May 10, 2026
More Canadians are sending money across borders, whether to family, international retailers or accounts in other countries — and many are running into the same frustrations along the way.
A 2024 study from Payments Canada found that 1 in 5 Canadians had sent money internationally using their bank account over the previous year, marking a 33% increase compared with 2022. Younger Canadians — particularly freelancers, gig workers and the self-employed — were among the most frequent users.
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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.
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Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and US brands, while also working as a ghostwriter for financial influencers.
