Wise Card Canada 2024 Review: Fees, Limits and How It Works

The Wise card is a useful addition to the services offered by Wise (formerly TransferWise), but it includes a few quirks worth knowing before you travel. This review explains how the card works, where it shines, and where it can frustrate users so you can avoid surprises and keep your transaction costs low.

Is the Wise card a credit card?

Although commonly called the Wise credit card, the Wise card is actually a prepaid card available to residents of Canada and many other countries. You must load funds into your Wise account before using the card, and one of its main features is the ability to hold multiple currencies at once. That makes it convenient for travellers who want to exchange money when rates are favourable and spend from the relevant currency while abroad.

When you pay using a currency that’s already held in your Wise balance, Wise does not charge an additional fee for the transaction itself. If you don’t hold the local currency, Wise will automatically convert funds from one of the currencies in your account; it chooses the currency that results in the lowest conversion fees. When offered the choice between being charged in the local currency or in Canadian dollars while overseas, choose the local currency to get a better exchange rate.

The Wise card also supports ATM withdrawals in foreign countries, functioning effectively as a debit card for purchases and cash withdrawals. Note, however, that if you ordered the card in Canada you may not be able to use it for local ATM withdrawals within Canada.

Your first two ATM withdrawals each calendar month are free up to a combined total of CAD $350. After that, each additional withdrawal costs CAD $1.50, and withdrawals above the CAD $350 monthly free limit incur a 1.75% fee. Keep in mind that the ATM operator may also charge its own fee; both Wise fees and third-party ATM fees contribute toward your monthly limits.

How long does it take to get a Wise card?

To order a Wise card you need an active Wise account. Registration is short and entirely online. After activating your account you must add funds before ordering the physical card. Wise supports several funding methods, including Interac e-Transfer, direct debit from your bank, and wire transfer. Fees vary by method and by currency; Interac e-Transfer typically has the lowest fee and often delivers funds in minutes.

Once you request a physical card, the digital card is available immediately and the physical card usually arrives within about 14 days. The instant digital card is handy for online purchases and contactless payments, but if you need cash before the physical card arrives, the digital option won’t help with ATM withdrawals.

Wise card pros and cons

The Wise card is a distinctive option that will appeal to many travellers and people who maintain balances in multiple currencies. Below are the main advantages and disadvantages to consider before signing up.

Wise card pros

• Multi-currency balances: Hold and spend in multiple currencies so you can lock in favourable exchange rates or avoid conversions when you already have the right currency.
• Flexible spending: If you don’t have the exact currency for a purchase, Wise will convert from another balance and choose the option with the lowest conversion fees.
• No annual fee: There’s no yearly charge to keep the card.
• Immediate digital card: You receive a digital card to use instantly while waiting for the physical card to arrive.

Wise card cons

• Funding fees: Adding money to your Wise account can incur fees depending on the method and currency.
• Not completely fee-free for foreign spending: While Wise offers competitive exchange rates, there are markups and conversion costs when loading and converting currencies.
• Limited free ATM withdrawals: Only two free withdrawals per month up to CAD $350 in total; extra withdrawals and amounts over the limit incur fees.
• No rewards: The Wise card does not earn points, miles, or cash back on purchases.

Alternatives to the Wise card

Since its Canadian launch in late 2021, the Wise card has competed with other prepaid and travel-friendly cards that aim to eliminate foreign transaction fees. Examples include prepaid cards from banks and fintechs that use the Visa exchange rate and may charge lower overall costs for currency conversion. Some issuers also waive loading fees and offer no-fee ATM withdrawals, which can be a clear advantage if you do a lot of cash withdrawals while travelling.

Beyond prepaid options, there are many no-foreign-transaction-fee credit cards that offer travel perks and rewards. Traditional travel credit cards often provide lounge access, travel insurance and points for spending—benefits that a prepaid travel card does not provide. For frequent travellers who prefer a full-featured travel product, a rewards credit card without foreign transaction fees may be a better fit despite any annual fee.

Is the Wise card any good?

The Wise card is a solid tool for travellers and anyone who needs multi-currency flexibility. Its strengths are clear: easy funding, the ability to hold and spend in several currencies, and no annual fee. However, for people who prioritize rewards, lounge access, or unlimited fee-free ATM withdrawals, a no-foreign-transaction-fee credit card or another prepaid card might be more attractive.

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