- Wise launched a no-fee chequing account in Canada on September 14, 2026, with CAD account details for direct deposit and free Interac e-Transfer options.
- Your balance is eligible for CDIC coverage up to $100,000 through a trust arrangement with a member bank, but Wise doesn't name the bank.
- The Account Bonus pays $100 for three months of $1,000+ payroll direct deposits, plus up to $150 more for card spending. Enrol by December 31, 2026.
- Double Payday is a monthly draw for five people, not a bonus everyone gets.
Wise launched a chequing account in Canada on September 14, 2026. I've had a Wise account since 2021, and on launch day I sent a small test transfer to Korea to see what it would cost.
Sixty dollars went through at 1 CAD = 970.058 KRW with a 2.79 CAD fee. That's almost 5% on a small amount, which is why the fee details matter more than the headline.
What's in the Wise Chequing Account
Wise has always been the app I open when I need to move money between currencies. The chequing account adds the everyday banking pieces it was missing:
- No monthly fee, and free to open
- Canadian account details for direct deposit and pre-authorized debits
- Free Interac e-Transfer to add money, and free transfers to any Canadian bank
- Interest on balances you opt in: 2.22% on CAD and 3.40% on USD (variable)
- Balances in 40 currencies, and transfers to more than 70 countries
- A card with no foreign transaction fees (you pay Wise's conversion fee instead)
There are downsides too. Wise isn't a bank, and Canadian Wise cards can't take cash out of ATMs in Canada. Abroad, ATM withdrawals are free up to 100 CAD a month, then 2.69% plus 2.69 CAD each.
Is your money covered by CDIC?
Yes, with some fine print.
Wise isn't a CDIC member, but it holds eligible deposits in trust at a CDIC member institution with you named as the beneficiary, so they're covered up to $100,000 across all currencies if that bank fails.
Wise doesn't name the bank. Its interest agreement also says funds aren't covered while they sit in your Wise account waiting to be moved to the partner bank, so it's not clear whether you need to turn on interest to be covered.
This is also new. As recently as June 2026, Wise's customer agreement said balances were not insured by CDIC at all.
What it costs to send money to Korea
This is the part I care about most.
I checked Wise's own prices on September 29, 2026, when the mid-market rate was 1 CAD = 956.36 KRW:
| Sending | Paid from | Wise fee | Recipient gets |
|---|---|---|---|
| 1,000 CAD | Wise CAD balance | 9.56 CAD (0.96%) | 947,222 KRW |
| 3,000 CAD | Wise CAD balance | 23.85 CAD (0.80%) | 2,846,283 KRW |
| 1,000 CAD | Bank transfer in | 10.64 CAD (1.06%) | 946,189 KRW |
| 1,000 CAD | Interac at checkout | 16.32 CAD (1.63%) | 940,757 KRW |
The cheapest way is to e-Transfer money into your Wise balance first, then send it from the balance. Paying by Interac at checkout costs about 0.7 percentage points more.
Small transfers are where it hurts.
Part of the fee is fixed, which is how my 60 CAD test ended up at almost 5%.
The Account Bonus: up to $250
This is the promo to pay attention to, and it's guaranteed if you meet the rules. Enrol in the Wise app between September 14 and December 31, 2026, and you have 120 days from enrolment to qualify.
- $100: a payroll, pension or government direct deposit of at least $1,000 CAD into your Wise CAD account details, in each of 3 consecutive calendar months.
- Up to $150 more: once the $100 is done, spend on your Wise card within the 120 days. $4,500 gets $25, $6,500 gets $75, and $8,000 gets $150.
Interac e-Transfers and ordinary transfers from your own accounts don't count. Only deposits with the right payroll or government codes do.
Existing Wise customers can qualify, as long as no payroll-coded deposit has gone into Wise in the 24 months before you enrol. Quebec residents are excluded, and the bonus is paid within 30 business days after the 120 days end.
Double Payday is a draw
You'll see "Double Payday" everywhere, and it sounds like a bonus.
It isn't.
Five people a month win 100% of one direct deposit, up to $5,000 CAD, until September 14, 2027.
You're entered automatically when a single eligible direct deposit of at least $500 CAD lands in your Wise account. The first draw is on October 15, 2026, and Wise doesn't publish the odds.
If you're in Toronto before October 11, 2026, Wise also has a pop-up at the Toronto Eaton Centre with its own weekly $10,000 draw for people who visit.
Final Thoughts
For me, Wise works best as a second account: money to Korea, spending abroad, and 3.40% on USD. I wouldn't make it my only account yet, since it can't do cash in Canada and the CDIC details still have loose ends.
The $100 is easy if you can point a paycheque at Wise for three months. The extra $150 needs $8,000 of card spending in 120 days, which is a lot of groceries.
Are you moving any of your banking to Wise? Let me know in the comments what you use it for.
Wise Chequing Account
No monthly fee. Enrol in the Account Bonus in the app by December 31, 2026.
Written by
Jason
Jason is a Toronto-based points-and-miles writer who sleeps in hostels and redeems for suites — honest, frugal, lightly funny.
