Regulated providers onlyRates updated regularlyTrusted by immigrants in Canada & USA
W
Wise (formerly TransferWise)
Regulated 1–2 days16 million+ customersFounded 2011
Wise is the benchmark for low-cost international transfers. Founded in 2011, Wise pioneered the use of the mid-market exchange rate — passing the real FX rate directly to customers with no markup. Their fee is a small flat amount plus a percentage, making them the cheapest option for most bank-to-bank transfers.
Example — CAD $500 to India
Transfer fee
CAD 4.75
Total cost
CAD 4.75
Recipient gets
₹30,953
Wise (formerly TransferWise) — Key Facts
HeadquarteredLondon, UK
Founded2011
Customers16 million+
Transfer feeCAD $1.5 flat + 0.65%
FX margin0% (mid-market rate)
Cash pickupNo
Min / Max transfer$1 / $1,000,000
RegulationFCA (UK), FinCEN (USA), FINTRAC (Canada), and 50+ other regulators
Wise Pros and Cons
Pros
- 0% FX margin — real mid-market rate always
- Fully transparent fees shown upfront
- Supports 80+ currencies and 160+ countries
- Multi-currency account available (Wise Account)
- Regulated in UK, USA, Canada, EU, and more
- Business transfers supported
Cons
- No cash pickup option
- Bank transfers only (no cash-in at stores)
- Slower than express services (1–2 business days)
- Transfer fee is a percentage — more expensive relative to competitors for very small amounts
Best for: Individuals and businesses who want the cheapest possible bank-to-bank transfer and are not in a hurry.
Frequently Asked Questions About Wise
Is Wise safe and legitimate?
Yes. Wise is a publicly listed company (LSE: WISE) regulated by the FCA in the UK and by financial regulators in every country it operates. It has 16 million+ customers worldwide and has processed over $100 billion in transfers.
How does Wise make money if it uses the mid-market rate?
Wise charges a transparent fee (flat fee + small percentage) instead of hiding profit in the exchange rate. This is clearly shown before you confirm the transfer.
How long does a Wise transfer take?
Most transfers arrive in 1–2 business days. Some corridors like USA to Mexico can settle in hours. Wise shows you an estimated delivery time before you confirm.
What is the maximum amount I can send with Wise?
Wise supports transfers up to $1,000,000 USD (or equivalent). Large transfers may require additional identity verification.
Ready to send with Wise?
16M+ customers worldwide