The IT Nerd

Wise has become one of the first Payment Services Providers (PSPs) to be granted membership to Payments Canada. This milestone will enable Wise to deepen its service offering for Canadian customers, further establishing the company as a key financial player in Canada.

As a member of Payments Canada, Wise is now eligible to apply to participate in Canada’s national payment systems including the Automated Clearing Settlement System, Lynx and the forthcoming Real-Time Rail. Once a participant, Wise will be able to speed up transfer times and reduce costs for people and businesses moving money internationally in and out of Canada.

Canada is actively enhancing its payments modernization efforts, which included the federal government’s recent legislative changes that opened Payments Canada membership to non-bank (PSPs) for the first time. This decision places Canada among a group of G20 economies that have acted on commitments to improve cross-border payments. According to Wise’s 2025 G20 Report, Canada now joins a select group of eight G20 member nations that currently offer direct access to payment systems to non-bank payment service providers. 

The next major milestone in Canada’s payments modernization journey will be the launch of its new instant payment system, the Real-Time Rail (RTR). As a member, Wise can now apply to connect to the RTR to offer customers even faster, lower-cost, more transparent and convenient international payment services for customers in Canada and globally.

Wise believes that moving money should be instant, low-cost and fair for everyone. Over 15 years, we’ve developed Wise’s global infrastructure so that moving and managing money internationally is as seamless, fast and affordable for our customers as possible. This network now includes direct access to domestic payment systems in eight markets including the UK, Europe, Hungary, Australia, Singapore, Japan, Brazil and the Philippines. Wise’s membership to Payments Canada is an important next step in strengthening this unique global network, which enables Wise to deliver 74 per cent of payments instantly (in less than 20 seconds)¹ at an average cost of just 0.52 per cent per transaction². 

Wise continues to see strong growth in Canada, with active customers increasing by more than 30 per cent in FY25 alone. At a time when affordability is top of mind, Canada’s modernization efforts allow Wise to better serve its consumer and business customers worldwide, passing on cost savings directly and delivering on its vision of money without borders for everyone. 

¹  Transaction speed depends on individual circumstances and may not be available for all transactions.

² Please see https://wise.com/ca/pricing/ for more information. 

Wise Platform, Wise’s leading global payments infrastructure for banks and enterprises, today announced it’s working with Wealthsimple, a financial services platform on a mission to help Canadians achieve financial freedom, on an improved offering for sending money internationally. This partnership enables Wealthsimple’s chequing and joint chequing customers across Canada to access low-fee, fast and transparent international payments directly from the Wealthsimple app or website, delivering added convenience for Canadians sending money abroad.

Wealthsimple users can now make secure international payments to 30 countries in 10+ currencies from the convenience of their Wealthsimple chequing or joint chequing account. In just a few clicks, Wealthsimple clients can set up a transfer by selecting their recipient, inputting the amount they wish to send in CAD, and selecting which currency they would like their recipient to receive. The in-app experience clearly displays the mid-market exchange rate (the rate you see on Google), lists any additional fees, and provides a window of time for when funds will arrive so the customer has real-time insight into the cost and speed of their transfer.

According to a 2024 report from Payments Canada, one in five people sent money internationally using their Canadian bank account in the previous 12 months–a 33 percent increase from the previous year. Notably, 50 percent of Canadians aged 18-34 sent money abroad once a month. Wealthsimple’s decision to partner with Wise Platform underscores the rapidly-growing demand for modern, reliable international payments services as more Canadians live, work and connect across borders.

Wise Platform leverages the power of Wise’s robust global payments network. Wise directly participates in seven domestic payment systems, is supported by over 70 licenses worldwide, and settles 74% of payments instantly (in under 20 seconds). This best-in-class infrastructure has made Wise Platform a leading partner for banks and large enterprises globally looking to make their international payments offerings more competitive. Wealthsimple joins a growing roster of major banks and enterprises who are partnering with Wise Platform to provide efficient and secure services to customers who need to send money abroad.

With Valentine’s Day just around the corner, Wise, the international money account, has conducted a revealing survey that sheds light on how couples navigate financial discussions and challenges. 

These findings offer a fascinating glimpse into the financial dynamics of modern relationships. 

Key Findings:

Canadians Are More Comfortable Discussing Finances Than Americans

• A striking 75% of Canadian couples feel comfortable discussing finances with their partners, compared to only 32% of Americans.
• Over half of Canadians (56%) engage in regular financial discussions, yet 81% of them experience disagreements during these conversations.
  • Cross-border couples are more prone to financial disagreements and often seek advice from close ones, consulting their mom (31%), dad (31%), friends (38%), and co-workers (27%) about financial matters 3-5 times or more per month.

Top Areas of Financial Disagreement Among Couples

• Spending on non-essential items like streaming subscriptions and vacations (30%).
• What’s considered a necessity to spend on each month (29%).
• Savings in relation to income each month (25%).
• Cultural differences make financial conversations uncomfortable for 24% of those in cross-border relationships.

Reasons for Discomfort in Financial Discussions

• Fear of causing disagreements (28%).
• Different ideas about spending and saving (26%).
• Differences in perceived financial responsibility (25%).

Impact of Living Situations on Financial Discussions

• One-third of couples not in long-distance relationships see cross-border distance as a potential barrier due to the cost of maintaining places in two countries (32%) and travel expenses (31%).
• Cross-border couples face higher levels of uncertainty about their future (22% vs. 9% of those living in Canada) and are more unsure about which financial tools to use (22% vs. 9% of those living in Canada).
• Managing different currencies and transferring money is a concern for 29% of cross-border couples, compared to just 5% of those living in Canada.

Striving for Financial Harmony

• Canadian couples report higher satisfaction with shared financial responsibilities (75%), likely due to similar philosophies about money (66%).
• This indicates a strong desire for financial transparency and mutual understanding within Canadian relationships.

Strategic Financial Discussions and Planning

• Canadians are strategic in their financial discussions and planning with their partners.
• Both Canadian and cross-border couples believe the right time to begin sharing expenses is when planning a future together (37%) or moving in together (34%).
• Canadians prioritize important financial discussions within the first year of their relationship, focusing on existing debts (70%), sharing expenses (69%), budgeting strategies (66%), and major planned purchases like a house, car, or education (62%).

 Wise which is an app offering a universal account to Canadians so they can send, spend or receive money internationally without the considerable mark-ups and hidden fees charged by banks  – has launched its Interac Autodeposit feature to Canadians, building a new and more convenient way to receive money in a Canadian Wise Account. In collaboration with Peoples Trust, part of Peoples Group, personal account customers can now activate their Canadian Wise balance to receive money via Interac. 

With Interac e-Transfer Autodeposit being the most common form of receiving payments for Canadians and Interacbeing a widely used payment system for Canadians, this new Interac Autodeposit feature meets the needs of Canadians looking for convenient ways to transfer money and receive funds from their peers.

You can open an account at https://wise.com

Wise, the global technology company building the best way to move and manage money is today rolling out a new look and feel. This comes as the company announced that it has reached 16 million customers served worldwide, and revealed plans for further global expansion.

The complete visual makeover features a fresh green palette and a bold new font, and draws from global currencies, languages, alphabets and places around the world. 

Designed to make the Wise customer experience consistent regardless of the place or language they sign up in, the look also underscores Wise’s mission to build money without borders and its ambition to create a fast, convenient, cost-effective and transparent global alternative to the traditional correspondent system.

With around 6 million active customers moving over £25 billion each quarter, the company welcomes around 100,000 new customers every week. 

Wise continues to take on the world

First launched in 2011, Wise continues to invest in expanding its unique international account offer and underlying infrastructure:

• Wise Account: The world’s first international account for people, the account enables customers to send, spend, receive and hold money in 50+ currencies. Wise most recently introduced “Interest” in Assets in the UK, and “Balance Cashback” in Europe to the account 一 features to allow customers to earn a return on the money they hold in Wise, without compromising on their ability to instantly access their money when they need. Today, Wise also announced the launch of Assets in Singapore, and the feature will become available to customers in Europe next. In India and Israel, Wise has secured licences to launch more services including the multi-currency account and card soon. 

• Wise Business: The one account for international businesses, Wise Business offers everything the personal account has along with business specific tools like multi-user access, approval workflows, integrations into accounting software like Xero and expense cards for employees. Wise Business is used by over 300,000 businesses each quarter. In the US, Wise has begun rolling out cards to LLCs and sole proprietors. 

• Wise Platform: More than 60 banks and large businesses including GooglePay, Deel and Monzo offer their own customers faster, cheaper and more efficient international payments, powered by Wise, through Wise Platform partnerships. Wise Platform today also went live with Bank Mandiri, Indonesia’s largest bank by assets.

For digital nomads, the possibilities of where to work are virtually limitless. When frigid winter weather rolls around, it’s natural for those who can work remotely to start thinking about snowbirding out to a more temperate locale far from snow, ice, and frozen flurries.

After all, when the temperatures drop, it’s hard to do your best work when all you want to do is curl up in front of the fire.

That’s why Wise put together a list¹ of the best warm cities for digital nomads to visit this winter based on an evaluation of weather, safety, and cost of living data — along with their exchange rates² with.

Canadian currency so you can make the most of your budget as you chase the sun. The list includes cities within +/- one hour of continental Canadian time zones, so it will be easy to adapt your schedule and stay in touch with everyone you work with.

1. Medellin, Colombia

Nicknamed the “City of Eternal Spring” and famous for its annual Flower Festival, Medellin is an ideal place for digital nomads to go for the winter. The weather there is near-perfect during the winter months — not too hot and not too cold.

Plus, there are a variety of coworking spaces available, so you can easily find a place to set up shop and get your work done. The cost of living is very reasonable, and there are many museums, including the Museo de Antioquia, coffee farms, and nature parks to explore in your free time.

The official currency of Colombia is the Colombian peso and the exchange rate is $1,000 CAD = 3,638,960 COP

2. Quito, Ecuador

The capital of Ecuador, nestled in a valley at the base of the majestic Andes Mountains, Quito is a beautiful city built on the ruins of an ancient Incan settlement.

It’s home to a growing community of digital nomads, who are drawn to Quito for its affordable cost of living, fast internet speeds, vibrant cultural scene, and rich architectural heritage.

The city enjoys year-round mild temperatures, making it an excellent place for working remotely in the winter.

The official currency of Ecuador is the US dollar and the exchange rate is 1,000 CAD = 751.03 USD

3. Buenos Aires, Argentina

For digital nomads, Buenos Aires offers an appealing mix of mild weather, affordability, and culturally rich city life. Located in the southern hemisphere, Argentina’s bustling capital city enjoys warm weather even in the middle of winter.

While prices have been rising in recent years, Buenos Aires is still relatively affordable compared to other major cities — and for many, the chance to be surrounded by the city’s beautiful 19th-century architecture is well worth a slight cost increase.

The official currency of Argentina is the Argentine peso and the exchange rate is 1,000 CAD = 121,761K ARS

4. Bogota, Colombia

Located in the Andean mountain range and featuring a subtropical highland climate, Bogota is the sprawling capital city of Colombia and one of the largest cities in South America.

Bogota is a great place for digital nomads to go for the winter because of its temperate climate, affordable cost of living, and abundance of coworking spaces. Plus, the city is full of gorgeous colonial-era landmarks, including the Teatro Colón, and many intriguing museums and historical sites.

The official currency of Colombia is the Colombian peso and the exchange rate is 1,000 CAD = 3,638,960 COP

5. Montevideo, Uruguay

The seaside capital of Uruguay, Montevideo is an affordable city with lovely warm weather during the winter months. Revolving around the beautiful Plaza de la Independencia, Montevideo has a lively and vibrant culture, and can be an excellent place to learn Spanish.

It’s a terrific winter destination for digital nomads looking to escape the cold weather of the northern hemisphere, while still being able to work and enjoy life in a welcoming city full of fascinating Art Deco and colonial architecture.

The official currency of Uruguay is the Uruguayan peso and the exchange rate is 1,000 CAD = 29,927.60 UYU

6. San José, Costa Rica

Built on the coffee trade and brimming with elegant Victorian mansions, San José is a fantastic city for digital nomads to visit for the winter, featuring warm weather and many coworking spaces.

The cost of living is also very reasonable, and you can find apartments for rent at a fraction of the cost of what you might pay in major cities like Toronto, New York or London, while still being able to get out and enjoy world-class museums, parks, and historic buildings.

The official currency of Costa Rica is the colon and the exchange rate is 1,000 CAD = 459,990.00 CRC

7. Cali, Colombia

Cali is known for its beautiful weather, friendly people, and vibrant salsa dancing street parties. In addition, Cali is an affordable, sunny place to live a relaxed lifestyle during the winter months, with many apartments and hotels offering monthly rates.

This makes it a budget-friendly option for digital nomads who want to enjoy all that the city has to offer, including its spectacular neoclassical architecture and historic museums, without breaking the bank.

The official currency of Colombia is the Colombian peso and the exchange rate is 1,000 CAD = 3,638,960 COP

8. Mexico City, Mexico

Full of stunning historical landmarks dating back to the time of the Spanish conquistadors, Mexico City has a large community of expats and digital nomads — and there are plenty of coworking spaces, cafes, and restaurants to work from.

The weather is also perfect for spending time outdoors, and there are plenty of historic buildings, museums, and nature parks to explore. If you’re looking for a vibrant, culturally rich spot for both work and adventure this winter, Mexico City could be a great choice.

The official currency of Mexico is the Mexican nuevo peso and the exchange rate is 1,000 CAD = 14,598.10 MXN

9. São Paulo, Brazil

The sparkling financial center of Brazil, São Paulo is home to many iconic architectural landmarks, including the 1929 Martinelli skyscraper. It’s a bustling, highly populous city with a significant community of digital nomads who occupy the many co-working spaces available.

As Brazil’s richest city, São Paulo isn’t always the cheapest, but for those seeking to explore its beautiful buildings, memorable museums, and peaceful parks, it may be worth a little splurge.

The official currency of Brazil is the real and the exchange rate is 1,000 CAD =  4.002.85 BRL

10. Panama City, Panama

The capital of Panama, Panama City features a multitude of colonial-era landmarks and vibrant plazas with popular cafes that digital nomads can work from. The city’s warm weather is ideal for those who want to escape the cold, and the nightlife is vibrant.

There are also a variety of beaches to visit, and plenty of opportunities to explore the rest of Panama — or simply relax and watch the ships sailing through the city’s iconic canal. It’s the safest city on this list, although the weather isn’t always as pretty as in some other locales.

The official currency of Panama is the Panamanian balboa, and the exchange rate is 1,000 CAD = 750.75 PAB

Paying Like a Local

If you’re seeking warmer horizons this winter, there are so many exciting places where you can soak up the sun and make incredible memories, all while staying within your digital nomad budget.

Just make sure you have a good financial plan in place that enables you to pay like a local wherever you choose to roam. But adventurers beware: that’s probably not simply using your go-to Canadian bank account. From foreign transaction fees and high ATM withdrawal fees, to hidden markups in exchange rates, traditional Canadian bank accounts aren’t typically digital nomad-friendly.

Before you depart, consider setting up a Wise Account and card. Wise is everywhere money: 170 countries, 50 currencies and one card. With a Wise Account you can easily send, receive, hold, and spend money with no hidden fees³. That means paying for rent, groceries, activities and your new friends back easily in local currency.

And while many countries are digital-first, a lot of destinations — including many on this list — still prefer cash payments. With the Wise card, there’s no need to have the cash converted ahead of time. You can simply withdraw cash from local ATMs, and Wise will convert the amount automatically for you at the best conversation rate at the time for a low fee. For making purchases at places that do accept cards, the Wise Card functions like any other debit card in your wallet.

With Wise’s transparent pricing and mid-market exchange rate policy, you always know what you’re paying. That means less financial stress and uncertainty, and more time enjoying your warm weather digital nomad excursions this winter.

---

¹ Methodology: To compile this list, Wise looked at cities that operate within plus- or minus-one hour of continental Canadian time zones. Cities were then scored based on their rankings on third-party data sources assessing cost of living including rent (source: Numbeo), weather (source: Global Residence Index) and safety (source: Numbeo), as well as whether or not their countries offer digital nomad visas.

² Exchange rates were pulled via Wise.com on November 15, 2022.

³ Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up to date pricing and fee information.

 Wise (LSE: Wise), the global technology company building the best way to move money around the world, today introduced the INTERAC e-Transfer Request Money feature, a new, more convenient way Canadians can move money into their Wise accounts. In collaboration with Peoples Payment Solutions, part of People’s Group, Wise customers can securely move Canadian Dollars between Wise and other financial institutions in Canada using their email address or mobile number with money typically available within 30 minutes.

As Canadians continue to seek out faster and more convenient payment options, Wise will continue to deepen its offering and build new features that meet the local needs of consumers and businesses in Canada. 

In fact, Wise has already launched several offerings tailored to Canadians, including the following:

• Launched the Wise card: In November, Canadians were introduced to the Wise card. A card that is up to 4x cheaper than banks for spending abroad, giving consumers and businesses the ability to spend in USD and foreign currencies without foreign transaction fees and the usual bad exchange rates that banks may charge.
• Introduced Auto Conversions: In March, Canadians were introduced to a new way to save on a more favourable exchange rate through Auto Conversions. Set your desired exchange rate and Wise will convert your money for you when your desired rate is met in the market.
• Enabled INTERAC e-Transfer Payouts: As part of Wise’s commitment to meeting the local needs of Canadians, Wise has already allowed customers who receive money into their Wise account to move funds out of Wise to another Canadian account using INTERAC.

To learn more about Wise and its universal account visit https://wise.com/ca.