Best Wise Alternatives in Canada for Safe Money Transfers

Wise has become one of the most popular options for international money transfers, offering low fees and real exchange rates. Many Canadians use a Wise account in Canada to send and receive money globally. However, Wise isn’t the only option available. Whether you’re looking for lower fees, faster transfers, or additional features, there are great Wise alternatives in Canada that provide safe and cost-effective currency exchange and money transfer services. In this guide, we’ll explore the best options, comparing their features, fees, and security to help you choose the right service for your needs. Keep reading to find the perfect alternative!

5 Best Wise Alternatives in Canada for Secure Transfers

Looking for Wise alternatives in Canada? While Wise is a popular choice for international transfers, it’s not the only option. Whether you need lower fees, better exchange rates, or faster transfers, several great alternatives can meet your needs. If currency exchange is a priority, exploring different providers can help you find the best rates and lowest fees. Below, we explore five top options, highlighting their key features, fees, and security measures to help you make an informed choice.

1.OFX

OFX is a globally recognized money transfer service that offers competitive exchange rates and no transfer fees on most transactions. Founded in 1998, it has processed over $100 billion in transfers, making it a trusted choice for individuals and businesses looking to send money abroad. Unlike Wise, which primarily caters to smaller, frequent transactions, OFX is designed for larger money transfers, with a minimum transfer amount of CAD 250. This makes it ideal for expats, property buyers, and business owners needing to move substantial sums internationally. Additionally, OFX provides 24/7 customer support, making it a reliable option for those who prefer personalized assistance during their transactions.

• Key Features: Supports over 50 currencies, provides 24/7 customer support, and offers no transfer fees on most transactions.
• Fees: No fixed transfer fee for most transactions; exchange rate markups apply. Minimum transfer: CAD 250.
• Security: Regulated by FINTRAC in Canada, uses advanced encryption and fraud detection.
• Why Choose OFX? Best for large international transfers with competitive exchange rates and strong customer support.

2. Remitly

Remitly is a fast and reliable remittance service that specializes in helping users send money to friends and family abroad. It provides flexible delivery options, allowing recipients to receive funds via bank deposits, cash pickup, or mobile wallets. Unlike Wise, which focuses on transparent mid-market exchange rates, Remitly offers express and economy transfer options, letting users choose between speed and cost efficiency. The Express option delivers money instantly for a higher fee, while the Economy option offers lower fees with a 1-3 business day processing time. With services in over 150 countries, Remitly is one of the most convenient Wise alternatives in Canada for personal remittances.

• Key Features: Instant or same-day transfers available, express and economy options, multiple delivery methods.
• Fees: Varies by destination and speed. Express transfers have higher fees, while economy transfers are lower-cost.
• Security: Fully regulated in Canada; employs bank-level encryption and anti-fraud protections.
• Why Choose Remitly? Ideal for sending smaller amounts quickly, with flexible transfer and delivery options.

3. CurrencyFair

CurrencyFair is a peer-to-peer (P2P) money transfer platform that allows users to exchange currencies directly with other individuals, often at better rates than banks or traditional transfer services. Unlike Wise, which acts as an intermediary setting exchange rates, CurrencyFair enables users to choose their own rates and match with other users exchanging money in the opposite direction. This unique system can lead to significant savings on exchange fees. It’s particularly beneficial for expats, freelancers, and international businesses who frequently deal with foreign currencies. The platform is fully licensed and regulated, ensuring secure and reliable transactions.

• Key Features: Offers real exchange rates, user-to-user currency exchange, and a flat low-fee model.
• Fees: CAD 4 fixed fee per transfer, plus a small percentage markup on exchange rates.
• Security: Regulated by FINTRAC and other global financial authorities, ensuring safe transactions.
• Why Choose CurrencyFair? Best for cost-conscious users looking for lower exchange rate margins on international transfers.

4. Xe

 Xe is a well-known name in currency exchange and international transfers, providing real-time exchange rates with no hidden fees. It supports over 130 currencies, making it a great choice for those sending money to various parts of the world. Unlike Wise, which is more suited for smaller, everyday transactions, Xe is designed for both personal and business transfers, allowing users to send large sums internationally with no maximum transfer limit. Xe also provides a dedicated business transfer service, offering tailored solutions for companies with regular international payment needs. It is a trusted provider that has been in the foreign exchange market for over 25 years.

• Key Features: Supports over 130 currencies, no fees on standard transfers, and offers live exchange rate tracking.
• Fees: No fixed transfer fee; exchange rate markup applies. Minimum transfer: CAD 100.
• Security: Licensed by FINTRAC and uses secure encryption for transactions.
• Why Choose Xe? Great for those who frequently send money abroad and want a trusted name in currency exchange.

5. WorldRemit

WorldRemit is a fast, low-cost international money transfer service with multiple payout options, including bank deposits, cash pickups, and mobile money. It is one of the few services that supports instant and same-day transfers in many countries. Unlike Wise, which mainly focuses on bank-to-bank transfers, WorldRemit gives recipients the flexibility to receive money through different channels, making it a great option for those sending funds to regions where bank access is limited. The platform operates in over 130 countries and has partnerships with major banks, cash pickup locations, and mobile wallet providers worldwide.

• Key Features: Low-cost transfers, instant or same-day delivery, multiple payout options.
• Fees: Small fixed fee per transfer, plus a small exchange rate margin.
• Security: Fully regulated and partnered with major banks and financial institutions worldwide.
• Why Choose WorldRemit? Ideal for fast, low-cost remittances with multiple ways for recipients to receive funds.

Comparison of Best Wise Alternatives in Canada

Choosing the right money transfer service depends on factors like fees, exchange rates, and transfer speed. In this section, we compare Wise with the best alternatives available in Canada. Whether you need low-cost transfers, cash pickup options, or business solutions, this table will help you find the right provider.

FAQ

Does Wise offer cash transfers?

No, Wise does not support cash transfers. Unlike services like Remitly or WorldRemit, which allow cash pickups, Wise only facilitates bank-to-bank transfers, debit/credit card payments, and multi-currency accounts. If you need a provider that supports cash payouts, consider Wise alternatives in Canada, such as Remitly or WorldRemit.

Is Revolut better than Wise?

Revolut and Wise serve different purposes. Wise focuses on transparent international transfers with real exchange rates, while Revolut offers multi-currency banking, budgeting tools, and trading options. If you frequently transfer money, Wise is better. If you need an all-in-one financial app with banking features, Revolut may be a better choice.

Is it safe to use Wise alternatives in Canada?

Yes, Wise alternatives in Canada are safe and regulated by FINTRAC, ensuring compliance with Canadian financial laws. Services like OFX, Xe, and CurrencyFair use bank-level encryption and fraud protection. Always choose trusted providers and verify their licensing for secure international money transfers.