The Wise card is the one I'd point people to when the question is simply what to spend with abroad. Wise calls it a debit card on a Wise account (a chequing account, in Wise's Canadian wording), not a credit card, so there is no credit check, no credit line and nothing earned per dollar. What you get is the mid-market exchange rate with a conversion fee from 0.19%, and no fee at all when you spend a currency you already hold.
It has no rewards and no insurance, so I see it as a travel tool that sits next to a credit card rather than replacing one. With no monthly fee and a free card, it costs nothing to keep in a drawer between trips.
Welcome offer
There is no welcome bonus on the Wise card in Canada. Wise's Canadian card, pricing, account and interest pages showed no sign-up offer when checked on October 15, 2026.
The card earns no rewards either, so there is nothing to unlock with spending. The value is in what you avoid paying: Wise charges no monthly fee, the card is free to order, and spending abroad costs a conversion fee instead of a foreign transaction fee.
With no bonus to chase, set the digital card up in Google Pay or Apple Pay before you leave and convert a first amount of the trip currency in the app. You see the rate and the fee before you pay at the till, and spending a currency you already hold costs nothing extra.
Fees & eligibility
Wise charges no monthly fee and sells no plans: you pay only for what you use. Ordering the card is free, express delivery costs from 15.41 CAD, a replacement card is 5 CAD (replacing an expired card is free), and the digital card is free.
The costs come per transaction. Spending converts at the mid-market rate with a conversion fee from 0.19% that varies by currency; Wise's calculator showed 4.58 CAD on a 1,000 CAD spend in U.S. dollars on October 15, 2026. Spending a currency you already hold is free, and topping up external e-wallets and some other accounts with the card costs 2%.
Cash withdrawals are free up to 100 CAD a month per account, combined. Above that, Wise charges 2.69 CAD + 2.69% of the amount over 100 CAD, and independent ATM networks may add their own charges. There is no interest rate and no income requirement because no credit is involved.
Perks & benefits
The headline perk is holding and spending other currencies. You can hold 40 currencies for free, convert when the rate suits you, and the card spends a currency you already hold with no conversion at all. Wise also gives you account details to receive money in 22 currencies, and domestic payments in AUD, CAD, EUR, GBP, HUF, NZD, PHP, SGD and USD arrive free.
You can opt in to interest in the app after a residency check: Wise lists 2.22% on CAD, 3.4% on USD, 2.21% on GBP and 1.2% on EUR, variable and paid monthly, though its page still dates those rates February 25, 2026. Sending money with Interac e-Transfer is free and unlimited, the digital card works in Google Pay and Apple Pay right away, and a Young Explorer card is available for 6 to 17 year olds. There is no lounge access, no travel credit and no cash back.
Insurance
Wise's Canadian pages list no insurance with the card: no travel medical, no trip cancellation, no rental car cover and no purchase protection. If you rely on card insurance when you travel, keep a credit card that includes it for booking flights and rental cars.
The security features are app-based: you can freeze and unfreeze the card instantly, generate digital cards and get a notification for every transaction.
My take
I'd get the Wise card if you spend in other currencies a few times a year or get paid in U.S. dollars; I'd skip it as an everyday card at home, where it earns nothing.
The pricing is the whole case. On a 1,000 CAD spend in U.S. dollars Wise's calculator showed a 4.58 CAD fee, where KOHO's free Core plan would charge 15 CAD at its 1.5% FX fee, and there is no monthly fee to recover. Holding USD, GBP or EUR also lets you convert when the rate suits you and then spend with no conversion at all.
The limits are real. Free ATM withdrawals stop at 100 CAD a month in total, which goes quickly on a cash-heavy trip, and there are no rewards and no insurance. Your money also sits with a payment company, not a bank: Wise says eligible deposits are held in trust with a CDIC member institution, but also that safeguarding is not deposit insurance, so I wouldn't park large savings there.
The good
- No monthly fee and a free card
- Mid-market rate with a conversion fee from 0.19%
- Hold and spend 40 currencies, with interest on CAD, USD, GBP and EUR
The catch
- No rewards and no insurance
- Free ATM withdrawals only up to 100 CAD a month
- Wise is not a bank; CDIC eligibility runs through a trust arrangement