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Comparison

EQ Bank vs Wise

EQ Bank lands on Depends, and Wise lands on Worth it.

EQ Bank

Depends

Confidence: Medium

EQ Bank is a fit for fee-averse Canadians who want high-interest savings, GICs, and a no-fee card online.

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Wise

Worth it

Confidence: Medium

Buy if you regularly send, hold, or spend money across borders . the mid-market rate and per-transfer fees beat traditional banks.

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EQ Bank versus Wise
Compare	EQ Bank	Wise
Verdict	Depends	Worth it
Best for	Fee-averse savers	Freelancers invoicing foreign clients
Who it's not for	Anyone needing branch or in-person banking	Large transfers that can't tolerate a compliance hold
Privacy	No known public vulnerabilities found in the sources reviewed.¹³	Licensed and regulated; no direct Wise breach, but third-party Evolve Bank incident exposed some customer data.
Support quality	Repeated Reddit customer-service complaints	Reddit reports unresolved freezes, slow responses
Public sentiment	Reddit sentiment is mixed: users like the no-fee model and rates but frequently complain about customer service and cheque holds.^⁹	Reviewers praise low fees, speed, and ease of use, while Reddit threads describe frozen funds and frustrating support.¹⁵
Biggest gotcha	Reddit users report cheque holds and stopped cheques; risky if you deposit cheques regularly.¹⁰	Large transfers can trigger verification; funds sit frozen while compliance reviews

Pick EQ Bank when

Fee-averse savers
GIC investors
Big-bank escapees tired of fees
Canadian small businesses

When EQ Bank is not a fit

Anyone needing branch or in-person banking
Heavy cheque depositors (hold complaints)
People wanting responsive premium support
US or international primary banking

Pick Wise when

Freelancers invoicing foreign clients
Frequent travelers spending multiple currencies
Small businesses paying overseas contractors
Remote workers holding salaries in different currencies

When Wise is not a fit

Large transfers that can't tolerate a compliance hold
Anyone wanting loans, credit lines, or cash deposits
US-only domestic banking needs
Businesses needing guaranteed same-day settlement

Sources

EQ Bank: Everyday Bankingeqbank.ca
official
EQ Bank Personal Account Fees and Featureseqbank.ca
official
EQ Bank GICseqbank.ca
official
EQ Bank Card Fees & Featureseqbank.ca
official
PC Financial is joining EQ Bankeqbank.ca
news
EQ Bank launches Business Bankingeqb.investorroom.com
news
EQ Bank Review - NerdWallet Canadanerdwallet.com
review
EQ Bank Reviews | Trustpilottrustpilot.com
review
I am disgusted with EQ Bank's customer servicereddit.com
review
Seeking others that had cheques stopped by EQ Bankreddit.com
review
Switching from EQBank to Wealthsimplereddit.com
review
What is your opinion on EQ Bank?reddit.com
review
EQ Bank Product Security Pageeqbank.ca
security
EQ Bank Security Guaranteeeqbank.ca
security
Wise Reviews | Trustpilottrustpilot.com
review
Wise Review 2026: Multicurrency Account | NerdWalletnerdwallet.com
review