Wise launches multi-currency interest feature as more Canadians move money abroad

The survey also found that costs remain a major pain point. Canadians cited transaction fees, unclear exchange rates, transfer limits and delays as some of the biggest frustrations when moving money internationally.

Wise launches a new multi-currency interest feature in Canada

Against that backdrop, Wise has launched a new feature in Canada aimed at those holding money in multiple currencies.

The feature allows eligible customers to earn interest on balances held in Canadian dollars, U.S. dollars, euros and British pounds within a single Wise account. Customers can still spend, send or convert those funds without lock-up periods or minimum balance requirements, according to the company.

"Earning a return on your money across currencies shouldn't require opening and managing multiple accounts or giving up access to your funds, but that's the reality many Canadians have grown accustomed to," noted Vinay Nilakantan, Head of Product for North America at Wise, in a statement.

Wise says the feature is the first in Canada to combine interest earnings across multiple currencies within one consolidated account.

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Why this matters for consumers

For Canadians who regularly deal with multiple currencies, managing money can often feel like a hassle. Traditional banks often require separate foreign currency accounts or products for each currency, and some accounts come with minimum balance requirements, promotional rates or restrictions on how funds can be used.

And that matters more now than it once did with international payments becoming more common, especially among younger Canadians and people working across borders digitally.

According to Payments Canada, the U.S. remains the top destination for international payments sent by Canadians, accounting for about half of transfers tracked in the study.

Competition in cross-border banking is heating up

Wise is entering a growing cross-border banking market, where both traditional banks and fintech firms have been expanding foreign currency and international payment offerings.

Traditional financial institutions already offer foreign currency accounts, while fintech platforms have focused on lower-cost transfers, spending cards and cash management tools.

What's distinct about Wise's new feature is the ability to combine several functions in one account, allowing users to hold multiple currencies, earn interest and continue accessing their money without moving it into separate products.