Wise launches chequing account in Canada for travellers

Wise has launched a chequing account in Canada for people and businesses with cross-border financial needs.

The account lets users fund Canadian dollar balances for free by Interac e-Transfer and send Canadian dollars to an Interac alias. Balances are also eligible for deposit protection through trust arrangements with a CDIC member institution, subject to standard limits and rules.

The launch adds a chequing product to Wise's existing Canadian offering, which already includes multi-currency accounts and international transfers. The new account also includes Group Spend, a feature that lets users pool money with family or friends for shared expenses such as bills and travel.

Research commissioned by Wise suggests many Canadians now manage money across multiple providers and borders. The survey found that 54% use more financial services and tools than they did five years ago, while 45% said managing their money has become more complicated.

More than a third, 35%, said switching between financial providers is frustrating. The survey also found that 53% of Canadians manage at least one international financial activity in daily life, including travel, shopping abroad, holding foreign currencies, and sending money overseas.

Customer pressure

The findings suggest consumers want simpler financial arrangements as cross-border activity becomes more common. Canadians who use multiple providers are mainly looking for lower fees, better savings options, and better interest rates.

Wise also highlighted demand for returns on deposits. Its survey found that 43% of Canadians see growing their money or earning more on their savings as a top financial priority over the next year.

Earlier this year, Wise introduced an interest feature in Canada for balances held in USD, GBP, EUR, and CAD. The new chequing account builds on that offering and, according to Wise, includes returns on US dollar balances that are the highest available in the market.

The account also provides local account details in Canadian dollars and other currencies, and lets you receive money in more than 20 currencies. Customers can set up pre-authorised debits for recurring payments and send money to more than 70 countries.

In the second quarter of its 2026 financial year, 77% of Wise's global payments arrived instantly in under 20 seconds. That speed has been one of its main selling points as it competes with banks and other fintech firms in international payments.

Canada is an important market for providers serving customers with overseas financial ties, including immigrants, students, frequent travellers, and small businesses with international suppliers or clients. The launch shows Wise broadening its position from a transfer specialist into more day-to-day banking-style services, while still operating outside the traditional banking model.

Vinay Nilakantan, Head of Product for North America at Wise, outlined the rationale for the move.

"Canadians shouldn't need one account for life at home and another for life internationally. We're building a new kind of chequing account for people and businesses in Canada so they don't need to use different providers in order to meet their everyday money management needs. Now, they can simply use the Wise Chequing Account," he said.

Wise is also attaching promotional offers to the launch, including activity-based bonuses and a scheme under which selected customers who receive direct deposits into the account can have a monthly pay cheque doubled, up to CAD $5,000. The promotion will run each month for a year, with five customers selected each month.

The product enters a competitive market where established banks, digital banks, and fintech groups are all trying to attract customers seeking low-fee accounts and easier international money movement. Wise's approach relies on its established cross-border network and multi-currency infrastructure rather than a full domestic banking licence.

Wise is not a bank in Canada, but eligible deposits are held in trust with a CDIC member institution, with customers designated as beneficiaries. That structure is increasingly common among fintech firms offering account-like products without being deposit-taking banks themselves.

For Wise, the Canadian chequing launch is part of a broader push to make its account more central to customers' everyday finances rather than an occasional tool for travel or remittances. Survey results showing that 28% of Canadians using multiple providers want lower fees, 25% want better savings options, and 24% want better interest rates underline the opportunity Wise sees in the market.

In its latest financial year, Wise supported nearly 19 million people and businesses and processed more than USD $243 billion in cross-border transactions.