Wise Multi-Currency Account Canada 2026: Hold 40+ Currencies
TL;DR
Wise's multi-currency account is the cheapest way for Canadians to hold and convert foreign currencies. Local account details in 9 currencies (incl. CAD, USD, GBP, EUR) let you receive money like a local. Not CDIC-insured — use it as a transactional account, not a savings vault.
What it is, plainly
A Wise multi-currency account lets you hold balances in 40+ currencies under one login, with one debit card, and convert between them at the real mid-market rate plus a small transparent fee. It's used by Canadians who freelance internationally, hold US assets, travel often, or send money to family abroad.
Local account details — the killer feature
You get genuine local account credentials in 9 currencies, meaning third parties can pay you as if you were domestic:
- CAD — Canadian transit + account number
- USD — US routing + account number (ACH)
- GBP — UK sort code + account number
- EUR — IBAN (European)
- AUD — BSB + account number
- NZD, SGD, HUF, RON
Practical example: if you freelance for a US client, give them your Wise USD ACH details. They pay you in USD as a domestic ACH transaction (cost to them: $0). You either hold the USD or convert to CAD at near mid-market rate. Your Canadian bank would have charged a 2.5% currency conversion margin AND a $15–25 wire fee.
Real cost example
Receive $5,000 USD freelance payment, convert to CAD:
| Channel | Conversion cost | Receive fee | Net CAD (mid = 1.40) |
|---|---|---|---|
| Major Canadian bank | 2.5% | $15 | $6,810 |
| PayPal | ~3.5% | $0 | $6,755 |
| Wise | ~0.5% | $0 | $6,965 |
Run your own scenario through our Wise fee calculator for any corridor.
What it doesn't do
- Not CDIC-insured. CAD balances are safeguarded under Wise's Canadian regulatory regime but not insured. Don't park your emergency fund here.
- No interest on most balances. Wise's balance products earn modest interest only in certain currencies/jurisdictions and not always for Canadian residents.
- No physical branch, no chequebook.
- Per-transaction limits. CAD send limit is $1.5M per transaction (more than enough for personal use; sometimes a constraint for businesses).
How to actually use it
- Open the account (10 min, online ID verification)
- Order the Wise debit card (free; arrives in 1–2 weeks)
- Activate the local USD/GBP/EUR details if you'll receive those currencies
- Set up a low-cost CAD funding source (debit card or Interac e-Transfer)
Wise account vs the alternatives
- Wise vs Revolut Canada: Wise wins on transparent FX. Revolut wins on integrated investing/crypto. See Wise vs Revolut Canada.
- Wise vs your bank: No comparison for international currency holding. Bank wins for CDIC, mortgage and full-service banking.
- Wise vs PayPal: Wise is roughly 5–7× cheaper for currency conversion.
Verdict
If you receive foreign income, travel often, or hold US assets, the Wise multi-currency account is essentially required infrastructure in 2026. The cost savings on a single $5K transfer often pay for years of using it. Pair it with a CDIC-insured Canadian bank for actual cash savings.
Related guides
Sources: Wise Canada Inc. fee schedule and product pages, FINTRAC MSB registry. Fees and supported currencies change — verify in-app. We accept no referrals. Last reviewed: April 22, 2026.
Editorial disclaimer
This article is published by LoonieLabs for general information only. It is not financial, tax, legal, accounting, or immigration advice and must not be relied on as such. Rules, dollar figures, interest rates, and program eligibility change — always verify with the Canada Revenue Agency, IRCC, or a qualified professional before acting. Spotted an error? See our corrections policy. Last reviewed: April 22, 2026.
Frequently Asked Questions
Written and reviewed by Shrey Patel — Founder & Editor-in-Chief
Winnipeg, MB · Figures cross-checked against official banking & credit sources · Last reviewed April 22, 2026 · LinkedIn
Founder of LoonieLabs · based in Winnipeg, MB · writes and reviews every page on the site I oversee every figure on this page personally — verified against primary sources (CRA, IRCC, Statistics Canada, the Bank of Canada, or the originating provincial ministry). LoonieLabs has no affiliate relationships with any bank, credit card, or immigration consultant featured on this site. Spotted a mistake? Tell us.
Published by LoonieLabs.