Canada Price Comparison Research 2025
A dedicated comparison research team in Wise compared Wise to 3 Canadian bank accounts, as well as PayPal, Remitly and Western Union. They found that you can save up to 4x on average to send, spend and withdraw money abroad with Wise. They found that we’re on average 5x cheaper for spending abroad. Wise is also on average 2x cheaper to send C$500 abroad. Our fees to withdraw C$500 from an ATM abroad are on average 6x cheaper than the compared providers. This is based on the prices offered by Wise Payments Canada Inc during the research period.
Research methodology
The competitor research was collected in July-August 2025 during a 5 day period (28/07/2025 - 01/08/2025).
They looked at data across multiple countries, currencies, and price points to make sure any price claims we make are fair and accurate. The data was collected by simulating a transfer using live accounts on the providers website, during standard trading hours and at the same time every day, whenever possible, to ensure consistency across the comparison.
The research scope looked at the following, across EUR, GBP, INR, MXN and USD using C$500 as the transaction value:
- The cost to send money abroad from an account
- The cost to spend money abroad using a debit card
- The cost to withdraw money abroad from an account via an ATM
The costs collected for sending money abroad are made up of both the foreign transaction fee and any exchange rate markup. The exchange rate markup is a percentage added to the mid-market exchange rate by a provider when they sell you a currency. The costs collected for spending money abroad and withdrawing money abroad from an account via ATM are only made up of foreign transaction fees.
How did we calculate our price claims?
Comparing fees
For each currency pair — such as CAD to EUR, CAD to GBP, etc. — our team compared the fees charged by Wise to the average fees charged by competitors.
Calculating savings
The following formula was used to show how much you save with Wise compared to competitors:
- % saving = cost of using Wise against a competitor’s average fee × 100
- This formula tells you the percentage you’d save by using Wise instead of the average competitor.
What does that look like?
If a CAD to EUR transaction shows a 55% saving, it means Wise fees are up to 55% lower than the average competitor fees for that particular currency pair.
What about the average savings?
After calculating the savings percentage for each currency pair, the average represents the overall savings claim for Wise across different services like sending, spending, or withdrawing money.
The research and results
1. Total cost to send $500. Overall, Wise is x cheaper.CAD > EUR: Wise is 2x cheaper
Sending $500 to another country? Wise will cost up to 55% less compared to how you’re doing it now.
- Wise: $4.10
- Royal Bank of Canada: $13.56
- Canadian Imperial Bank of Commerce: $9.91
- Toronto-Dominion Bank: $15.41
- PayPal: $16.04
- Remitly: $9.15
- Western Union: $17.85
CAD > GBP: Wise is 3x cheaper
- Wise: $4.34
- Royal Bank of Canada: $14.75
- Canadian Imperial Bank of Commerce: $9.86
- Toronto-Dominion Bank: $14.46
- PayPal: $18.53
- Remitly: $9.44
- Western Union: $17.80
CAD > INR: Wise could cost up to 42% less compared to how you’re doing it now
- Wise: $5.13
- Royal Bank of Canada: $14.98
- Canadian Imperial Bank of Commerce: $10.31
- Toronto-Dominion Bank: $11.39
- PayPal: $8.19
- Remitly: $2.17
- Western Union: $4.46
CAD > MXN: Wise is 2x cheaper
- Wise: $5.58
- Royal Bank of Canada: $13.11
- Canadian Imperial Bank of Commerce: $10.01
- Toronto-Dominion Bank: $14.72
- PayPal: $18.07
- Remitly: $11.22
- Western Union: $11.96
CAD > USD: Wise is 2x cheaper
- Wise: $5.02
- Royal Bank of Canada: $11.29
- Canadian Imperial Bank of Commerce: $9.54
- Toronto-Dominion Bank: $13.48
- PayPal: $19.26
- Remitly: $6.79
- Western Union: $5.39
2.Fees to spend $500 using a debit card. Overall, Wise Multi-Currency Card is 5x cheaper.
CAD > EUR: Wise is 6x cheaper
It’s up to 80% cheaper to spend $500 overseas with Wise.
- Wise: $2.19
- Royal Bank of Canada: $13.50
- Canadian Imperial Bank of Commerce: $12.50
- Toronto-Dominion Bank: $17.50
- PayPal: Not offered
- Remitly: Not offered
- Western Union: Not offered
CAD > GBP: Wise is 6x cheaper
- Wise: $2.39
- Royal Bank of Canada: $13.50
- Canadian Imperial Bank of Commerce: $12.50
- Toronto-Dominion Bank: $17.50
- PayPal: Not offered
- Remitly: Not offered
- Western Union: Not offered
CAD > INR: Wise is 4x cheaper
- Wise: $3.03
- Royal Bank of Canada: $13.50
- Canadian Imperial Bank of Commerce: $12.50
- Toronto-Dominion Bank: $17.50
- PayPal: Not offered
- Remitly: Not offered
- Western Union: Not offered
CAD > MXN: Wise is 4x cheaper
- Wise: $3.48
- Royal Bank of Canada: $13.50
- Canadian Imperial Bank of Commerce: $12.50
- Toronto-Dominion Bank: $17.50
- PayPal: Not offered
- Remitly: Not offered
- Western Union: Not offered
CAD > USD: Wise is 4x cheaper
- Wise: $2.29
- Royal Bank of Canada: $13.50
- Canadian Imperial Bank of Commerce: $12.50
- Toronto-Dominion Bank: $17.50
- PayPal: Not offered
- Remitly: Not offered
- Western Union: Not offered
It’s up to 85% cheaper to withdraw $500 overseas with Wise.
CAD > EUR: Wise is 6x cheaper
- Wise: $2.63
- Royal Bank of Canada: $17.50
- Canadian Imperial Bank of Commerce: $17.50
- Toronto-Dominion Bank: $17.50
- PayPal: Not offered
- Remitly: Not offered
- Western Union: Not offered
CAD > GBP: Wise is 6x cheaper
- Wise: $2.63
- Royal Bank of Canada: $17.50
- Canadian Imperial Bank of Commerce: $17.50
- Toronto-Dominion Bank: $17.50
- PayPal: Not offered
- Remitly: Not offered
- Western Union: Not offered
CAD > INR: Wise is 6x cheaper
- Wise: $2.63
- Royal Bank of Canada: $17.50
- Canadian Imperial Bank of Commerce: $17.50
- Toronto-Dominion Bank: $17.50
- PayPal: Not offered
- Remitly: Not offered
- Western Union: Not offered
CAD > MXN: Wise is 7x cheaper
- Wise: $2.63
- Royal Bank of Canada: $17.50
- Canadian Imperial Bank of Commerce: $17.50
- Toronto-Dominion Bank: $20.50
- PayPal: Not offered
- Remitly: Not offered
- Western Union: Not offered
CAD > USD: Wise is 6x cheaper
- Wise: $2.63
- Royal Bank of Canada: $15.50
- Canadian Imperial Bank of Commerce: $15.50
- Toronto-Dominion Bank: $20.50
- PayPal: Not offered
- Remitly: Not offered
- Western Union: Not offered
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.