Wise (LON:WISE) has rolled out a new Interest feature for its customers in Canada, marking the first time a provider in the country has allowed users to earn competitive returns on balances held in multiple currencies—all within a single, unified multi-currency account. The cross-border payments fintech company, known for streamlining global money transfers and management, made the announcement recently.
Canadian individuals and businesses can now activate the option to generate returns on holdings in Canadian dollars, U.S. dollars, euros, and British pounds.
Once enabled, account holders retain full flexibility to send payments, spend funds, or exchange currencies internationally without any restrictions, penalties, or requirements to maintain minimum balances.
This innovation addresses longstanding frustrations for the millions of Canadians who regularly engage in cross-border payments.
According to data from Payments Canada, both personal remittances and business-related international transactions have been on the rise.
Traditionally, earning interest on foreign currency balances meant opening separate accounts with different banks or providers for each currency.
Those setups often imposed strict minimum deposit rules, offered temporary promotional rates that quickly expired, or restricted access to the money during the earning period.
Wise’s approach eliminates these hurdles entirely, providing a seamless experience from one convenient platform. Eligible users can opt into the Interest feature with just a few taps in the Wise app.
Once activated, they begin earning market-leading rates: 2.22 percent on CAD balances, 3.14 percent on USD, 0.8 percent on EUR, and 2.21 percent on GBP.
These returns apply directly to the funds already held in the multi-currency account, and customers keep complete control over their money at all times—no lock-up periods or withdrawal limitations apply.
Vinay Nilakantan, Head of Product for North America at Wise, highlighted the significance of the launch.
“Earning returns on money held across different currencies shouldn’t force people to juggle multiple accounts or sacrifice immediate access to their funds,” he explained.
“Yet that’s exactly what many Canadians have had to deal with until now. Our Interest feature offers a smarter, more flexible solution, letting customers maximize their money’s potential while still using it freely for everyday needs—all from one straightforward account.”
The rollout reflects Wise’s expanding presence in Canada, where its active customer base expanded by more than 30 percent during the fiscal year ending in 2025. The company is actively strengthening its local operations to support this growth.
Earlier this year, Wise joined Payments Canada, positioning it to pursue direct integration into the nation’s core payment networks, including the Automated Clearing Settlement System (ACSS), Lynx, and the upcoming Real-Time Rail system. These connections are expected to speed up transfers and further reduce costs for users sending or receiving money to and from Canada.