Wise alternatives for Canadian companies in 2025

Your business needs more than what Wise can offer. While Wise has served many Canadian companies well for basic international transfers, growing businesses increasingly find themselves hitting limitations that slow down operations and increase costs. According to recent research, over one-third of Canadians have considered leaving their traditional financial service providers in the past year, with 47% citing hidden fees and 36% seeking better offers elsewhere ¹. This shift reflects a broader transformation in Canada's payments landscape, as corporate treasurers demand faster payments, less friction, and richer remittance data ².

Canadian businesses operating internationally face unique challenges that require sophisticated financial solutions. The global payments sector generated $2.2 trillion in revenue in 2022, growing at 11% annually, with forecasts reaching $3.2 trillion by 2027 ³. For Canadian companies participating in this massive market, choosing the right financial partner can mean the difference between seamless global expansion and operational bottlenecks.

Understanding Wise's limitations for Canadian businesses

Wise, formerly known as TransferWise, established itself in London in 2011 and went public on the London Stock Exchange ⁴. While the platform provides local bank details in 10 major currencies and maintains mid-market exchange rates, Canadian businesses often discover gaps when scaling operations ⁴.

Where Wise falls short for growing companies

The platform's conversion fees range from 0.35% to 2% depending on the currency pair ⁴. While transparent, these costs add up quickly for businesses processing high volumes. More critically, Wise lacks several features essential for enterprise operations:

Limited payment acceptance capabilities: Unlike comprehensive business platforms, Wise doesn't offer full payment gateway functionality. Businesses cannot accept cards and 160+ local payment methods across 180+ countries through Wise alone ⁵.

Restricted currency support: While Wise offers local bank details in 10 currencies, businesses operating globally need broader coverage. Some alternatives provide global accounts in 23 currencies, significantly expanding operational flexibility ⁵.

Missing enterprise features: Growing companies need integrated expense management, corporate cards, and API-driven automation. These capabilities remain outside Wise's core offering, forcing businesses to juggle multiple platforms.

Key features Canadian companies need beyond basic transfers

The digital payment industry's compound annual growth rate of 13.5% from 2024 to 2033 reflects businesses demanding more sophisticated solutions ⁶. Canadian companies require platforms that address multiple operational needs simultaneously.

Multi-currency account management

Global cross-border bank credit expanded by $1.5 trillion in Q1 2025, reaching a record $34.7 trillion ⁷. Canadian businesses participating in this massive flow need accounts that handle multiple currencies seamlessly. Leading alternatives offer global accounts that let businesses hold, convert, and transfer funds across 23+ currencies without opening separate bank accounts in each country ⁸.

Integrated payment acceptance

In Asia-Pacific, 70% of e-commerce transactions were processed by digital wallets in 2023, while Europe saw 9% processed through buy-now-pay-later options ³. Canadian businesses selling internationally need payment platforms that accept diverse payment methods. Modern alternatives function as complete payment gateways, accepting cards and 160+ local payment methods across 180+ countries ⁵.

Corporate expense management

With merchants paying approximately $138 billion in processing fees globally in 2022, businesses need tools to control and optimize spending ³. Comprehensive platforms now include corporate cards, expense management systems, and real-time spending controls that Wise doesn't offer ⁸.

Top Wise alternatives for Canadian businesses

Airwallex: Built exclusively for business growth

Founded in Melbourne in 2015, Airwallex has secured over $800 million in funding and achieved a valuation exceeding $5.5 billion ⁴. The platform supports over 50 currencies with real-time foreign exchange rates for major currency pairs ⁴.

Airwallex structures pricing with businesses in mind, implementing foreign exchange markups of 0.3-0.6% above the interbank rate with zero monthly account maintenance fees and complimentary domestic transfers in most cases ⁴. The platform maintains PCI DSS Level 1 compliance and operates under licenses from multiple regulatory authorities ⁴.

Key differentiators include:

• Access to interbank foreign exchange rates

• Payment gateway accepting cards and 160+ local payment methods

• Global accounts in 23 currencies

• Corporate cards with integrated expense management

• API-driven platform for automation

• Solutions tailored for eCommerce, SaaS, marketplaces, and professional services⁸

KOHO: Canada's homegrown fintech solution

Founded in Vancouver in 2014, KOHO has emerged as a significant player in Canadian fintech, securing $190 million in funding in 2024 ⁹. The platform recently launched international money transfers to over 190 countries, claiming to offer the lowest costs in Canada ⁹.

During beta testing, almost all KOHO transfers arrived in less than 30 minutes, addressing the speed priority that 65% of consumers rank as most important when choosing payment methods ¹⁰. KOHO's CEO states that Canadians often lose 3-5% of their money to fees when sending abroad, a pain point the platform aims to eliminate ⁹.

KOHO offers:

• No monthly fees on Essential plan

• Unlimited e-Transfers

• Up to 4% interest on savings

• Credit building features

• International money transfers to 190+ countries¹¹

Finofo: Specialized for cross-border operations

Calgary-based Finofo raised $3.3 million in seed funding in June 2025, following a $1.7 million pre-seed in 2023 ¹². The platform uniquely serves both U.S. and Canadian entities with embedded compliance for complex cross-border structures ¹².

Finofo's $29/month Small Business Plan includes:

• Unlimited free ACH, EFT, SEPA, and local payments across 90+ countries

• U.S. ACH receivable accounts

• Live ERP syncs with QuickBooks, Xero, Sage, Dynamics, and NetSuite

• Batch payments and real-time approvals

• Smart FX cards and expense controls¹²

Comparing costs and features

Understanding the true cost of international payments requires looking beyond headline fees. In the U.S., credit card fees are unregulated and can reach 3.5%, while account-to-account transactions offer significant savings ³.

Industry-specific considerations

E-commerce and retail

Digital wallets are forecast to process $3.1 trillion by 2027, four times more than credit cards ³. Canadian e-commerce businesses need platforms that accept diverse payment methods. Airwallex serves this sector with solutions for marketplaces, wholesale trade, and digital creators, while companies like R.M.Williams achieved a 94.1% authorization rate using modern payment infrastructure ¹³.

Professional services

For professional services firms, efficiency matters. Robotic process automation can complete tasks in half the time it takes humans, eliminating error risks ¹⁴. Platforms offering API-driven automation and ERP integration help firms streamline operations. McLaren Racing modernized cross-border payments with Airwallex, demonstrating how sophisticated platforms support complex international operations ⁸.

Technology and SaaS

Only 37% of CFOs currently have a clear strategy for finance technology, despite technology being central to financial transformation ¹⁴. SaaS companies need platforms with robust APIs, embedded finance capabilities, and scalable infrastructure. Leading AI finance organizations are 71% more likely to purchase software platforms with embedded AI features ¹⁴.

Implementation and migration strategies

Switching financial platforms requires careful planning. The Fedwire Funds Service migration to ISO 20022 in March 2025 demonstrates how payment infrastructure changes demand preparation ¹⁵.

Assessing your current needs

Start by evaluating transaction volumes and patterns. With 46% of diaspora consumers sending money home monthly, regular international transfers require cost-effective solutions ¹⁰. Consider:

• Monthly transaction volumes

• Currency pairs used most frequently

• Payment acceptance requirements

• Integration needs with existing systems

• Compliance and regulatory requirements

Planning the transition

Bank of America has been running a formal ISO 20022 migration program since 2019, completing over 10 clearing migrations worldwide ². Similarly, businesses should:

1. Audit current payment flows and dependencies

2. Test new platforms with small transactions

3. Migrate in phases, starting with non-critical operations

4. Maintain parallel systems during transition

5. Train staff on new processes and features

Maximizing platform capabilities

Once migrated, optimize your chosen platform's features. RYSE transformed complex cross-border finances into streamlined operations with Airwallex, demonstrating the potential for cost savings and efficiency gains ⁸. Focus on:

• Automating recurring payments

• Setting up multi-currency accounts strategically

• Implementing expense controls and approval workflows

• Integrating with accounting and ERP systems

• Utilizing APIs for custom workflows

Future-proofing your payment infrastructure

Canada's payment landscape continues evolving rapidly. Payments Canada began modernizing in 2016, replacing legacy systems with Lynx and preparing the country's first real-time rail ². Once live, RTR will settle payments in seconds and enable QR-code requests for payment ².

The Retail Payment Activities Act will allow nonbank providers to participate directly in RTR, intensifying competition and giving businesses more payment customization options ². This regulatory shift means choosing platforms positioned for future capabilities, not just current needs.

Stablecoins enable near-instant global transfers, helping meet the G20's target of 75% of cross-border remittances arriving within one hour by 2027 ¹⁰. Open banking can surface real-time data on fees, exchange rates, and transaction status, reducing hidden costs ¹⁰.

Making the right choice for your business

Selecting a Wise alternative requires balancing immediate needs with long-term growth plans. While 44% of consumers are frustrated by poor exchange rates and 35% by hidden fees, businesses face additional complexities around integration, compliance, and scalability ¹⁰.

Consider platforms that offer:

• Transparent, competitive pricing without hidden fees

• Comprehensive feature sets beyond basic transfers

• Strong regulatory compliance and security measures

• Scalability to support business growth

• Integration capabilities with existing systems

• Industry-specific solutions and expertise

For businesses exclusively focused on growth, platforms like Airwallex provide comprehensive solutions designed from the ground up for enterprise needs. The platform's ability to handle everything from global accounts to payment acceptance to expense management eliminates the need for multiple vendors ⁸.

Canadian companies have more options than ever for international financial operations. By choosing platforms that address current limitations while preparing for future opportunities, businesses position themselves for sustainable global growth. The key lies in selecting partners that understand not just payment processing, but the broader operational challenges of international business.

As Canada's payment infrastructure modernizes and global commerce accelerates, the right financial platform becomes a competitive advantage. Whether you prioritize cost savings, operational efficiency, or comprehensive features, alternatives to Wise exist that can transform how your business operates internationally. The question isn't whether to explore alternatives, but which platform best aligns with your company's unique trajectory and ambitions.

FAQ

What are the best Wise alternatives for Canadian companies in 2025?

The top Wise alternatives for Canadian businesses include Airwallex, KOHO, and Finofo. Airwallex stands out with over $800 million in funding and a $5.5 billion valuation, supporting 50+ currencies with real-time FX rates. These platforms offer advanced features like multi-currency accounts, expense management, and better integration capabilities that growing businesses need beyond Wise's basic transfer services.

How does Airwallex compare to Wise for Canadian businesses?

Airwallex offers more comprehensive business solutions compared to Wise, with support for over 50 currencies and real-time foreign exchange rates for major pairs. Founded in 2015, Airwallex has secured significant funding and provides scalable financial solutions specifically designed for SME growth. While Wise focuses primarily on transfers, Airwallex delivers a full financial platform with expense management, multi-currency accounts, and better business integrations.

Why are Canadian companies looking for Wise alternatives?

Recent research shows over one-third of Canadians have considered leaving their traditional financial service providers, with 47% citing hidden fees and 36% seeking better features. Growing businesses find Wise's limitations in advanced functionality, expense management, and business integrations slow down operations and increase costs. Companies need more comprehensive solutions that can scale with their international growth and provide better cost transparency.

What features should Canadian companies look for in Wise alternatives?

Canadian businesses should prioritize platforms offering multi-currency accounts, real-time exchange rates, comprehensive expense management, and seamless business integrations. Key features include support for multiple currencies (50+ is ideal), transparent pricing without hidden fees, scalable solutions for growing businesses, and advanced reporting capabilities. Integration with accounting software and e-commerce platforms is also crucial for operational efficiency.

Are Wise alternatives more cost-effective for Canadian businesses?

Many Wise alternatives offer more transparent pricing and better value for growing businesses. While Wise charges transfer fees, alternatives like Airwallex provide comprehensive business solutions that can reduce overall financial management costs. The key is evaluating total cost of ownership, including hidden fees, exchange rate margins, and the value of additional features like expense management and multi-currency accounts that eliminate the need for multiple service providers.

How do these alternatives support international business growth?

Leading Wise alternatives like Airwallex support international expansion through comprehensive cross-border payment solutions, multi-currency accounts, and real-time FX rates across 50+ currencies. These platforms address common enterprise frustrations with cross-border payments by providing scalable financial infrastructure, better integration capabilities, and advanced features that help businesses manage global operations more efficiently than basic transfer services.

Citations

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11. https://www.koho.ca/learn/cash-app-alternative-in-canada/

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