Transferwise Canada Review – The Best Currency Exchange Service!

When you think about wiring money internationally, Western Union usually comes into mind. However, you should know that their added fees make for a bad deal. This is the same with banks – their forex rates are not good at all.

Transferwise Canada

Transferwise Canada

That’s where Transferwise comes in – a revolutionary service that provides the best rate. Why? Because no currency is actually converted. Let’s say you move some Canadian to American dollars. Their backend pairs you and someone sending the money the opposite way (USD to CAD), and funds are moved domestically to satisfy both transactions.

Transferwise Canada – Currency Exchange

Instead of the inflated rates that banks and other money changers have, Transferwise utilizes mid-market rates – essentially what Google shows.

a screenshot of a bank account

Transferwise Exchange Rate – Dated June 12

Credit card foreign exchange rates are also very close to this rate.

a graph and chart on a white background

Google Exchange Rate – Dated June 12

If you sign up today, you can get your first transfer of up to 500£ (~845 CAD) free. This covers all currency pairs – you can transfer to or from Canadian dollars at the exact rate for no fees. What’s more, is the first free transfer also allows you to use your credit card for free.

Be careful to use a card that doesn’t label the transaction as a cash advance.

Using a Credit Card for Transferwise

Using a Credit Card for Transferwise

For future transactions, the fee is capped at 1% for transactions over $350, and credit card processing is 2%. To avoid that though, just sign up your family, or friends, or your dog (maybe not your pets, as there are FINTRAC regulations).

Why Would I Use This?

Transferwise doesn’t only send funds to other people – you can also send funds to yourself. For those who are getting US credit cards and don’t have USD, this is the best way to transfer Canadian Dollars down south. Even banks with have “cross-border” networks (like TD and RBC) will not have better rates when it comes to converting currencies.

Sign up today and get your first transfer of up to $840 for free!

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  1. I had recently been using TransferWise for USD/CAD transfers, but found that I was able to get a better rate by using Interactive Brokers. You do pay a commission for each currency conversion (it was $5 I think), but it was ultimately way less than the 1% Transferwise fee. It’s definitely more difficult to use IB, but since I’m moving to Canada in the next few months and need to transfer over enough USD to cover a down payment for a house in Toronto, it was worth it. Not sure if IB allows debit or CC funding, so not sure if there’s an obvious MS angle.

  2. How can I tell whether my credit card will treat the transaction as cash advance or not? In particular I want to know how Amex Business Platinum will treat this transaction as.

  3. Do you need a U.S bank account to transfer CAD–> USD?
    can the funds be deposited into Canadian USD account.?

  4. I use both the MBNA Alaska Mileage Plan MasterCard and TD Aeroplan VISA Infinite card. Is it treated as cash advance?

  5. Can I use my Visa Card to transfer Cdn funds to Nigeria? I need to transfer $3,900. It was mentioned that using a credit card will be treated as Cash Advance.

    Thank You.

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