Wise CAD Exchange Rate Today: Costs of an international money transfer
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Wise exchange rate for CAD transfers
Wise's SGD to CAD exchange rate is 1.0568.
Remember, exchange rates change all the time, so before you convert your SGD to CAD, take a look on the Wise's website or app to get the live rate. We’ve also got lots of information and tools - including our comparison table - to help you check and compare the Wise exchange rate conveniently. This makes it easier than ever to get the best available deal whether you want to convert currency for a payment, for spending with your card, or for travel.
Does Wise use the mid-market exchange rate?
Wise SGD to CAD rate today is 1.0568.
The Wise exchange rate is the same as the mid-market rate for this pair. That means that Wise offers customers the mid-market exchange rate with no mark-up added for this conversion, just a small, transparent fee which won’t be hidden under the conversion rate.
What is the mid-market rate for SGD - CAD today?
If you're about to travel to Canada, or if you’re planning on sending an international payment to someone there, you’ll need to know the SGD to CAD exchange rate.
The live SGD to CAD exchange rate is 1.05711. This is the mid-market exchange rate, which is the rate used on global wholesale markets. The mid-market exchange rate is not always available to retail customers buying travel money or sending payments. In this case, the provider or bank you use can set their own exchange rate, which may include a fee.
What is the mid-market rate?
The mid-market rate - which is also often called the wholesale rate - is the exchange rate that’s quoted on global markets, and also the rate you’ll usually find when you use a Google search or a currency converter tool.
When banks and money transfer services buy and sell large volumes of currencies, they’ll usually get the mid-market exchange rate for conversion. However, this rate is not often available for retail customers sending a payment overseas or exchanging travel money. Instead, banks and currency exchange services will calculate their own retail exchange rates which include a markup - a fee - added on to the wholesale or mid-market rate.
Exchange rate margins vary depending on the bank or provider, and the currencies in question - but it’s common to find a markup of about 3% being used. You’ll only be able to calculate the markup being added by comparing the exchange rate your bank offers you against the mid-market rate which you can get from Google. That’s a hassle, and means that customers often pay this markup without really knowing about or noticing it. If you’re converting a large amount of money or sending a high value payment, the markup can end up being the highest of all the costs involved - even if you don’t realise you’re paying it.
How to check the Wise exchange rate for CAD money transfers
Get the Wise exchange rate on the Wise's website, or by downloading the Wise app. If you’re considering converting money with Wise it’s worth registering an account online or in app, which lets you see all the details of costs, delivery times and more.
What is the Wise currency conversion fee for SGD to CAD?
If you want to convert SGD to CAD with Wise, you’ll pay a conversion fee of 6.64 SGD. Currency conversion fees do vary based on factors like the amount you’re exchanging, and market conditions. Keep an eye on the latest costs and exchange rates available from Wise, so you will know what to expect.
How much does a CAD transfer cost with Wise?
A transfer of S$2500 SGD to Canada costs S$6.64 SGD with Wise.
This includes a fee of S$6.64 and uses an exchange rate of 1.0568. This exchange rate is based on the live mid-market rate you can find on Google.
How does the Wise Canadian Dollar rate compare with other providers?
When you convert your Singapore Dollar to CAD with Wise, the rate you get - along with any applicable fees - will dictate the overall cost of your conversion or transfer. Comparing the rate you’re offered by Wise with some other services is a good way to make sure you’re getting a good deal on your currency conversion.
Before you pick the right bank or provider for your currency conversion needs, you’ll also want to consider how long your payment will take to be processed, and the security measures in place to keep your money safe throughout.
How to send money to Canada with Wise?
You can send money to Canada with Wise online or in the Wise app. Here’s what you’ll need to do:
Log into your account with Wise, or register if you’re a new customer
Online or in the Wise app, navigate to the Send Money pages
Enter the amount in SGD you want to send, or the amount in CAD that the recipient should get in the end
Add the recipient details and follow the prompts to fund the payment - your money will be sent and deposited in your recipient’s account directly
Is Wise safe?
Yes. It is safe to transfer money with Wise.
It’s important to use a properly licensed and regulated provider when you send money or make a currency exchange. Here at Exiap we only review reliable, safe and licensed services, which are properly regulated both here and internationally.
Frequently asked questions Wise CAD rate
What exchange rate Wise uses to send SGD to CA?
Wise's exchange rate is 1.0568. Their effective fee for sending S$2500 SGD to Canada from the Singapore is S$6.64 SGD.
How long does it take to send money with Wise?
The amount of time it takes to send money with Wise will depend on various factors like the payment value and specific service you use. You'll often be able to see an estimate of delivery time before you confirm your transfer, and can track your payment by logging into your account.
What is the mid-market rate?
The mid-market exchange rate is the rate that banks and providers use when they buy and sell currencies on wholesale markets. This exchange rate is sometimes passed on to retail customers, although some providers calculate their retail exchange rate by adding a markup to the mid-market rate, which is an extra fee.