If you are sending money from Canada and trying to decide between Xoom and Wise, you are asking exactly the right question. Both are well-known international money transfer services, but they work very differently — and for Canadians, the differences in fees, exchange rates, and payout options can add up to hundreds of dollars a year.
This guide compares Xoom vs Wise head-to-head across every factor that matters to Canadian senders: CAD-based fees, exchange rates for the most popular corridors (India, Philippines, Nigeria, Pakistan), transfer speed, and availability. We also show you a third option that consistently beats both on total cost.
Quick answer: Wise is cheaper for most Canadians thanks to its mid-market exchange rate. Xoom wins on cash pickup availability. RemitBee beats both on total cost for transfers from Canada — and charges zero fees above certain thresholds.
Xoom vs Wise at a Glance — Canada Comparison Table
Before diving into the details, here is a side-by-side snapshot for Canadians:
| Feature | Xoom | Wise | RemitBee |
|---|---|---|---|
| Exchange Rate | Mid-market + 2–3% markup | Mid-market (no markup) | Mid-market (no markup) |
| Transfer Fee (CAD) | From CAD $4.99 (bank) / up to ~$30 (card) | ~CAD $6–9 (varies by corridor) | CAD $0 above threshold; low flat fee below |
| Transfer Speed | Minutes to 1 business day | Minutes to 2 business days | Minutes to a few hours |
| Cash Pickup | Yes — 160+ countries | No | No |
| Canada Availability | Yes | Yes | Yes (Canada-based) |
| Business Accounts | No | Yes | No |
| Multi-currency Wallet | No | Yes (Borderless Account) | Yes |
| Trustpilot Rating | 1.6 / 5 | 4.3 / 5 | 4.7 / 5 |
| FINTRAC Registered | No (US-based) | No (UK/EU regulated) | Yes — Canadian FINTRAC |
Overview: What Is Xoom?
Xoom is an international money transfer service owned by PayPal. Founded in 2001 and acquired by PayPal in 2015, Xoom allows users to send money, pay utility bills, and reload prepaid mobile phones internationally. It supports transfers to over 160 countries — one of the broadest networks available.
Xoom's main draw for Canadians is its flexibility in how recipients can receive funds: direct bank deposit, mobile wallet, or cash pickup at thousands of agent locations worldwide. If your recipient in India, the Philippines, or Mexico needs cash in hand, Xoom is one of the few services that can facilitate that from Canada.
However, Xoom is not a Canadian company. It is regulated in the United States and operates in Canada as a foreign service, meaning it is not registered with FINTRAC (Canada's financial intelligence unit). Xoom also applies a markup to the exchange rate on top of its flat transfer fee — a cost that is easy to overlook.
Xoom Key Facts
- Parent company: PayPal (NASDAQ: PYPL)
- Founded: 2001 | Acquired by PayPal: 2015
- Countries supported: 160+
- Available in Canada: Yes
- FINTRAC registered: No
- Cash pickup: Yes
- Business accounts: No
Overview: What Is Wise?
Wise (formerly TransferWise) was founded in London in 2011 with a mission to make international money transfers transparent and affordable. It is publicly listed on the London Stock Exchange and regulated by the UK's Financial Conduct Authority (FCA), FinCEN in the US, and FINTRAC in Canada.
Wise uses the mid-market exchange rate — the rate you see on Google — with no markup. Instead, it charges a transparent, percentage-based fee shown upfront before you confirm a transfer. Wise supports transfers in over 40 currencies and also offers a Wise Account (formerly Borderless Account), a multi-currency wallet that lets Canadians hold CAD, USD, GBP, EUR, and more in one place.
Wise does not offer cash pickup. All transfers go directly to a bank account or Wise wallet. For many Canadians sending to family in India, the Philippines, or Nigeria, this is not a problem — but for recipients who rely on cash, Wise falls short.
Wise Key Facts
- Founded: 2011 | Listed on LSE: 2021
- Regulated: FCA (UK), FINTRAC (Canada), FinCEN (US)
- Countries supported: 160+
- Currencies: 40+
- Available in Canada: Yes
- Cash pickup: No
- Business accounts: Yes
Fees Comparison: Xoom vs Wise from Canada (CAD)
Fees are where the two services diverge most. To make this concrete, here are real-world examples using Canadian dollars for the corridors Canadians send to most frequently.
Sending CAD $1,000 from Canada — Fee Comparison by Corridor
| Corridor | Xoom Fee (CAD) | Xoom Rate Markup | Wise Fee (CAD) | Wise Rate Markup |
|---|---|---|---|---|
| Canada → India (INR) | ~$4.99 (bank) / ~$29 (card) | 2–3% | ~$7.10 | 0% |
| Canada → Philippines (PHP) | ~$4.99 (bank) / ~$29 (card) | 2–3% | ~$6.80 | 0% |
| Canada → Nigeria (NGN) | ~$4.99 (bank) / ~$29 (card) | 2–3% | ~$8.30 | 0% |
| Canada → Pakistan (PKR) | ~$4.99 (bank) / ~$29 (card) | 2–3% | ~$7.50 | 0% |
| Canada → Sri Lanka (LKR) | ~$4.99 (bank) / ~$29 (card) | 2–3% | ~$7.20 | 0% |
Important: Xoom's low flat fee ($4.99 via bank) looks attractive, but the 2–3% exchange rate markup on a CAD $1,000 transfer adds another CAD $20–30 in hidden cost. Wise charges a higher flat fee but applies zero markup on the exchange rate — making it cheaper overall for most transfers.
How the Exchange Rate Markup Works
The exchange rate markup is the most commonly misunderstood cost in international transfers. Here is how it works:
- The mid-market rate is the real exchange rate — the one Google shows you.
- Xoom applies a 2–3% margin on top of this rate. On a CAD $1,000 transfer, that is CAD $20–30 that never reaches your recipient.
- Wise charges zero margin on the exchange rate. Its fee is a transparent percentage of the transfer amount, shown upfront.
- For a CAD $1,000 transfer to India, Wise typically delivers more INR to your recipient than Xoom — even though Wise's flat fee appears higher.
Transfer Speed: Xoom vs Wise from Canada
Both services are fast, but Xoom has a consistent speed advantage for time-sensitive transfers.
| Scenario | Xoom Speed | Wise Speed |
|---|---|---|
| Bank transfer (CAD → INR) | Within minutes to a few hours | 1–2 business days |
| Debit/credit card (CAD → PHP) | Minutes | Minutes to a few hours |
| CAD → NGN bank deposit | Minutes to a few hours | 1–2 business days |
| Cash pickup at agent | Minutes | Not available |
| Weekend / holiday transfers | May be delayed | May be delayed |
Xoom's speed advantage comes from its PayPal infrastructure and pre-funded liquidity in destination markets. If you are sending money for an emergency — a medical bill, urgent family need — Xoom is the faster choice, especially when cash pickup is required.
Wise's transfers are not slow in absolute terms, but bank-to-bank transfers that involve currency conversion and international rails can take one to two business days. For planned, regular transfers where cost matters more than speed, Wise is the better option.
Availability in Canada: What Can You Actually Do?
Xoom in Canada
Xoom is fully available to Canadian residents. From Canada, you can:
- Send money to 160+ countries via bank deposit, mobile wallet, or cash pickup
- Pay using Canadian bank account (Interac) or debit/credit card
- Send up to CAD $2,999 per day without additional verification; higher limits available after identity verification
- Track transfers via the Xoom app or website
Note: Xoom is not registered with FINTRAC as a Canadian money services business. It operates under its US licenses. Some Canadians may find this a concern for larger or regular transfers.
Wise in Canada
Wise is fully licensed in Canada and registered with FINTRAC. From Canada, you can:
- Send CAD to 40+ currencies worldwide
- Open a Wise Account to hold CAD, USD, GBP, EUR and more
- Receive funds in multiple currencies (useful for Canadians paid in USD or GBP)
- Pay using Canadian bank account or debit card
- Use the Wise debit card in Canada for multi-currency spending
- Send up to CAD $15,000 per transfer after identity verification
Security & Regulation: Xoom vs Wise
| Security Feature | Xoom | Wise |
|---|---|---|
| FINTRAC (Canada) Registered | No (US-based service) | Yes |
| UK FCA Regulated | No | Yes |
| Two-factor authentication | Yes | Yes |
| End-to-end encryption | Yes | Yes |
| Segregated customer funds | Via PayPal | Yes (ring-fenced) |
| ID verification required | Yes | Yes |
| Trustpilot score (2026) | 1.6 / 5 (14,000+ reviews) | 4.3 / 5 (230,000+ reviews) |
Both services use industry-standard security: 256-bit encryption, two-factor authentication, and mandatory identity verification for regulated transfers. The key difference is regulatory standing in Canada: Wise is FINTRAC-registered, while Xoom is not — a factor worth considering for regular or large transfers from Canada.
Xoom's Trustpilot score (1.6/5) is notably low and reflects widespread complaints about delayed transfers, frozen accounts, and unresponsive customer service. Wise's score (4.3/5) is strong for a financial service of its scale.
Xoom vs Wise: Pros and Cons for Canadians
Xoom — Pros and Cons
| Xoom Pros | Xoom Cons |
|---|---|
| Cash pickup in 160+ countries | 2–3% exchange rate markup adds hidden cost |
| Fast transfers — often within minutes | Low Trustpilot rating (1.6/5) |
| Mobile wallet transfers available | Not FINTRAC-registered in Canada |
| Bill payment and phone top-up available | No business accounts |
| Flat fee is low for bank transfers ($4.99) | No multi-currency wallet |
Wise — Pros and Cons
| Wise Pros | Wise Cons |
|---|---|
| Mid-market exchange rate — zero markup | No cash pickup option |
| FINTRAC-registered in Canada | Bank transfers can take 1–2 business days |
| Transparent fees shown before you pay | Flat fee is slightly higher than Xoom |
| Multi-currency Wise Account (holds CAD, USD, etc.) | Currency support is narrower for some corridors |
| Excellent Trustpilot rating (4.3/5) | Business features limited for SMEs |
Which Is Better for Canadians: Xoom or Wise?
The honest answer is: it depends on what your recipient needs.
Choose Xoom if:
- Your recipient needs to collect cash at an agent location
- You need money to arrive within minutes and cost is secondary
- You are paying a utility bill or reloading a phone in a supported country
Choose Wise if:
- Your recipient has a bank account and speed is not critical
- You want the fairest exchange rate with no hidden markup
- You regularly hold or receive money in multiple currencies
- You value FINTRAC regulation and a strong customer reputation
Consider RemitBee if:
- You send money from Canada regularly and want to minimise total cost
- Your primary corridors are India, Philippines, Sri Lanka, or Nigeria
- You want a Canadian-regulated service with no fees above certain thresholds
RemitBee: A Better Alternative for Canadians
While Xoom and Wise are both solid services, neither was built specifically for Canadians. RemitBee was. Founded and headquartered in Canada, registered with FINTRAC, and designed around the corridors Canadians send to most — India, Philippines, Sri Lanka, Pakistan, and Nigeria — RemitBee combines the best of both services at a lower total cost.
Why Canadians Choose RemitBee
- Zero transfer fees above threshold: RemitBee charges no transfer fee on transactions above a set minimum amount. For regular senders, this alone saves hundreds of dollars annually compared to Xoom and Wise.
- Mid-market exchange rates: Like Wise, RemitBee applies the mid-market rate with no hidden markup. What you see is what your recipient gets.
- Fast transfers: Most RemitBee transfers are completed within minutes to a few hours — competitive with Xoom for bank deposits.
- Canadian-regulated: RemitBee is registered with FINTRAC and operates under Canadian financial regulations, providing a higher level of local accountability.
- Multi-currency wallet: Like Wise's Borderless Account, RemitBee offers a multi-currency wallet to hold and manage funds across currencies.
- Transparent pricing: No hidden costs. RemitBee shows the exact amount your recipient will receive before you confirm, every time.
RemitBee vs Xoom vs Wise: Total Cost on CAD $1,000 to India
| Provider | Transfer Fee | Exchange Rate | Est. INR Delivered | Total Cost |
|---|---|---|---|---|
| Xoom (bank) | ~CAD $4.99 | Mid-market minus 2–3% | Lower (rate markup) | ~CAD $24–34 |
| Wise | ~CAD $7.10 | Mid-market (0% markup) | Higher (no markup) | ~CAD $7.10 |
| RemitBee | CAD $0 (above threshold) | Mid-market (0% markup) | Highest (no fee + no markup) | ~CAD $0 |
Note: Exact rates vary by date and corridor. Always check live rates on each platform before transferring. The above is illustrative based on typical March 2026 rates.
Frequently Asked Questions — Xoom vs Wise Canada
Is Xoom available in Canada?
Yes, Xoom is available to Canadian residents. You can send money from Canada to 160+ countries using a Canadian bank account, debit card, or credit card. However, Xoom is not registered with FINTRAC — Canada's financial intelligence regulator — as it operates under its US licences.
Is Wise available in Canada?
Yes. Wise is fully available in Canada and is registered with FINTRAC. You can open a Wise Account in Canada to hold CAD, USD, GBP, EUR, and more, and send money to 40+ currencies worldwide. Wise also offers a debit card for Canadian residents.
Is Wise cheaper than Xoom for Canadians?
For most transfers, yes. Wise uses the mid-market exchange rate with no markup, and its transparent percentage-based fee is usually lower than Xoom's combined flat fee plus 2–3% rate margin. On a CAD $1,000 transfer to India, Wise typically delivers significantly more INR to your recipient than Xoom.
Which is faster — Xoom or Wise?
Xoom is generally faster, particularly for bank deposit and cash pickup transfers. Many Xoom transfers arrive within minutes. Wise bank-to-bank transfers often take one to two business days, though card-funded transfers are faster. If speed is the priority, Xoom wins. If cost is the priority, Wise wins.
Does Xoom offer cash pickup in Canada?
Yes. When sending from Canada via Xoom, recipients in supported countries can pick up cash at thousands of agent locations. This is a significant advantage over Wise, which only transfers funds directly to bank accounts.
What is the best money transfer app in Canada?
For most Canadians, the best option depends on the corridor and frequency of transfers. For low fees and fair exchange rates, Wise and RemitBee consistently rank at the top. For cash pickup, Xoom is the leading choice. For Canadians who send regularly to India, Philippines, or Sri Lanka, RemitBee's zero-fee transfers above threshold make it the most cost-effective option.
Is there a better alternative to Xoom and Wise in Canada?
Yes — RemitBee is a Canada-based, FINTRAC-registered money transfer service that offers mid-market exchange rates and zero transfer fees above a minimum threshold. For Canadian senders, especially those sending to India, the Philippines, Sri Lanka, Pakistan, or Nigeria, RemitBee typically beats both Xoom and Wise on total cost.
The Final Verdict: Xoom vs Wise for Canadians in 2026
Both Xoom and Wise are legitimate, well-established services that millions of people trust for international money transfers. For Canadians, the choice comes down to a simple question:
- Need cash pickup or instant speed? Go with Xoom.
- Want the fairest exchange rate and FINTRAC regulation? Choose Wise.
- Want the lowest total cost for regular transfers from Canada? Try RemitBee.
RemitBee is built for Canadians — with zero fees above threshold, mid-market rates, and full FINTRAC registration. Join thousands of Canadians who already save on every transfer. Sign up free at remitbee.com
Disclaimer: Exchange rates and fees quoted in this article are approximate values based on March 2026 data and are subject to change. Always verify current rates directly on each provider's platform before making a transfer. This article is for informational purposes only and does not constitute financial advice. RemitBee is a registered Canadian money services business (FINTRAC registration available on request).
