A closer look at Wise’s business and personal accounts in Canada

Wise, a registered Money Services Business (MSB) in Canada, makes international money transfers faster, cheaper, and more transparent. But it’s not just for sending money abroad.

Wise also offers two types of accounts tailored to different needs: one for personal customers and one designed specifically for businesses. Both accounts let you hold multiple currencies and send money abroad for less. But the Wise Business account goes a step further with tools to invoice clients, track team spending, and manage international payments without the usual headaches or hefty fees you might find with a bank.

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What’s the difference between Wise Business and personal accounts in Canada?

Wise offers two main accounts in Canada: Personal and Business. Both accounts let you hold and convert 40+ currencies, send international payments with low fees, and access the real exchange rate. However, choosing the right one depends on how you plan to use it.

It’s also good to note that using a personal account for business activities, like receiving payments for goods or services, goes against Wise’s terms of use. So, if you’re a freelancer, sole trader, or running a company, you'll need to open a Wise Business account instead.

Wise personal account

The personal account is ideal for anyone who wants to send or receive money internationally, travel, or shop in different currencies.

Features include:

• Hold and convert 40+ currencies
• Send money abroad with low fees starting from 0.48%^* and the mid-market exchange rate
• Get local account details in up to 10 currencies, including CAD, USD, EUR and GBP
• Spend globally with the Wise card
• Withdraw up to $350 CAD per month from ATMs for free^*
• No monthly fees or subscription costs^*

It’s a great option for expats, travellers, digital nomads, or anyone managing money across borders.

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Wise Business account

A Wise Business account is designed specifically for freelancers, startups, and companies that operate globally. It includes everything the personal account offers, plus extra helpful features to help you manage and grow your business without the overheads and international fees you’d get with a traditional business bank account.

Additional features for business customers:

• Easily create and send invoices
• Low-fee transfers from 29 currencies to 50 currencies
• Add team members with custom permissions
• Pay up to 1,000 people at once with batch payments
• Connect to accounting tools like QuickBooks and Xero
• Accept payments from clients in their local currency
• A business debit card for global spending

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Key features of Wise Business in Canada

If you’re running a business in Canada and managing multiple currencies, the Wise Business account is built with your needs in mind. It comes with helpful tools not available in the personal account, making it easier to send invoices, get paid quickly, and manage your cash flow, all with no monthly fees.

There’s no annual subscription and no hidden extras — just a one-time setup fee to unlock everything.

Free and paid tier features

Here’s what you get for the essential and complete version for a one-time fee of 55 CAD

Features	Essential features - without registration fees	All features for a one time payment of 55 CAD
Send money to over 70 countries	✅	✅
Wise Business Card	✅	✅
Holding and converting money across 40 currencies at the mid-market rate	✅	✅
Minimal fees starting at 0.48%	✅	✅
Local account details to receive payments in over 20 currencies	❌	✅
Direct debit to make recurring payments	❌	✅

You can always upgrade from the essential features to avail all Wise business features for a one-time payment of 55 CAD

Multi-currency account details

For a one-time setup fee, Wise Business gives you access to local account details in major currencies, including CAD, USD, GBP, EUR, and AUD. That means clients can pay you as if you’re local, with IBANs, sort codes, or routing numbers, depending on the region.

However, while personal accounts include local details for around nine currencies, what really sets Wise Business apart is the ability to receive account details to receive money in 23 currencies.

You’ll be able to receive payments via SWIFT in currencies²like AUD, NZD, SGD, SEK, NOK, DKK, PLN, HKD, CHF, CZK, JPY, HUF, BGN, AED, RON, UGX, ZAR, CNY, and ILS, all in one place.

Free invoicing and payment tools

With a Wise Business account, you can create invoices directly from your dashboard or download them as PDFs to share. You can also use Quick Pay, a unique payment link or QR code, so that customers can pay you in multiple currencies, with no bank details required.

Receive payments from platforms

Whether you freelance on Upwork, or get paid via Stripe or Amazon, you can link your Wise Business account to receive payments directly, often for free. Funds arrive in your account in the original currency, and you can choose to hold it or convert it at Wise’s low, transparent rates.

Accounting integrations

With a Wise Business account in Canada, you can connect your account to popular accounting platforms like Xero, QuickBooks, and Wave. Automatically sync your transactions to make it easier to stay on top of cash flow, simplify bookkeeping, and reduce manual data entry. You can reconcile payments quickly and choose which currency balances to link so everything stays organized across your international and domestic transactions.

Multi-user access and team cards

Use the Wise Business account to add users and customize their access, whether for payment approvals or setting card spending limits. You can group expenses by category, such as marketing, travel, or admin budgets.

Give your team their own physical or virtual cards so they can spend what they need with no foreign transaction fees while you stay in control, and set individual spending limits and monitor transactions in real-time.

Batch payments

Save time on payroll and recurring payments with Wise’s batch payments tool. You can pay up to 1,000 people in one spreadsheet or CSV file, ideal for paying freelancers, suppliers, or employees across multiple currencies. If you’ve never used the tool before, Wise provides easy-to-use spreadsheet templates to help you get started.

Wise personal vs business fees in Canada

There are no monthly fees for both personal or business accounts¹, and you only pay for what you use, with costs clearly shown upfront.

With the business account, you also get access to tools like invoicing, batch payments, and accounting integrations at no extra cost.

Common fees¹ that you’ll come across include:

Wise Personal account

• Registering for an account: Free
• Currency conversion: Fees start from 0.48%
• Getting the Wise debit card: Free
• Pay with the Wise debit card: Free - no foreign transaction fees
• ATM withdrawals: Free up to 350 CAD per month; 1.75% + 1.50 CAD per withdrawal thereafter
• Holding and converting between 40+ currencies: Free
• Account details to receive payments in 23 currencies: Free
• Receiving USD wire and SWIFT payments: 6.11 USD
• Receiving GBP SWIFT payments: 2.16 GBP
• Receiving EUR SWIFT payments: 2.39 EUR

Wise Business account

• Account Setup: Free
• Access to Local Account Details: One-time fee of 55 CAD
• Currency conversion: Fees start from 0.48%^*
• ATM withdrawals: Same as the Personal Account
• Additional Features: Access to invoicing tools, batch payments, accounting software integration, and team management features at no extra cost

For a detailed breakdown of fees, you can visit the official pricing pages for Wise Business and Wise personal accounts

Can Wise Be Used for Business in Canada?

Wise Business is specifically built for business use, and over 600,000 businesses already use it every quarter to send, receive, and manage money across borders.

In Canada, you can open a Wise Business account if you’re a:

• Sole trader or freelancer
• Limited or public company
• Partnership
• Charity or trust (as long as it's registered in Canada)

These business types are fully supported in Canada, and once you sign up, you’ll see exactly what information is needed to get started.

But, while Wise is open to many businesses, there are also some exceptions. Wise Business can’t be used by:

• Unregistered charities
• Businesses involved in prohibited industries (e.g. cryptocurrency trading, adult content, tobacco)
• Businesses with bearer shares

It’s also important to note that Wise personal accounts are strictly for personal use. Using a personal account for business purposes goes against Wise’s terms of use and can possibly result in restrictions on your account. If you’re a sole trader, freelancer, or running any type of registered business, the business account is the right (and compliant) option for you.

Can I Change My Wise Account From Business to Personal?

You don’t need to change your Wise Business account to a personal one. You can open a personal account alongside your business account in just a few clicks.

In fact, it’s good practice to keep your business and personal finances separate. Doing so will make business receipts and expenses easier to track and help when it comes to reconciliations and audits. It’s also important to note that you can’t use a Wise personal account for business use.

To open a personal account from your business profile, click on your name in the top right corner of the account screen. In the dropdown, choose “Get a personal account” and follow the instructions to open the account.

If you no longer need your business account, you can simply withdraw the remaining money from your business balance and then close the account. You'll then be left with the Wise personal account.

One platform, two powerful accounts

Whether you're managing your personal finances or running a growing business, Wise has a solution that fits. The Wise Personal account is great for day-to-day international spending and transfers, while the Wise Business account is packed with tools to help you invoice clients, manage team spending, and stay in control of your cash flow, all with no monthly fees.

Just remember, personal accounts are for personal use, and business accounts are built to support your business goals. Choose the one that suits your needs, or open both to get the best of both worlds.

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Sources:

1. https://wise.com/ca/pricing/business
2. https://wise.com/help/articles/3EsxRDF4uNpQncdgH480os/fees-for-receiving-money-by-swift

Sources verified on 21 May 2025