Manulife Bank of Canada is a digital-first bank offering a range of personal financial services, including savings, chequing, mortgages, and investment-linked accounts. Accessible nationwide through Manulife Bank online, it appeals to customers seeking integrated financial solutions. However, some users find its fees, limited ATM access, and rigid account structures less competitive compared to newer fintech options. If you’re looking for better savings rates, easier international transfers, or a more intuitive mobile banking experience, you’re not alone. Fortunately, several Manulife Bank alternatives in Canada now offer smarter, low-fee options for modern banking. Let’s explore the best ones to consider next.
What is Manulife Bank?
Manulife Bank of Canada is a federally regulated Schedule I bank and a wholly owned subsidiary of The Manufacturers Life Insurance Company (Manulife), one of Canada’s largest financial institutions. Established in 1993, it was the first federally regulated bank opened by an insurance company in Canada.
Operating entirely online, Manulife Bank offers a range of personal banking services, including high-interest savings and chequing accounts, mortgages, lines of credit, and credit cards. Its digital model allows customers to manage their finances through online and mobile platforms, with access to a nationwide network of surcharge-free ATMs via The Exchange Network.
Innovative products like the Advantage Account and Manulife One combine banking and borrowing needs, providing flexible financial solutions. As of March 31, 2024, Manulife Bank had over $29.5 billion in assets and serves clients across Canada in all provinces and territories.
Manulife Bank is a member of the Canada Deposit Insurance Corporation (CDIC), ensuring that eligible deposits are protected up to $100,000 per insured category. This affiliation provides customers with confidence in the safety and security of their deposits.
Is Manulife Bank Available in Canada?
Yes, Manulife Bank of Canada is fully operational and accessible to residents across the country. Established in 1993, it operates as a wholly owned subsidiary of Manulife Financial Corporation, offering a comprehensive suite of personal banking services, including high-interest savings and chequing accounts, mortgages, lines of credit, and credit cards .
As a digital-first institution, Manulife Bank provides 24/7 online and mobile banking services, eliminating the need for physical branches. Customers can access their accounts through the bank’s user-friendly online platform and mobile app, and they have surcharge-free access to thousands of ATMs nationwide via The Exchange Network .
Importantly, Manulife Bank is a member of the Canada Deposit Insurance Corporation (CDIC), ensuring that eligible deposits are protected up to $100,000 per insured category . This affiliation provides customers with confidence in the safety and security of their deposits.
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5 Manulife Bank Alternatives in Canada
Manulife Bank of Canada is a digital-first bank offering personal banking services such as high-interest savings accounts, chequing accounts, mortgages, and lines of credit. Operating entirely online, it provides customers with 24/7 access to their accounts through its online and mobile platforms. However, some users find its fees and limited ATM access less competitive compared to newer fintech options. If you’re seeking better savings rates, more intuitive mobile banking experiences, or lower fees, several Manulife Bank alternatives in Canada offer smarter, low-fee options for modern banking. Let’s explore five standout options tailored for better savings, smoother transfers, and smarter money management.
Wise
Overview:
Wise (formerly TransferWise) is renowned for its transparent and affordable international money transfers. It offers real mid-market exchange rates with low, clearly disclosed fees, typically starting from 0.48% . Wise also provides a multi-currency account, allowing users to hold and manage over 50 currencies, and a debit card that works seamlessly across borders. It’s an excellent choice for freelancers, expats, or anyone needing to send money abroad efficiently.
Key Features:
- Mid-market exchange rates
- Transparent fees from 0.48%
- Multi-currency account and debit card
Why Choose Wise?
If you’re looking for a low-cost, transparent, and efficient way to manage multiple currencies and send money internationally from Canada, Wise is a top contender.
PayPal
Overview:
PayPal is a globally recognized digital wallet platform that enables users to send and receive money internationally, shop online, and hold multiple currencies. Within Canada, sending money to friends and family using your PayPal balance or linked bank account is free. However, using a credit or debit card incurs a fee of 2.9% plus a fixed fee . For international transfers, additional fees and currency conversion charges apply.
Key Features:
- Instant transfers within Canada
- Widely accepted for online shopping
- Multi-currency support
Why Choose PayPal?
If you need a versatile platform for domestic transfers and online purchases, and you’re comfortable with the associated fees for certain transactions, PayPal offers convenience and widespread acceptance.
OFX
Overview:
OFX specializes in large international money transfers, offering competitive exchange rates and no fixed transfer fees . It’s particularly beneficial for businesses, real estate buyers, and individuals sending over $1,000 at a time. OFX provides 24/7 customer support and a secure platform regulated by FINTRAC in Canada. While it doesn’t offer a debit card or wallet feature, it’s a reliable option for substantial cross-border transactions.
Key Features:
- No fixed transfer fees
- Competitive exchange rates
- 24/7 customer support
Why Choose OFX?
If you’re sending larger sums overseas and want better rates than traditional banks, OFX is one of the safest and most cost-efficient options available.
Tangerine
Overview:
Tangerine is a popular Canadian digital bank offering no-fee daily chequing accounts, high-interest savings accounts, and access to a wide range of services like credit cards and investment accounts. Customers benefit from access to Scotiabank’s ATM network and an intuitive mobile app. While it doesn’t offer built-in global transfers like Wise or OFX, it’s an excellent daily banking option.
Key Features:
- No monthly account fees
- Broad financial product lineup
- Access to Scotiabank ATMs
Why Choose Tangerine?
If you’re seeking a well-rounded digital bank with no fees, good savings rates, and big-bank backing, Tangerine is a dependable choice.
KOHO
Overview:
KOHO is a Canadian fintech offering a prepaid Mastercard, real-time spending tracking, and cashback on everyday purchases. It provides a powerful financial wellness platform with no monthly fees on its standard plan. The optional KOHO Extra plan includes foreign exchange fee waivers and higher cashback rates. KOHO also offers tools for credit building, automated savings, and budgeting, making it an appealing solution for Canadians wanting better control over their finances.
Key Features:
- Prepaid Mastercard with cashback
- Credit-building tools
- No FX fees (with KOHO Extra)
Why Choose KOHO?
If you want a smart, app-based platform for managing money, building credit, and earning rewards—especially helpful for young professionals and budget-conscious users—KOHO is a strong alternative.
Comparing the Best Manulife Bank Alternatives for Canadians
If you’re seeking alternatives to Manulife Bank that offer better value, modern tools, and lower transfer fees, you’re not alone. Several financial platforms now provide Canadians with more cost-effective, user-friendly banking and payment experiences. Let’s compare some top options tailored for better savings, smoother transfers, and smarter money management.
| Alternative Name | Best For | Cost to Send Money in Canada | Cost to Send Money to the U.S. | Extra Perks |
| Wise | Transparent global transfers | Free | 2.64 CAD + 0.48% of amount | Multi-currency account, mid-market FX rates, borderless debit card |
| PayPal | Online purchases & quick transfers | Free (bank account); 2.9% + fixed fee (cards) | 5% fee (min $0.99, max $4.99) + currency conversion fees | Widely accepted, buyer protection, easy integration with online platforms |
| OFX | Large international payments | N/A | No fixed fees; competitive exchange rates | 24/7 support, tailored business services, no maximum transfer limit |
| Tangerine | No-fee daily banking | Free | Not ideal for international transfers; 2.5% foreign transaction fee | Access to Scotiabank ATMs, automatic savings tools, bonus offers |
| KOHO | Budgeting & financial tools | Free (Essential plan); $4/month (Extra plan) | 1.5% foreign transaction fee | Cashback Visa card, real-time tracking, credit building features |
FAQ
Are my deposits with Motusbank insured and safe?
Yes, your deposits with Motusbank are insured and secure. Motusbank is a member of the Canada Deposit Insurance Corporation (CDIC), which means eligible deposits are protected up to $100,000 per insured category, per depositor. This coverage includes savings and chequing accounts, as well as Guaranteed Investment Certificates (GICs). Even as Motusbank plans to wind down operations by early 2026, your insured deposits remain protected under CDIC guidelines.
How can I access Motusbank’s services without physical branches?
Motusbank operates entirely online, providing a full suite of banking services through its website and mobile app. You can perform transactions such as bill payments, money transfers, and account management digitally. Additionally, Motusbank offers access to a network of surcharge-free ATMs across Canada via The Exchange Network, allowing for convenient cash withdrawals without the need for physical branches.
