Personal Finance

International Money Transfer - TransferWise

  • Last Updated:
  • Dec 6th, 2021 11:41 pm
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Jan 4, 2011
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EDL67134234 wrote: Hi,

Looking for an advice on my situation. I am looking to convert CAD to USD and withdraw USD from Scotiabank USD account

I have been mostly using Revolut to exchange money and send it to my USD in Canada, but it is now shut down.

I have EQ Bank USD account + Transferwise. I looked up Transferwise rates through their app and EQ Bank is shortchanging me about $50 bucks CAD.

Which option would you recommend?


1. I have TD Bank US-based account. Is it better to use Transferwise ->TD US-> TD Canada route?
2. I have Transferwise USD account. is it better to send to my Scotiabank USD account? I see the hold will be 2-5 days longer and there will be $2.90 extra fee plus additional fees on Scotia's side.
How much money are you looking to convert? If it's a large enough amount, why not use the DLR ETF? It will cost you the cost of two trades plus 10bps on the spread. So, for example, if you buy/sell through TD, it will cost you $9.99 x 2 + 0.1% of the amount. For $10k, that works out to a total cost of ~$30. IF you do it through NBC or some discount brokerages, it would even be cheaper: for example, NBC I believe has no fees to trade ETFs, so for $10k it would costs you $10.
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Jan 17, 2009
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I was just coming to mention it as well lol.
Just requested a card since it's free.
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Jul 15, 2009
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sandeep8g wrote: got an email:
Debit card (Visa) is available.

Up to 2 free ATM withdrawals of up to $350 total in any 30 day period. After 2 withdrawals, $1.50 fee per additional withdrawal. After $350, 1.75% fee on additional withdrawals.

Does not work at ATMs in Canada.

Card number/expiry/CVV available online immediately after applying.
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Okay so this is neat.

Apparently aside from a physical card, you can also generate a "digital" card. In fact you can generate THREE at once in total.

Go here:
https://wise.com/card-management

Go down near the bottom and click the button to generate a digital card. You can do this 3 times. I am not sure if you delete one of the digital cards if you can generate a new one (didn't test it), but they at least let you have 3 going at once.

This is pretty cool and kind of reminds me of how Privacy.com works in the USA. Allowing you to generate unique virtual CC numbers for one-time or specific uses.
I believe in theory this allows you to use one of these unique virtual card numbers to make a purchase and then immediately afterwards delete the card. So even if the card was compromised, it would not be valid anymore anyway.
Last edited by BobSagget on Nov 30th, 2021 4:19 pm, edited 2 times in total.
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Just ordered cards for my personal and business Wise accounts since it's free right now.

I don't think the card necessarily adds a ton of value but it give us more options which is good. Some niche benefits that are rare/non-existent in Canada are a virtual card that you can regenerate anytime and full 3DS support.
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Dec 18, 2017
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BobSagget wrote: Okay so this is neat.

Apparently aside from a physical card, you can also generate a "digital" card. In fact you can generate THREE at once in total.

Go here:
https://wise.com/card-management

Go down near the bottom and click the button to generate a digital card. You can do this 3 times. I am not sure if you delete one of the digital cards if you can generate a new one (didn't test it), but they at least let you have 3 going at once.

This is pretty cool and kind of reminds me of how Privacy.com works in the USA. Allowing you to generate unique virtual CC numbers for one-time or specific uses.
I believe in theory this allows you to use one of these unique virtual card numbers to make a purchase and then immediately afterwards delete the card. So even if the card was compromised, it would not be valid anymore anyway.
There is a Canadian response to privacy.com

It’s from Quebec based https://lastcard.com/

Your first virtual card is free. After that you need to sign up for a plan.

I believe the most expensive one is $20 a year for unlimited (multi and single-use) virtual cards. I love how you can set the expiry date for these cards.
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bubak wrote: Debit card (Visa) is available.

Up to 2 free ATM withdrawals of up to $350 total in any 30 day period. After 2 withdrawals, $1.50 fee per additional withdrawal. After $350, 1.75% fee on additional withdrawals.

Does not work at ATMs in Canada.

Card number/expiry/CVV available online immediately after applying.
Where do you see that? I'm assuming it would be like Revolut or Stack, where withdrawal would be free if the ATM itself doesn't charge its own fees.
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Aug 1, 2006
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Public service announcement: Don't keep very much money in your Wise account in case they decide to close your account and hold your money for 81 days before returning it. This has happened to many people including me, and for no reason other than you triggered their faulty AML algorithm.
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I can verify that three virtual numbers is the max you can have. If you delete one, it does not allow you to generate a new one. You will be left with 1 physical card and 2 virtual.

Would have been cool if you could generate fresh ones every time, but it is what is is.
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Oct 17, 2007
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twotterdhc6 wrote: Where do you see that? I'm assuming it would be like Revolut or Stack, where withdrawal would be free if the ATM itself doesn't charge its own fees.
https://wise.com/help/articles/2935769/ ... hdraw-cash
**Japan, Singapore and Canada cardholders
If you got your debit card in Japan, Singapore or Canada you won’t be able to use it to make ATM withdrawals locally. But you’ll still be able to use your card to make payments locally and around the world, and withdraw from ATMs overseas.
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Mar 14, 2014
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sandeep8g wrote: got an email:
Never thought I would see the day when TransferWise, now Wise would start finally issuing cards in Canada!

Glad I check this forum often as I did not receive the email, however I was able to login on the app and request a physical card as well create a virtual card.
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cstca wrote: https://wise.com/help/articles/2935769/ ... hdraw-cash
**Japan, Singapore and Canada cardholders
If you got your debit card in Japan, Singapore or Canada you won’t be able to use it to make ATM withdrawals locally. But you’ll still be able to use your card to make payments locally and around the world, and withdraw from ATMs overseas.
Thanks for that. Even clicking on ATM fee details from within my account didn't mention this restriction.
I wonder what it really means though - would I be charged an extra fee, or the transaction would get rejected altogether? And how would the ATM know to reject this specific card if it's just like any other Visa card?

Perhaps some experiments are in order once I receive the card :razz:
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twotterdhc6 wrote: Thanks for that. Even clicking on ATM fee details from within my account didn't mention this restriction.
I wonder what it really means though - would I be charged an extra fee, or the transaction would get rejected altogether? And how would the ATM know to reject this specific card if it's just like any other Visa card?

Perhaps some experiments are in order once I receive the card :razz:
Wise will probably reject on their end based on the ATM's location.

Any reason you want to withdraw cash from your Wise account in Canada? If you just want to get the money out you can do an EFT pull from e.g. Tangerine (and if you really want cash, subsequently withdraw from a Scotia ATM).
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Sorry if this is a no0b issue:

So I ordered my VISA card and wanted to add money into my account today to get a head start. I attempted a token transaction of $10 to start with, and was presented with multiple options to add these funds to my CAD Wise account.

Why do they want to charge us money to add funds to our accounts? None of the other challenger fintechs (Stack, Koho, WealthSimple) I've used have charged me fees just for adding money to my card. Is this what everyone else here has experienced or did I not set up my account correctly?


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I just got onto Wise as my daughter is attending school in Europe this winter, heading over in January. So she needed a Euro account with a physical debit card she can use locally there, which Wise provides. I opened my own CAD and EUR accounts to test it out and to transfer money to apartment owners, the university and to her EUR account at some point when she needs funds.

I've noticed the process to move funds in from Simplii at least is prone to error, but it does eventually work. The fee is nominal - a few cents per $100 I think? More of course if you pull from a credit card, and of course it appears as a cash advance on the card so no points :P

Transferring EUR to a non-Wise EUR account is expensive - close to the same as going into a branch to do a wire transfer I think.

And oddly the mobile app doesn't seem to have any security on it at all? It never asks for login credentials. It's not using FaceID or anything - just opens up with access to my accounts, which seems really odd.

The physical card offer in Canada must be very new. I was speaking to them just the other day about cards and they were not available in Canada. Ordered my card and when I just opened the app on my iPhone, it prompted me instantly to add it to my Apple Wallet.

So far I'm impressed with Wise.
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vancityguy0 wrote: Is this what everyone else here has experienced or did I not set up my account correctly?
It's the norm from what I've seen so far with Wise.
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Feb 4, 2019
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vancityguy0 wrote: Sorry if this is a no0b issue:

So I ordered my VISA card and wanted to add money into my account today to get a head start. I attempted a token transaction of $10 to start with, and was presented with multiple options to add these funds to my CAD Wise account.

Why do they want to charge us money to add funds to our accounts? None of the other challenger fintechs (Stack, Koho, WealthSimple) I've used have charged me fees just for adding money to my card. Is this what everyone else here has experienced or did I not set up my account correctly?
I just replied to this but it went into moderation for some reason. Anyway, fund the minimum amount now and pay a few cents in fees. Then once you get bank details for your CAD balance, link it as external account in e.g. Tangerine so you can add/withdraw money using EFT push/pull for free going forward. [...]
Last edited by Mars2012 on Dec 1st, 2021 9:42 am, edited 1 time in total.
Reason: off topic edit
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torontotim wrote: I just got onto Wise as my daughter is attending school in Europe this winter, heading over in January. So she needed a Euro account with a physical debit card she can use locally there, which Wise provides. I opened my own CAD and EUR accounts to test it out and to transfer money to apartment owners, the university and to her EUR account at some point when she needs funds.

I've noticed the process to move funds in from Simplii at least is prone to error, but it does eventually work. The fee is nominal - a few cents per $100 I think? More of course if you pull from a credit card, and of course it appears as a cash advance on the card so no points :P

Transferring EUR to a non-Wise EUR account is expensive - close to the same as going into a branch to do a wire transfer I think.

And oddly the mobile app doesn't seem to have any security on it at all? It never asks for login credentials. It's not using FaceID or anything - just opens up with access to my accounts, which seems really odd.

The physical card offer in Canada must be very new. I was speaking to them just the other day about cards and they were not available in Canada. Ordered my card and when I just opened the app on my iPhone, it prompted me instantly to add it to my Apple Wallet.

So far I'm impressed with Wise.
She should open a Euro account once she arrives. Actually she could probably apply to one of those free virtual banks (N26, Revolut, etc) once she gets her visa.

SEPA transfer from any EUR account to Wise EUR account should always be free, and withdraw from Wise account using the debit card. Then you avoid transfer fees in both directions :)

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