Wise (formerly TransferWise) pioneered the mid-market exchange-rate model. They charge a transparent fee — typically 0.4-0.6% — and give you the actual mid-market rate. No hidden FX margin. Multi-currency account, debit card, local-routing in 10+ countries. For transfers under $100K, Wise is hard to beat.
| Route | Wise cost | Big-5 cost |
|---|---|---|
| CAD → USD ($1K) | $5.20 (0.52%) | $28+ (2.8%) |
| CAD → USD ($10K) | $48 (0.48%) | $280+ (2.8%) |
| CAD → EUR ($25K) | $108 (0.43%) | $700+ (2.8%) |
| CAD → INR ($5K) | $45 (0.90%) | $150+ (3.0%) |
For Canadians sending money to family abroad, paying overseas tuition, buying USD-denominated assets, or holding foreign currency — Wise saves you 2-3% per transaction vs your bank. Setup is free, no monthly fees, no minimum balance. Upgrade to a forward-contract provider only if you regularly transfer $100K+.
Open a Wise account →