Wise Debuts Fee-Free Canadian Chequing Account

Wise has launched its Chequing Account in Canada, allowing customers to manage their everyday finances without monthly fees. The account supports free Interac e-Transfers, CDIC deposit insurance eligibility, and features for sharing expenses.

The key addition is the support for free Interac e-Transfers, which enables customers to fund their Canadian dollar balance or send dollars to an Interac alias without incurring a fee from Wise. Balances held through the Chequing Account can also qualify for CDIC protection of up to $100,000 across currencies.

Wise itself is not a CDIC member but holds eligible customer deposits in trust at a CDIC member institution. The company has also launched Group Spend, allowing users to create shared balances with family or friends for expenses such as bills or trips.

Vinay Nilakantan, Head of Product for North America at Wise, stated that Canadians shouldn't need separate accounts for everyday life and international transactions. The Chequing Account aims to provide a new kind of account that meets users' needs without requiring multiple providers.