Wise Money Transfer: Fees and Comparison

Money Without Borders — this is what Wise stands for. Founded in 2011, Wise began with a simple vision: to make international money transfers cheap, fair, and simple. Today, its multi-currency account helps millions of people and businesses send, receive, and manage money globally.

The Wise mission is to build the best way to move and manage the world’s money — as easily as sending an email. The company aims to make money transfers faster, more transparent, and eventually free for everyone.

Wise Business: Designed for Global Companies

One of Wise’s strongest advantages is Wise Business, a solution tailored for international companies managing operations across multiple countries. With a Wise Business Account, users can:

• Send, receive, and hold money in over 40 currencies
• Pay international salaries with low-cost transfers
• Use a Wise debit card for business spending
• Assign team roles and approval rules for better financial control

Now available in 13 countries, Wise Business provides annual fee statements for transparency and includes scam-prevention tools to keep transactions secure.

Fees and Processing Time

Wise money transfer is trusted by over 16 million customers worldwide. The platform is known for its transparent pricing, showing all costs upfront — no hidden fees.

Wise charges a direct debit fee plus a transfer fee, depending on the amount and destination. One standout feature is its rate comparison tool, which allows users to compare rates from other remittance providers such as Remitly, XE, WorldRemit, PayPal, and OFX, as well as major banks like RBC and TD.

Wise also locks in exchange rates for 76 hours and ensures that most transfers arrive in about 25 minutes.

Wise vs. Smiles Mobile Remittance

As of August 7, Wise offered an exchange rate of ₱41.91 per CAD, slightly higher than Smiles Mobile Remittance’s ₱41.45. However, when evaluating remittance options, it’s important to look beyond rates and consider overall transaction costs — including transfer fees and limits.

Wise applies a variable fee that increases with the amount sent. The higher the transfer value, the higher the fee.

In contrast, Smiles Mobile Remittance offers a simpler and more affordable fee structure:

• Up to $100 CAD: Bank and E-wallet Credit fee starts at $4.99
• Above $100 to $9,999 CAD: Flat fee of $8.00

This flat-rate pricing makes Smiles a cost-effective choice for frequent senders and small-to-medium transfers to the Philippines.

Final Thoughts

Wise money transfer provides an innovative and transparent way to send funds across borders, especially for users managing multiple currencies. However, Smiles Mobile Remittance remains a strong alternative for Filipinos in Canada who want fixed rates, low fees, and loyalty rewards for every transaction.

Both platforms offer convenience — but when affordability and predictability matter most, Smiles Mobile Remittance delivers greater value for your money.