Wise Business is the most widely used multi-currency account for Canadian freelancers serving international clients. This review covers what Wise actually costs, what it does well, where it falls short, and whether it is worth setting up alongside your existing Canadian bank account.
What Wise Business Is
Wise Business is not a bank — it is a regulated money service business (MSB) under FINTRAC. It holds money in 40+ currencies, provides local account details in 9+ currencies (including CAD and USD), converts currencies at the mid-market exchange rate, and transfers funds internationally at significantly lower cost than Canadian banks.
For Canadian freelancers, the primary use case is receiving USD from US clients without the conversion markup that Canadian banks charge (typically 2.5–3.5%).
Pricing (2026)
| Item | Cost |
|---|---|
| Account opening (basic) | Free |
| One-time fee for full features (local account details, receiving in 8+ currencies) | $55 CAD |
| Monthly fee | $0 |
| Incoming USD wire (SWIFT) | $6.11 USD per transfer |
| Incoming CAD SWIFT | $10 CAD per transfer |
| Incoming local currency (using local account details) | Free in most cases |
| FX conversion | Mid-market rate + 0.33–0.63% fee depending on currency |
| Outgoing international transfer | From 0.33% + small fixed fee |
| Wise Business debit card | Free (virtual); physical card available |
The $55 CAD one-time fee unlocks the full feature set: local account details in 8+ currencies, the ability to receive payments like a local in USD, GBP, EUR, AUD, and others. The basic (free) account has limited receiving capability.
The USD Receiving Advantage
When a Canadian freelancer receives USD from a US client, there are two scenarios:
Scenario A — Canadian bank USD wire: Client sends USD by wire. Bank charges $15–$50 in wire fees. Bank converts USD to CAD at its rate — typically 2.5–3.5% worse than mid-market. On a $5,000 USD payment, the bank spread alone costs $125–$175 CAD.
Scenario B — Wise Business USD local account: Your Wise USD account has a US routing number and account number. The client sends via ACH (no wire fee from them) to your Wise USD “local” account. Wise receives the USD at no cost to you (ACH incoming is free). You hold the USD in Wise until you choose to convert, at the mid-market rate + ~0.63% fee. On $5,000 USD, conversion costs approximately $32 CAD — vs $125–$175 for a bank transfer with exchange markup.
For freelancers receiving $3,000–$10,000 USD per month, Wise typically saves $1,000–$3,000 CAD per year in avoided FX costs.
What Wise Does Well
- Multi-currency accounts in 40+ currencies with genuine mid-market FX
- Local bank details (USD, EUR, GBP, AUD, CAD, NZD, SGD, HUF) — clients send as local, no SWIFT fees
- Fast international transfers — typically same-day or next-day
- Clean mobile app and dashboard
- FINTRAC regulated in Canada — your funds are protected under Canadian financial regulations
- Accounting integrations with QuickBooks and Xero
Where Wise Falls Short
- Not a full bank: No credit products, no lending, no Canadian business credit card issuance, no branch access
- Incoming wire fee: $6.11 USD per incoming SWIFT wire is not free — for freelancers receiving many smaller payments, this adds up. Use Wise’s local ACH-receiving to avoid this fee wherever possible.
- No GST/HST account: Wise is for receiving and converting payments — you still need a CRA My Business Account for GST/HST registration and a Canadian bank account for GST/HST remittance
- CAD transfers between Canadian banks: For CAD-only client payments, a Canadian bank with free Interac e-Transfer is simpler
The Recommended Setup for Freelancers with International Clients
- Main Canadian business account: BMO eBusiness ($0/month), EQ Bank Business ($0/month), or a credit union — for CAD client payments, CRA remittances, and GST/HST obligations
- Wise Business: For USD/EUR/GBP clients — receive in their local currency, convert at the right time, transfer net proceeds to your Canadian account
Frequently Asked Questions
Is Wise Business safe for Canadian businesses?
Yes. Wise is registered as an MSB with FINTRAC (Canada’s financial intelligence unit) and is subject to Canadian anti-money laundering regulations. Wise also holds customer funds in segregated accounts — not co-mingled with operational funds. It is not CDIC-insured (not a bank), but its regulatory standing and financial practices make it a reliable choice for the amounts most freelancers hold.
Can I use Wise as my primary business bank account?
For pure digital freelancers with only international clients, Wise can function as your primary account. However, you will need a separate Canadian bank account for: CRA GST/HST remittances (which require a Canadian bank payee), Interac e-Transfer with Canadian clients, any bank-based credit products (line of credit, business credit card). Most freelancers use Wise alongside a no-fee Canadian bank, not instead of one.
Does Wise Business issue T5 or other Canadian tax slips?
Wise does not issue Canadian T5 slips. Any interest earned on Wise balances should be self-reported on your T1 return. USD or foreign currency income received through Wise is business income — convert to CAD at the Bank of Canada rate on the date received and report on your T2125 as normal.