No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
Both Wise and PayPal let you send money internationally from Canada — but the costs are very different. Here's how they compare in 2025.
| Feature | Wise | PayPal |
|---|---|---|
| Exchange Rate | Mid-market (best) | 3–4% markup |
| Transfer Fee | 00.4–1.5% | 2.99–4.99% |
| Total Cost on $1,000 | ~$6–$15 | ~$500–$800 |
| Currencies | 800+ | ~25 |
| Speed | 1–2 days | Instant (PayPal to PayPal) |
| Cash Pickup | No | No |
| Business Features | Yes (Wise Business) | Yes (PayPal Business) |
| Recipient Needs Account? | Bank account | Optional (PayPal to PayPal) |
| Service | Fee | Rate Markup | Total Cost | GBP Received |
|---|---|---|---|---|
| Wise | ~$4.00 | 00% | ~$4.00 | Most GBP |
| PayPal | $14.95 | ~3.5% | ~$32.45 | Less GBP |
Yes, in almost all cases. Wise uses the mid-market exchange rate with no markup and charges a small transparent fee. PayPal adds 3–4% to the exchange rate on top of transfer fees, making it much more expensive for large amounts.
Yes. Wise is fully licensed in Canada (FINTRAC registered) and supports CAD → 800+ currencies. You can fund transfers directly from a Canadian bank account or debit card.
PayPal offers Xoom for international bank transfers, but rates are generally worse than Wise. PayPal's main advantage is peer-to-peer transfers between PayPal account holders.
Most Wise transfers from Canada complete in 1–2 business days. Some fast-track options can process within hours. Speed depends on the destination currency.
Other options include Remitly (great for specific corridors), OFX (good for large transfers), and Remitbee (Canadian-based). All are generally cheaper than bank wire transfers.