You can manage your account online conveniently

• Get Canadian account details with a linked debit card.

• Make international transactions hassle-fee and send payments to 160+ countries

• Hold and exchange 40+ currencies in one account

• Easily top up your account with Canadian dollars and convert them easily in your Wise account.

• Receive payments conveniently in your account, not just in CAD and MYR, but in up to 18 other major currencies.

• Wise uses mid-market exchange rate, coupled with low fees starting from just 0.33%.

• International debit card: Spend in over 150 countries with the Wise debit card.

Pros and cons of Wise CAD account

What is a Wise CAD account?

The Wise CAD account is an online account that lets you spend, send, and get paid in Canadian dollars, MYR, and 40+ other currencies. It is good for those who frequently make global money transfers, such as expatriates, international students, and frequent travellers.

Often providing better exchange rates and lower transaction fees compared to banks, with no markups on exchange rates, it’s fast, easy to use and cost-effective when it comes to making international payments. Plus, it lets you hold and manage multiple currencies all in one place, eliminating the need for multiple bank accounts and has a wide range of options for sending and receiving money, simplifying financial management.

Can I open a Wise CAD account in Malaysia?

Yes. You can open a Wise CAD account in Malaysia.

How to open a CAD account in Wise

Open a Wise CAD account easily and quickly in just a few steps:

1. Register online: Register with Wise, either online or via the Wise app to open your account. Simply click the Register button and enter your email address or sign up using your Google, Facebook or Apple account.

2. Verify your identity: After registration, the next step is to verify your identity with a picture of your ID alongside a selfie. This process can be completed online or using your phone and Wise will provide on-screen prompts to guide you through each step. You can also save your progress and come back later to complete your registration.

3. Open your currency balance: Once your account has been verified, you can set up your currency balance. Just log into your account. Click ‘Open a balance,’ and select your desired currency.

Once you’ve set everything up, you can now use your Wise account to receive payments in a selection of currencies using local transfers, hold money in over 40 different currencies, and switch between them easily.

How can I activate a CAD account in Wise?

You can easily activate your Wise CAD account in just a few, simple steps:

1. Download and register: First, download the Wise app or visit the Wise desktop site and go through the registration process.

2. Enter your personal details: Follow the on-screen prompts to enter your personal details

3. Upload ID: Next, you’ll need to upload your ID documents for verification purposes.

4. Open your account: Once your account has been verified, open the app and tap ‘Open’ on the homepage.

5. Select your currency balance: Choose ‘Currency Balance’ and then select CAD to open your Canadian dollar account.

6. Top up and complete the security steps: Finally, top up your Wise balance and complete any necessary security steps. Once you have completed these, your CAD account will be ready for you to use.

Wise CAD account details

When you open a Wise CAD account, you’ll receive local account details in Canada, for receiving payments in Canadian dollars. These details can be shared with friends, family, companies, customers, or employees, who can then make payments to you from any Canadian bank account.

You’ll receive local account details for domestic payments within Canada as well as global account details for global payments.

• For domestic transactions within Canada, account holders can receive payments either via an electronic funds transfer (EFT) or direct deposit or an Interac Auto Deposit, which usually take 1 to 3 days to process, but domestic wire transfers and online bill transfers aren’t supported.

• Account holders will also receive global account details for international payments. However, these can only be made via SWIFT transfers and are restricted to Canadian dollars only and any attempt made to send non-Canadian dollar payments will be automatically rejected. Wise charges a 10 CAD fee for SWIFT payments, and usually takes 4 to 5 days to complete.

How does the Wise CAD account compare?

Customers in Malaysia have a wide range of options when it comes to choosing a CAD account for day to day use. Not sure if the Wise CAD account is right for you? Doing your research and comparing alternative options is always a good idea to make sure you pick the right account for your specific needs. Here’s a quick overview of Wise vs two other foreign currency account options: RHB and HSBC.

Each CAD account has their own set of individual features and fees that differ from each other - which account is best will come down to your specific personal and/or business needs.

Wise provides flexibility alongside transparent fees and the mid-market exchange rate as well as your own set of CAD account details. CAD accounts from banks like RHB and HSBC in Malaysia are aimed at individuals who want to invest in foreign currencies, or who need to pay for education abroad for example. Accounts tend to have fairly high minimum deposit requirements as they’re intended for saving and investment, as well as for day to day use.

Wise CAD Account fees

As with all accounts, there are some associated Wise charges that you should be aware of. Here’s an overview of the main expenses you should take into account:

*Information correct at time of writing, 19th June 2024

When is a Wise CAD account needed?

A Wise CAD account is beneficial thanks to its multi-currency support, cost-effective transactions, and specialised international features.

• The Wise personal account is perfect for anyone living, working, or travelling abroad.

• It supports over 40 currencies, allowing for easy and cost-effective international money transfers and payments alongside the mid-market exchange rate and fair and transparent fees.

• Account holders can also receive a debit card to spend in multiple currencies, including CAD, across 150+ countries, making it the perfect choice for those frequently travelling between Malaysia and Canada, online shoppers making purchases in Canadian dollars, or expats who frequently deal with multiple currencies.

Wise CAD exchange rate

Wise uses the mid-market exchange rate for conversions to and from Canadian dollars, alongside low and transparent fees that you’ll see in the app before making your transaction.

How does the Wise CAD account work?

Using a Wise CAD involves a few key steps.

Account creation:

• First, register for a Wise account online by sharing your email address, creating a password, and providing a phone number for 2-step verification. You’ll also need to specify the country that you live in.

• Personal accounts require your legal name, date of birth and address.

Fund transfers:

• Now that your account is set up, you can add money to your balance and set to make transfers through multiple methods, including bank transfers or card payments.

Sending and receiving payments:

• Hold and exchange 40+ currencies, open different balances for a variety of currencies, and send or receive domestic or international payments in CAD using the mid-market exchange rate with no markups and low fees.

How to receive CAD in your Wise account

Receiving money into your Wise CAD account is easy. Here’s how to receive money internationally with Wise:

1. Receive your account details:

First, you need to open your CAD account with Wise to get your account details. Wise will provide you with local account details that will allow you to receive payments from within Canada as well as global account details for making and receiving international payments. Wise provides account details for receiving funds in a range of currencies, including: CAD, USD, GBP, EUR, AUD, NZD, MYR, HUF, RON, TRY, and SGD.

2. Receiving payments from inside Canada:

Share your local account details with the person sending you money. Payments can be made using EFT credits (also known as direct deposits) or Interac Auto Deposits. It’s important to note that payment can’t be made using domestic wire or online bill transfer, and if a domestic wire transfer is attempted, it will be automatically returned with a 25 CAD fee deducted. Receiving funds typically takes 1 to 2 days, but can sometimes take up to 3 days.

3. Receiving payments from outside of Canada:

To make and receive international payments, share your global account details. These payments should be made via SWIFT transfers and only in CAD, as the account can’t process international payments in other currencies. A 10 CAD fee will be charged for SWIFT payments, and will be deducted from the final amount received. The timeframe for receiving international funds is usually 4 to 5 days.

How to use the CAD account abroad

When travelling, your Wise CAD account is the ideal companion, offering a hassle-free and cost-effective way to access your funds. With the Wise card, you can spend like a local at the mid-market rate and pay in over 40 currencies without hidden fees and make use of free ATM withdrawals of up to 1,000 MYR per month, with only a small charge for further withdrawals. You’ll also receive instant notifications of transactions on the Wise app, ensuring that spending and withdrawing money abroad is both convenient and secure.

What is the eligibility for a Wise CAD account?

To open a Wise CAD account in Malaysia, you’ll need to be a legal resident with a local address and be at least 18 years old.

You’ll also need to provide proof of your address, such as official documents that are registered in your name. For more information on eligibility criteria for a Wise account if you’re in a different country other than Malaysia, then head over to the official Wise website.

Who is it good for?

The Wise CAD account caters to a wide range of individuals, including:

• Anyone that’s in need of simple, flexible and cost-effective international payment solutions in CAD and over 40+ currencies

• Freelancers, entrepreneurs, and others receiving income in foreign currencies

• Savvy travellers who want to manage their budgets and are looking for favourable exchange rates

• Online shoppers making online international transactions

Is a Wise CAD account safe to use?

Rest assured, Wise is a secure platform and your CAD account is safe to use thanks to the following measures and regulations in place:

• Regulations: Wise is registered with Bank Negara Malaysia in Malaysia and also with similar bodies wherever else it offers services

• Two-factor authentication (2FA): For additional security, Wise accounts come with 2FA, making it more difficult for unauthorised users to access your account. Wise also conducts ongoing vulnerability scans and internal and external audits to prevent potential fraud or criminal activities.

• Safeguarding funds: Last but not least, Wise holds its customer funds separately in global banks as an extra safeguarding step.

Availability

You can open your Wise CAD account from Malaysia, as well as a range of other countries by providing a local proof of address and ID. Additionally, the Wise international debit card, which operates on both the Visa and Mastercard network, can be used in 150+ countries to spend and make ATM withdrawals.

Other available currencies

Beyond Canadian dollars, Wise also supports a wide range of other currencies, offering account holders the flexibility to hold and transact in a variety of currencies, including widely used options like US dollars, British pounds, Euros, Australian dollars and more.

Wise CAD account limits

With Wise’s CAD account you can send up to 9,500 Canadian Dollars per day and up to 30,000 CAD weekly by direct debit. You can also send up to 3,000 CAD per transfer by debit or credit card and up to 1.5 million CAD by wire transfer and online bill payment.

Wise CAD account alternatives

As already mentioned, there are several other alternatives to the Wise CAD account in the United States, each with their own specific features. The best account or you will depend on your financial needs, preferences, and the nature of your transactions, so it’s always best to do some research before making a commitment.

• RHB: Offers a multi-currency account that supports over 30 currencies with debit cards available for spending and withdrawals

• HSBC: Saving and investment based products available for 12 currencies including CAD

Conclusion: Is Wise Canadian Dollar account good?

Wise’s CAD account lets you save money when spending, transferring, and exchanging internationally. It supports over 40 currencies, with the use of mid-market rates and low fees from 0.33% for conversion, which sets it apart as a secure and attractive option for those frequently dealing with international transactions.

With user-friendly features such as direct debits, fast and reliable transfers, local account details, and an international debit card, Wise empowers users to navigate the world of global finance with confidence and ease.