Personal Finance Bank accounts

Is the Manulife chequing account a great option? A closer look

Piyush Singh

28.04.25

Read time 3 minutes

Looking for a chequing account that earns interest? The Manulife Advantage Account could be a strong option for Canadians. A hybrid between chequing and savings, it’s one of the few Canadian accounts that pays interest on every dollar, helping you build your savings. But what if you travel often or manage money internationally? In this article, we’ll explore what a Manulife chequing account offers, where it shines, and introduce Wise, a flexible, more global alternative. Let’s dive in. 💵

This guide will take you through:
What does the Manulife chequing account offer? Account setup and access Fees and minimum balance Manulife chequing account: Limits and accessibility Currency exchange and international use of the Manulife chequing account Meet Wise: your flexible international account Interest and savings potential with the Manulife chequing account Is the Manulife Chequing Account Right for You?

What does the Manulife chequing account offer?

The Manulife Advantage Account combines the benefits of a chequing and savings account, offering high interest on every dollar deposited without a minimum balance required.¹ You’ll get unlimited free transactions if you keep a balance of $1,000 or more.. The account is accessible through online, mobile, and telephone banking, and from the thousands of ATMs across Canada, making everyday banking simple and convenient.¹

Account setup and access

Opening an Advantage Account is quick and easy. If you’re new to Manulife Bank, here’s what you’ll need to get started:

A valid email address or your Manulife ID login¹
Your Social Insurance Number (SIN)¹
A government-issued photo ID or your online banking login from another major Canadian bank.¹

As a digital-only bank, Manulife is accessible from mobile phones, tablets, or computers.²

Fees and minimum balance

Feature	Details
Monthly Fee	No monthly fees¹
Transactions	Free if you keep at least $1,000 in your account.¹^\
Interac e-Transfers	No fees¹
Interest Rate	1.75%¹
Minimum to Earn Interest	No minimum balance required¹

Manulife chequing account: Limits and accessibility

Manulife Account Limits

Transaction Type	Limit
Daily ATM Withdrawal	$1,200/day²
Interac e-Transfer	3,000/transfer, $3,000/day, $10,000/week, and $20,000/month²
Bill Payments	$50,000 - up to 5 bills at a time through online banking and one bill at a time using the mobile app²
Global Usage	Limited. Can withdraw cash in the local currency, plus ATM service fees²

Manulife customers get free ATM withdrawals through THE EXCHANGE® Network, Canada’s largest surcharge-free ATM network for withdrawals. If you use an ATM outside of this network, a convenience fee may apply. It’s easy to find a participating ATM. You can also get cash back at select stores if there’s no ATM nearby.

Currency exchange and international use of the Manulife chequing account

Manulife handles international money only through wire transfers. The charge is 15 CAD for incoming wire transfers (plus the sender’s bank's possible fee), and the funds arrive within 1–5 business days.³

Manulife Bank allows international transactions via wire transfers for sending and receiving funds, including in US dollars and other foreign currencies.³ However, they do not offer direct currency exchange services and do not accept foreign currency cheques for deposit.

Meet Wise: your flexible international account

For greater international flexibility, Wise is a strong supplement to Canadian chequing accounts, offering a multi-currency account built for global use. You can hold and convert over 40 currencies with Wise, whatever your financial needs at the mid-market exchange rate without monthly fees.

The account provides local bank details in CAD, USD, EUR, GBP, and beyond, allowing you to receive payments like a local in multiple countries. You’ll also get a globally accepted debit card, plus the convenience of Apple Pay and Google Pay. Thanks to the low-cost currency conversion, Wise is ideal if you’re paid in foreign currencies, shop online internationally, or send money abroad often..

Interest and savings potential with the Manulife chequing account

Manulife pays interest monthly, based on your daily closing balance. While rates may change without notice, the current rate for the Advantage Account is 1.75%.

Is the Manulife Chequing Account Right for You?

The Manulife Chequing Account could be right for you if you:

Want to earn interest on everyday funds
Prefer free, unlimited transactions
Bank primarily within Canada
Prefer no monthly account fees
Want a simple hybrid between chequing and savings

The Manulife Chequing Account might not be ideal if you:

Frequent international travelers or expats
Users needing competitive exchange rates
People who rely on global ATM access
Businesses or freelancers paid in foreign currencies

Conclusion

The Manulife Advantage Account offers Canadians the flexibility of a chequing account with attractive high-interest earnings. For domestic users looking to grow their balance while handling everyday transactions, it’s a solid choice. However, if your lifestyle includes frequent international trips, transfers, or multi-currency needs, Wise stands out for its global reach, fair exchange rates, and transparent pricing.. Ready to go global with your money? Open your Wise account today.

Sources:

Sources verified on 28 April 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.