Is Wise cheaper than RBC for USD to CAD?

Yes. Wise charges approximately 0.6% of the transfer amount, while RBC adds a 2.7% spread on top of the mid-market rate plus a flat wire fee. On US$10,000, Wise saves you roughly CA$278.

Does RBC charge a fee to convert USD to CAD?

RBC does not charge a flat conversion fee, but they embed a 2.7% spread in their exchange rate. On US$1,000, that's about CA$27 hidden in the rate.

Wise vs RBC: USD→CAD Fees Compared (2025)

📢 Disclosure: This article contains affiliate links. If you open a Wise account through our link, we may earn a small commission at no extra cost to you.

If you regularly convert US dollars to Canadian dollars, you might be losing hundreds of dollars a year to your bank's hidden exchange rate markup — without even knowing it. In this article, we compare Wise and RBC side by side so you can see exactly what each service costs.

💡 Bottom line: On a US$10,000 transfer, Wise saves approximately CA$278 compared to RBC. On US$1,000 transfers done monthly, that's CA$3,336/year.

How Each Service Charges for USD→CAD

RBC (and most Canadian banks)

RBC doesn't charge a flat "conversion fee." Instead, they use an exchange rate that's worse than the mid-market rate — typically by 2.5%–3.0%. This spread is invisible to most customers because RBC just shows you "today's rate" without telling you what the real mid-market rate is.

On top of the rate markup, wire transfers may attract a flat fee of $15–$30 CAD.

Wise

Wise uses the real mid-market rate (the same one you see on Google), and charges a transparent, upfront fee of approximately 0.55%–0.65% of the transfer amount. No hidden spread.

Head-to-Head Cost Comparison

Using a mid-market rate of 1 USD = 1.3650 CAD (live rate):

Amount (USD)	RBC (2.7% spread)	Wise (~0.6% fee)	You Save with Wise
US$100	CA$132.82	CA$135.68	CA$2.86
US$500	CA$664.10	CA$678.43	CA$14.33
US$1,000	CA$1,328.21	CA$1,356.85	CA$28.65
US$5,000	CA$6,641.03	CA$6,784.28	CA$143.25
US$10,000	CA$13,282.05	CA$13,568.55	CA$286.50

Pros & Cons

	RBC	Wise
Rate	2.7% above mid-market	Mid-market rate ✅
Fee transparency	Hidden in rate ❌	Shown upfront ✅
Speed	1–3 business days	Instant–1 business day
Trust	Major Canadian bank ✅	FCA/FINTRAC regulated ✅
Best for	Existing RBC customers, convenience	Anyone wanting the best rate

Step-by-Step: How to Use Wise for USD→CAD

Create a free Wise account (takes 2 minutes)
Click "Send money" → Enter USD amount → Select CAD as target currency
Wise shows you the exact rate and fee before you confirm
Add your Canadian bank account as the recipient
Fund the transfer by bank debit or wire — funds arrive in 0–1 business days

Ready to stop overpaying on USD→CAD?

Join millions of Canadians using the mid-market rate.

Open a Free Wise Account →

Affiliate link — we earn a small commission if you sign up, at no cost to you.

Frequently Asked Questions

Yes. Wise charges approximately 0.6% of the transfer amount, while RBC adds a 2.7% spread. On US$10,000, Wise saves roughly CA$278.

RBC embeds a 2.7% spread in their exchange rate. On US$1,000, that's about CA$27 hidden in the rate — you don't see it as a separate line item.

Yes. Wise is regulated by FINTRAC in Canada and the FCA in the UK. They hold client funds in segregated accounts and are used by millions of Canadians.