Wise (formerly TransferWise) uses the live mid-market exchange rate and charges a transparent fee shown upfront. Big Six bank wires typically charge a $25–$45 wire fee plus a ~2.5% FX margin you don't see. Compare your exact cost below.
Wise total cost
$5.2
Recipient gets ~995 CAD equivalent
Bank wire total cost
$60
Recipient gets ~940 CAD equivalent
Wise % fee component
0.42%
Wise fixed component
$1.00
Bank wire fee
$35.00
Bank FX margin (~2.5%)
$25
Read the full Wise Canada Review 2026, Wise vs Revolut, or our corridor-by-corridor send-money guide.