Wise launches multi-currency interest feature in Canada

Wise has launched a multi-currency Interest feature for personal and business customers in Canada, which it says is the first service in the country to let customers earn a return on balances in several currencies within a single account.

Eligible users can opt in to earn returns on balances held in Canadian dollars, US dollars, euros and pounds sterling through their Wise multi-currency account. They can still send, spend and convert funds from those balances without minimum balance requirements or lock-up periods.

At launch, the listed rates are 2.22% for CAD, 3.14% for USD, 0.8% for EUR and 2.21% for GBP. The feature is available through the Wise app and can be activated in a few steps.

The launch addresses a long-standing challenge for Canadians managing money across borders. People and businesses that want to hold funds in different currencies often need separate accounts with multiple providers, a setup that can come with balance thresholds and introductory rates that later become less attractive.

Cross-border demand has been rising. Wise cited public data from Payments Canada showing that millions of Canadians send international payments each year, while outbound remittances and cross-border business activity continue to grow.

Canada focus

The launch also supports Wise's broader push in the Canadian market. Its active customer base in Canada grew by more than 30% in FY25 as it expanded services for consumers and businesses that move money internationally.

That growth has been matched by investment in domestic access to payments. Wise recently became a member of Payments Canada, making it eligible to apply for direct participation in national payment systems, including ACSS, Lynx and the planned Real-Time Rail.

Direct access to those systems could help Wise handle transfers within Canada with fewer intermediaries. For customers, that could eventually mean faster transfers and lower costs for payments sent to and from the country.

The Canadian launch also reflects the growing importance of multi-currency money management for globally connected households and businesses. Companies that pay suppliers abroad, collect foreign-currency revenue or hold working capital in more than one market often must decide whether to keep funds idle, convert them quickly or place them in separate products.

Consumers face similar choices when they receive overseas income, support relatives in other countries, or prepare for travel and education costs abroad. A single account that combines holding, spending, and transfers, with a return on balances, is intended to reduce that friction.

The Interest feature is open to both individuals and businesses in Canada, subject to eligibility. Wise has built much of its offering around a multi-currency account that lets customers hold and manage dozens of currencies in one place.

Globally, Wise supported about 15.6 million people and businesses in fiscal year 2025 and processed more than $185 billion in cross-border transactions. Over that period, it said it saved customers about $2.6 billion.

"Earning a return on your money across currencies shouldn't require opening and managing multiple accounts or giving up access to your funds - but that's the reality many Canadians have grown accustomed to. With Wise's Interest feature, we're changing that. We're offering a more flexible way for our customers to make their money work harder across currencies, combining market-leading returns with the ability to use funds instantly, all in one convenient account," said Vinay Nilakantan, Wise's Head of Product for North America.