Wise Chequing Account has no monthly fee or stated monthly transaction count for supported everyday activity. It includes a Wise debit card, Canadian-dollar local account details, payroll direct deposits, pre-authorized debits and free Interac e-Transfer options. Currency conversion and some transfer fees still apply.
Eligible Canadian customers can opt in to a variable annual interest rate on Canadian-dollar and supported foreign-currency balances. Wise displays a 2.22% CAD rate. Interest accrues daily and is paid monthly, and the rate can change.
Automated teller machine (ATM) withdrawals are available worldwide. Wise charges no withdrawal fee on the first $100 per account each month, then $2.69 plus 2.69% of the amount over $100. ATM operators can add fees, and conversion and account limits can also apply. Wise does not accept physical cash or cheque deposits, and customers cannot write cheques from the account.
Wise calls this a chequing account, but its customer agreement says Wise is not a bank and the Wise Account is not a bank account. Group Spend lets several Wise users spend from a shared balance, but it is not a joint account.
Eligible deposits, including supported foreign currencies, are held in trust at an unnamed Canada Deposit Insurance Corporation (CDIC) member with the customer named as beneficiary. Protection is limited to the equivalent of $100,000 per beneficiary when trust-disclosure requirements are met and applies if that member institution fails. It is not a separate limit for each currency. If Wise fails, separate statutory safeguarding and segregation rules apply, and Wise says safeguarding is not equivalent to deposit insurance.