Canada Price Comparison Research

A dedicated comparison research team in Wise compared Wise to 3 Canadian bank accounts, as well as PayPal, Remitly and Western Union. They found that you can save up to 3x on average to send, spend and withdraw money abroad with Wise.

They found that we’re on average 5x cheaper for spending abroad. Wise is also on average 2x cheaper to send $500 abroad. Our fees to withdraw $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 2024 during a 5 day period (26/08/2024 - 30/08/2024).

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, GBP, INR, MXN and USD using $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.

How did we calculate our price claims?

Comparing fees
For each currency pair — such as CAD to EUR, CAD to GBP, etc. — our team compared the fees charged by Wise to the average fees charged by competitors.

Calculating savings
The following formula was used to show how much you save with Wise compared to competitors:

• % saving = cost of using Wise against a competitor’s average fee × 100
• This formula tells you the percentage you’d save by using Wise instead of the average competitor.

What does that look like?
If a CAD to EUR transaction shows a 65% saving, it means Wise fees are 65% lower than the average competitor fees for that particular currency pair.

What about the average savings?
After calculating the savings percentage for each currency pair, the average represents the overall savings claim for Wise across different services like sending, spending, or withdrawing money.

The research and results

1 . Total cost to send $500. Overall, Wise is 2x cheaper.
Sending $500 to another country? Wise will cost up to 60% less compared to how you’re doing it now.

CAD > EUR: Wise is 2x cheaper

• Wise: $4.10
• Royal Bank of Canada: $15.12
• Canadian Imperial Bank of Commerce: $4.30
• Toronto-Dominion Bank: $15.23
• PayPal: $22.91
• Remitly: $3.48
• Western Union: $11.52

CAD > GBP: Wise is 2x cheaper

• Wise: $4.34
• Royal Bank of Canada: $15.19
• Canadian Imperial Bank of Commerce: $4.24
• Toronto-Dominion Bank: $14.82
• PayPal: $23.29
• Remitly: $2.12
• Western Union: $11.84

CAD > INR: Wise is 1x cheaper

• Wise: $5.13
• Royal Bank of Canada: $15.94
• Canadian Imperial Bank of Commerce: $5.87
• Toronto-Dominion Bank: $9.23
• PayPal: $19.65
• Remitly: $0.00
• Western Union: $6.15

CAD > MXN: Wise is 2x cheaper

• Wise: $5.58
• Royal Bank of Canada: $14.02
• Canadian Imperial Bank of Commerce: $5.25
• Toronto-Dominion Bank: $19.78
• PayPal: $27.65
• Remitly: $0.00
• Western Union: $11.61

CAD > USD: Wise is 3x cheaper

• Wise: $5.02
• Royal Bank of Canada: $10.86
• Canadian Imperial Bank of Commerce: $55.40
• Toronto-Dominion Bank: $13.02
• PayPal: $23.05
• Remitly: $4.36
• Western Union: $11.22

2 . Fees to spend $500 using a debit card. Overall, Wise debit card is 5x cheaper.
It’s up to 80% cheaper to spend $500 overseas with Wise.

CAD > EUR: Wise is 6x cheaper

• Wise: $2.19
• Royal Bank of Canada: $13.50
• Canadian Imperial Bank of Commerce: $12.50
• Toronto-Dominion Bank: $17.50
• PayPal: Not offered
• Remitly: Not offered
• Western Union: Not offered

CAD > GBP: Wise is 6x cheaper

• Wise: $2.39
• Royal Bank of Canada: $13.50
• Canadian Imperial Bank of Commerce: $12.50
• Toronto-Dominion Bank: $17.50
• PayPal: Not offered
• Remitly: Not offered
• Western Union: Not offered

CAD > INR: Wise is 4x cheaper

• Wise: $3.03
• Royal Bank of Canada: $13.50
• Canadian Imperial Bank of Commerce: $12.50
• Toronto-Dominion Bank: $17.50
• PayPal: Not offered
• Remitly: Not offered
• Western Union: Not offered

CAD > MXN: Wise is 4x cheaper

• Wise: $3.48
• Royal Bank of Canada: $13.50
• Canadian Imperial Bank of Commerce: $12.50
• Toronto-Dominion Bank: $17.50
• PayPal: Not offered
• Remitly: Not offered
• Western Union: Not offered

CAD > USD: Wise is 6x cheaper

• Wise: $2.29
• Royal Bank of Canada: $13.50
• Canadian Imperial Bank of Commerce: $12.50
• Toronto-Dominion Bank: $17.50
• PayPal: Not offered
• Remitly: Not offered
• Western Union: Not offered

3 . Fees to withdraw $500 abroad via an ATM, using a debit card. Overall, Wise debit card is 3x cheaper.
It’s up to 65% cheaper to withdraw $500 overseas with Wise.

CAD > EUR: Wise is 3x cheaper

• Wise: $4.83
• Royal Bank of Canada: $17.50
• Canadian Imperial Bank of Commerce: $17.50
• Toronto-Dominion Bank: $17.50
• PayPal: Not offered
• Remitly: Not offered
• Western Union: Not offered

CAD > GBP: Wise is 3x cheaper

• Wise: $5.03
• Royal Bank of Canada: $17.50
• Canadian Imperial Bank of Commerce: $17.50
• Toronto-Dominion Bank: $17.50
• PayPal: Not offered
• Remitly: Not offered
• Western Union: Not offered

CAD > INR: Wise is 3x cheaper

• Wise: $5.68
• Royal Bank of Canada: $17.50
• Canadian Imperial Bank of Commerce: $17.50
• Toronto-Dominion Bank: $17.50
• PayPal: Not offered
• Remitly: Not offered
• Western Union: Not offered

CAD > MXN: Wise is 3x cheaper

• Wise: $6.13
• Royal Bank of Canada: $17.50
• Canadian Imperial Bank of Commerce: $17.50
• Toronto-Dominion Bank: $20.50
• PayPal: Not offered
• Remitly: Not offered
• Western Union: Not offered

CAD > USD: Wise is 3x cheaper

• Wise: $4.93
• Royal Bank of Canada: $15.50
• Canadian Imperial Bank of Commerce: $15.50
• Toronto-Dominion Bank: $20.50
• PayPal: Not offered
• Remitly: Not offered
• Western Union: Not offered

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

Monthly account fees*

• Wise: $0.00
• Royal Bank of Canada: $11.95
• Canadian Imperial Bank of Commerce: $6.95
• Toronto-Dominion Bank: $29.95
• PayPal: $0.00
• Remitly: $0.00
• Western Union: $0.00

*Assuming that waiver criteria has not been met.

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 Wise 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.