Quick verdict
- Sending within Canada → use e-Transfer. Free, fast, no FX.
- Sending or receiving internationally → Wise is usually cheaper than a bank wire and faster than most alternatives.
Side by side
| Interac e-Transfer | Wise | |
|---|---|---|
| Geography | Canada only | Worldwide; hold 40+ currencies, with local account details in about 10 or more |
| Cost (sender) | Free for most chequing accounts | Tiered percentage starting from ~0.4% on smaller amounts, with volume discounts (up to about 0.17 percentage points off) once you send more than ~$35,000 CAD a month. No hidden FX markup. |
| FX rate | Not applicable (CAD only) | Mid-market rate, no markup |
| Speed | Minutes | Often same day; sometimes minutes |
| Per-transfer limit | Personal: $3,000–$10,000/day at most banks. Business: up to $25,000 per transfer | Up to ~$1.5M CAD when funded by wire or bill payment; lower for other funding methods (e.g. $25,000 by Interac) |
| Recipient setup | Email or phone | Bank account number in destination country |
Why Wise is usually cheaper than a bank wire
When you send a wire through a Canadian bank to another country, you typically pay:
- An outgoing wire fee (about $30–$80).
- A markup on the foreign exchange rate (often 2–4% above mid-market).
- Sometimes intermediary bank fees that take a small bite out of the amount mid-flight.
Wise charges a transparent percentage fee and uses the mid-market FX rate. For most consumer transfers, this works out cheaper.
When a bank wire still beats Wise
- You're sending to a country Wise doesn't serve.
- The recipient requires a SWIFT wire for compliance reasons (lawyers' trust accounts, some real-estate closings).
- You need a written wire confirmation on bank letterhead.
Receiving from abroad
Wise also issues local-style account details (US ACH, GBP, EUR IBAN, etc.) so you can receive money as if you had a local account, then convert to CAD at mid-market. Useful for freelancers paid in USD or EUR.
Deciding how clients should pay you?
With Biller, every invoice shows your e-Transfer details and, once you connect Stripe, a pay-by-card button — so clients pay the way they prefer, and card payments and Autodeposit e-Transfers are recorded as they land.
Start freeFree plan — unlimited invoices, no card needed.