Wise has launched Wise Chequing Account in Canada with a $0 monthly fee, free Interac e-Transfer options and Canadian-dollar local account details. Customers can receive direct deposits, set up pre-authorized debits, spend with a Wise debit card and hold supported currencies in the same everyday account.
The name needs an important qualification. Wise's customer agreement says Wise is not a bank and the Wise Account is not a bank account. The local account details belong to Wise or an affiliate rather than creating an account in the customer's name.
Eligible deposits are instead held in trust at an unnamed Canada Deposit Insurance Corporation (CDIC) member, with each customer designated as a beneficiary. If that member fails and Wise meets the trust-disclosure requirements, eligible deposits across the account can receive up to the equivalent of $100,000 in CDIC protection per beneficiary. This is not a separate $100,000 for each currency. If Wise itself fails, customer money is covered by separate statutory safeguarding and segregation rules, which Wise says are not equivalent to deposit insurance.
Eligible Canadian customers can opt in to a variable 2.22% annual rate on Canadian dollars. Wise charges no fee for card purchases in a currency already held, but currency conversion costs extra. For automated teller machine (ATM) cash withdrawals, the first $100 withdrawn per account each month has no Wise fee. Wise then charges $2.69 plus 2.69% of the amount over $100, and ATM operators can add their own fees.
The launch also includes the Wise Account Bonus, with enrolment in the Wise app through December 31, 2026. During the 120 days after enrolling, eligible customers outside Quebec can earn $100 by receiving at least $1,000 in qualifying direct deposits in each of three consecutive calendar months. Completing that step unlocks a second reward of $25, $75 or $150 after $4,500, $6,500 or $8,000 in settled qualifying Wise card purchases, for a maximum of $250.