When travelling internationally, one of the most significant considerations is having access to the right currency for your destination, and a Wise Money Card can help with that. Whether you’re hopping between countries or settling into one for a few months, having the right financial tool to make payments can mean the difference between a smooth arrival and a money nightmare.
Wise money has quickly become a must-have for travellers who want more control, less stress, and zero surprise fees when managing money abroad. I’ve been there, watching my Canadian bank card get declined in Cuba, Mexico, and Bali right when I needed it most. Add on those steep international transaction fees, weird conversion rates, and sluggish bank processing times… and suddenly your dream trip turns into a financial headache.
Wise (formerly TransferWise) is built to solve these problems. It’s a smarter, faster, and more affordable way to send, receive, and spend money across borders. Whether you’re backpacking through Europe, working remotely in Thailand, or flying frequently between Canada and the US, Wise keeps your money flowing wherever you are, with transparency and peace of mind.
Here’s what we’ll cover in this guide:
- Why Wise money transfers are ideal for travellers
- How to dodge outrageous conversion and banking fees
- Whether Wise is safe, legal, and trustworthy in Canada
- What the Wise card is and how it works abroad
- Common questions answered, including potential downsides
What Is Wise (and Why Travellers Love It)
Wise (formerly TransferWise) is an international money transfer and multi-currency account designed to help you send, spend, and receive money globally, using the Wise user-friendly app, making your cash feel local no matter where you roam. You can use a digital card or a physical card to make payments easily.
From your phone, you can freeze/unfreeze your card, track transactions in real-time, top up with Canadian Interac e-Transfers or cards, and receive alerts about currency movements or account activity, all while sipping a latte in Europe or trekking in Asia.
Over 16 million customers trust Wise and process billions in cross-border transfers each quarter. Wise enables you to receive local bank details in currencies such as USD, EUR, GBP, and more, making it perfect for remote work, international payments, or simply avoiding costly bank exchange fees at home or abroad.
Here’s what travellers love most:
- Real, Mid-Market Exchange Rates with Low Fees
- A Single Account with 40+ Currencies & Seamless Spending
- Wise Travel Card is Accepted Worldwide. Fast transfers to 160+ countries
- A Smooth Mobile Experience
- Significantly Cheaper Than PayPal & Traditional Banks
What This Means for You as a Traveller
- Use in destination currencies directly, no bulky cash or expensive cards.
- Convert as needed or preload currencies for more control over rates.
- Withdraw emergency cash affordably.
- Keep your Canadian bank card tucked away to avoid those dreaded blocks and holds when abroad.
In short, Wise money gives travellers peace of mind, flexibility, and financial control, all from one polished, mobile-first platform.
Is Wise Safe and Legal in Canada?
Yes, Wise is 100% legal and regulated in Canada. Wise Payments Canada Inc. is registered with FINTRAC and licensed in Québec by Revenu Québec. It’s not a bank, but it follows strict rules to protect your money.
Your funds are stored in segregated accounts at trusted financial institutions. You also get:
- 2FA logins
- Instant transaction alerts
- Card freezing via the app
- No selling or lending of your money
So if you’re wondering, “Is Wise safe in Canada?” — the answer is yes. Very Safe.
How Does Wise Work?
Step-by-Step:
- Create a free Wise account online or via app.
- Verify your ID (passport, driver’s licence, or utility bill).
- Top up your Wise account via Interac e-Transfer, bank wire, or debit card.
- Convert CAD into any of 40+ currencies at real exchange rates.
- Use the Wise debit card abroad to pay in the local currency or withdraw cash.
- Send money to international bank accounts in minutes.
How Travellers Can Use The Wise Money Transfer
- Backpackers can split hostel fees with travel buddies in any currency
- Digital nomads can get paid in USD or EUR and spend in local currency
- Snowbirds can send CAD to a US account to cover their Florida bills
- Families can send emergency cash overseas within hours
The Wise Money Transfer FAQs Answered
Is Wise a real bank account?
No, it’s a financial platform, not a bank. However, it functions similarly, with IBANs, account numbers, debit cards, and multi-currency balances.
Who owns Wise?
Wise PLC is a public company, founded by Estonian entrepreneurs Taavet Hinrikus and Kristo Käärmann. It’s listed on the London Stock Exchange.
Which Canadian banks work with Wise?
Wise connects to all central Canadian banks for sending and withdrawing money. You can deposit via:
- Interac e-Transfer
- Direct debit
- Wire transfer
You can also transfer funds back to your Canadian bank account at any time.
Does Wise charge fees?
Yes, but they’re low and transparent.
Can I reverse or get a refund for a Wise transfer?
If your transfer hasn’t been picked up or received, yes — you can cancel or reverse it in the app. If you’ve been scammed, Wise will investigate and may refund you depending on the case.
Is the Wise card available in Canada?
Yes! Canadians can order the Wise Mastercard for a small one-time fee (about $10 CAD). It’s accepted worldwide.
Can my Wise account be hacked?
Like any financial app, there’s always a risk. However, Wise uses encryption, 2FA, and fraud detection, and never requests your password or remote access. Enable notifications and strong passwords.
Pros & Cons of Using Wise
✅ Pros:
- Transparent, real-time currency conversions
- Fast international transfers
- Travel-ready card with multi-currency support
- Mobile app with full control and safety features
- Legal in Canada and globally regulated
❌ Cons:
- Not CDIC insured (not a bank)
- Some users report frozen accounts during large transfers (especially unverified)
- Customer support can be slow in crisis moments
- Requires upfront verification (don’t wait till the airport!)
Final Take: Should You Use Wise for Travel?
If you’re tired of losing money to banks, scrambling for cash, or wondering if your card will work overseas, Wise is a game-changer.
It’s fast. It’s affordable. And it’s designed for travellers who value clarity and control.
- Sign up before your next trip
- Get verified in Canada with your ID
- Order your Wise debit card
- Load it with CAD and convert as you go
- Travel lighter, spend smarter, and skip the fees
For travellers to be free from financial restrictions is to travel without stress. Having a reliable and low-cost way to manage your money across borders will allow you the luxury of peace of mind.
Wise is an international money solution built for how people live and travel today. Wise gives you the flexibility that traditional banks and payment platforms struggle to match.
