2025 Comparison: Airwallex vs Wise Canada – Which Handles CAD-USD Transfers Better?

Choosing the right platform for CAD-USD transfers can save your business thousands of dollars annually. With cross-border payments expanding at an estimated 5% annually and business-to-consumer segments projected to grow at 11.1% CAGR through 2032 ¹, Canadian businesses need efficient solutions for managing international payments. This comprehensive comparison examines how Airwallex and Wise stack up for Canadian businesses handling CAD-USD transfers in 2025.

Understanding the platforms: Business-first vs broad appeal

Airwallex and Wise represent two distinct approaches to international payments. Airwallex was established in 2015 and is designed exclusively for businesses ², while Wise (formerly TransferWise) was established in London in 2011 and became a publicly-traded entity on the London Stock Exchange in 2021 ³.

Wise operates as a registered Money Services Business (MSB) in Canada, offering two types of accounts: one for personal customers and one for businesses ⁴. This dual approach means Wise serves millions of customers across more than 170 countries ³, while Airwallex focuses specifically on business needs.

Exchange rates and fees: The real cost comparison

Exchange rate markups

When transferring CAD to USD, exchange rates significantly impact your bottom line. Airwallex provides access to interbank foreign exchange rates with a markup of 0.3-0.6% above the interbank rate ³. Meanwhile, Wise's conversion fee ranges from 0.35% to 2% depending on the currency pair ³.

Wise uses the mid-market exchange rate for sending money, which is the midpoint between buy and sell rates on global currency markets ⁵. On average, customers lose around 5% in fees with other currency exchange services ⁵, making both platforms competitive alternatives to traditional banks.

Fee structures for Canadian businesses

For Canadian businesses, understanding the complete fee structure is crucial:

Wise Business Account Fees:

• Account setup: Free

• Access to local account details: One-time fee of 55 CAD⁴

• Currency conversion: Fees start from 0.48%⁴

• ATM withdrawals: Free up to 350 CAD per month; 1.75% + 1.50 CAD per withdrawal thereafter⁴

• No monthly fees or subscription costs

Airwallex Fee Structure:

• Zero monthly account maintenance fees³

• Complimentary domestic transfers in most cases

• Variable international transfer fees based on destination

• Premium plan options with additional features available

Transfer scenarios: Real-world CAD-USD examples

Small business monthly transfers

Consider a Canadian e-commerce business sending $10,000 USD monthly to US suppliers. With Wise's conversion fee starting from 0.48% ⁴, the cost would be approximately $48 USD plus any transfer fees. Airwallex, with its 0.3-0.6% markup ³, would charge between $30-60 USD.

High-volume transfers

For businesses transferring larger amounts, Wise Business provides a volume discount for spending over 22,000 EUR or its equivalent ⁶. This makes Wise particularly attractive for high-volume traders. Airwallex offers premium plan options with additional features ³, which may provide better value for enterprise-level transfers.

Multi-currency capabilities for Canadian businesses

Currency support

Both platforms offer extensive multi-currency support. Airwallex allows businesses to hold global accounts in 23 currencies ² and supports over 50 currencies with real-time foreign exchange rates ³.

Wise Business accounts allow users to hold and convert 40+ currencies ⁴ and receive account details to receive money in 23 currencies ⁴. Both platforms provide local account details in major currencies including CAD, USD, GBP, EUR, and AUD.

Local account details

For Canadian businesses receiving payments from US clients, local account details are essential. Wise provides local bank details in 10 major currencies ³, requiring a one-time fee of 55 CAD for access ⁴. This feature allows businesses to receive USD payments as if they had a US bank account.

Integration and automation features

E-commerce and marketplace integrations

Airwallex is a payment gateway that lets businesses accept cards and 160 local payment methods in 180+ countries ². The platform offers:

• Enterprise-grade REST API with extensive documentation

• Direct connections to major e-commerce platforms including Shopify and WooCommerce³

• Native integration with Xero and other accounting platforms

• Advanced payment workflow automation tools

Wise Business accounts can be linked to receive payments directly from platforms like Upwork, Stripe, or Amazon ⁴. Additional integrations include:

• QuickBooks and Xero accounting software compatibility³

• Zapier connections for workflow automation

• Connection to popular accounting platforms like Wave in Canada⁴

Batch payments and invoicing

For businesses managing multiple payments, Wise Business allows users to pay up to 1,000 people in one spreadsheet or CSV file with its batch payments tool ⁴. Users can create invoices directly from their dashboard or download them as PDFs to share ⁴.

Security and compliance for Canadian operations

Regulatory compliance

Wise is a registered Money Services Business (MSB) in Canada ⁴, operating under FCA regulation with bank-level security measures ³. The platform maintains segregated user accounts and regularly updates compliance protocols.

Airwallex maintains PCI DSS Level 1 compliance and operates under licenses from multiple regulatory authorities ³. Their security infrastructure includes advanced fraud detection systems and regular security audits.

Transfer speed and reliability

Transfer speed is crucial for business operations. Converting money with Wise can take a maximum of 2 working days ⁵. Card payments are normally instant with Wise, while bank transfers take longer. Wise can only move money during normal banking hours ⁵.

Customer support and user experience

Support availability

Airwallex provides dedicated support channels for business clients, with premium accounts receiving 24/7 assistance ³. Their support structure includes comprehensive documentation and specialized assistance for technical integrations.

Wise's support team operates around the clock, offering assistance through multiple channels including live chat, email, and phone support ³. With over 16 million customers ⁵ and 155,400+ five-star reviews on Trustpilot ⁵, Wise has established a strong reputation for customer service.

Mobile capabilities

Airwallex's mobile platform offers real-time transaction monitoring, instant payment approvals, and multi-user access management ³. Their application includes sophisticated analytical tools for tracking spending patterns.

Wise's mobile application focuses on delivering a seamless experience across devices, with instant notifications and quick currency conversions ³. The interface prioritizes accessibility for easy transfer initiation and payment tracking.

Team management and permissions

For growing Canadian businesses, team management features are essential. Wise Business accounts allow users to add team members with custom permissions, whether for payment approvals or setting card spending limits ⁴.

Both platforms offer multi-user access, but Airwallex's business-first design provides more granular control options for larger teams ⁷.

Eligibility and restrictions for Canadian businesses

Who can open accounts?

In Canada, a Wise Business account can be opened by:

• Sole traders or freelancers

• Limited or public companies

• Partnerships

• Charities or trusts (as long as they're registered in Canada)⁴

Wise Business can't be used by unregistered charities, businesses involved in prohibited industries (e.g., cryptocurrency trading, adult content, tobacco), or businesses with bearer shares ⁴.

Important restrictions

Using a personal account for business activities goes against Wise's terms of use and can possibly result in restrictions on your account ⁴. However, Wise allows users to open a personal account alongside their business account ⁴.

Analytics and reporting capabilities

Airwallex provides comprehensive analytics dashboards offering detailed insights into transaction patterns, currency exposure, and spending trends ³. Their reporting system enables customizable report generation and automated scheduling for regular financial reviews.

Wise's platform includes detailed transaction histories, spending categorization, and customizable reporting features ³. Over 600,000 businesses already use Wise Business every quarter to send, receive, and manage money across borders ⁴.

Global reach and network strength

Airwallex maintains a strong presence in Asia-Pacific markets, with expanding operations across Europe and the Americas ³. Since its founding in 2015, Airwallex has secured over $800 million in funding, achieving a valuation exceeding $5.5 billion ³.

Wise moves over $10 billion dollars of customers' money every month ⁵ and serves millions of customers across more than 170 countries ³. Their extensive network of local banking partnerships enables faster and more cost-effective transfers.

Making the right choice for your Canadian business

Choose Airwallex if you:

• Need a business-exclusive platform with enterprise features

• Require extensive payment gateway capabilities for accepting payments

• Want access to interbank FX rates with minimal markup

• Need advanced API integration for complex workflows

• Operate primarily in Asia-Pacific markets

Choose Wise if you:

• Want flexibility between personal and business accounts

• Need transparent, predictable pricing with no hidden fees

• Require batch payment capabilities for up to 1,000 recipients

• Value extensive customer reviews and established reputation

• Need broad global coverage across 170+ countries

Conclusion: Optimizing your CAD-USD transfer strategy

Both Airwallex and Wise offer compelling solutions for Canadian businesses handling CAD-USD transfers. Airwallex excels with its business-first approach, offering access to interbank rates and comprehensive payment gateway features ². Wise stands out with its transparent pricing, extensive global network, and proven track record serving over 16 million customers ⁵.

For most Canadian SMBs, Wise's combination of low fees starting from 0.48% ⁴, batch payment capabilities, and strong Canadian regulatory compliance makes it an excellent choice. However, businesses requiring advanced payment acceptance features and API integrations may find Airwallex's specialized business platform more suitable.

The key is evaluating your specific needs: transfer volume, integration requirements, team size, and growth trajectory. Both platforms offer free account setup, making it possible to test each solution before committing to one for your primary CAD-USD transfer needs.

FAQ

What are the main differences between Airwallex and Wise for CAD-USD transfers?

Airwallex focuses on enterprise-level businesses with advanced API integrations and multi-currency accounts, while Wise serves both personal and business customers with transparent mid-market exchange rates. Wise is a registered Money Services Business (MSB) in Canada and offers straightforward pricing with no markup on exchange rates, whereas Airwallex provides more sophisticated treasury management tools for larger organizations.

How do the fees compare between Airwallex and Wise for Canadian businesses?

Wise Business charges a setup fee of 50 EUR and uses transparent, low upfront fees with no exchange rate markup, offering volume discounts for transfers over 22,000 EUR equivalent. Airwallex typically has more complex fee structures that can be more cost-effective for high-volume businesses but may be less transparent for smaller transactions. Both platforms offer competitive rates compared to traditional banks.

Which platform offers better integration capabilities for Canadian businesses?

Airwallex generally provides more robust API integrations and enterprise-level features, making it suitable for businesses requiring advanced automation and treasury management. Wise offers solid integration options but focuses more on user-friendly interfaces and straightforward functionality. The choice depends on your business size and technical requirements for payment automation.

Is Wise regulated in Canada and what does this mean for users?

Yes, Wise is a registered Money Services Business (MSB) in Canada, which means it operates under Canadian financial regulations and compliance standards. This registration provides additional security and regulatory oversight for Canadian users. Wise offers both personal and business accounts, allowing users to hold multiple currencies and send money abroad with regulatory protection.

What are the key advantages of using Airwallex over Wise for CAD-USD transfers?

According to Airwallex's comparison analysis, their platform excels in providing enterprise-grade features like advanced treasury management, sophisticated API integrations, and multi-currency business accounts designed for scaling companies. Airwallex also offers more comprehensive global coverage and specialized tools for businesses with complex international payment needs, making it a strong Wise alternative for larger organizations.

How do exchange rates compare between Airwallex and Wise?

Wise uses the mid-market exchange rate with no markup, providing complete transparency in their pricing structure. This approach has helped Wise serve over 16 million customers globally. Airwallex also offers competitive exchange rates, but their pricing model may include different fee structures depending on transaction volume and account type. Both platforms typically offer better rates than traditional banks for CAD-USD transfers.

Citations

1. https://financialit.net/news/payments/mytu-enables-instant-global-payouts-visa-direct-and-mastercard-cross-border-services?ref=connectingthedotsinfin.tech

2. https://www.airwallex.com/ca/blog/comparison-wise-vs-airwallex

3. https://www.trykeep.com/newsroom/airwallex-vs-transferwise

4. https://wise.com/ca/blog/wise-business-vs-personal-canada

5. https://wise.com/us/compare/rbc-cad-to-eur

6. https://wise.com/at/pricing/business

7. https://www.airwallex.com/ca/blog/wise-alternatives-and-competitors