Why the Wise Card Isn’t Your Best Option (Despite What YouTubers Say)

How to Choose Travel Cards That Outperforms Wise - A Simple Two‑Card Strategy Beats It

You have been lied to by sponsored and affiliated YouTubers for years. Most of the glowing Wise reviews you see on YouTube are affiliate‑driven — creators get paid when you sign up, so of course they make it sound perfect. Those glorious testimonies, mid‑market rates, low fees, global acceptance… but when you actually run the numbers, especially in real travel scenarios, Wise quietly becomes one of the more expensive options.

Today, I will give you a simple, real‑life example, assuming you are travelling to Malaysia and spending $500 CAD cash and $500 CAD on a no‑FX‑fee credit card. All calculations use today’s live Visa, MasterCard, and Wise rates (as of Jan 25, 2026).

The Wise Reality

Wise loves to promote the “mid‑market rate,” but they rarely highlight the fees required to access it. Converting $1,000 CAD to MYR in the Wise app shows a fee of roughly 0.60%, or $6.00 CAD gone instantly.

Then comes the ATM problem. Wise Canada only gives you $350 CAD of free withdrawals per month. The remaining $150 triggers a 1.75% fee plus a $1.50 flat charge. That’s another $4.13 CAD.

Total cost: $10.00 CAD — just to use your own money.

The Killer Combo That Beats Wise

Now compare that to a simple two‑card setup:
Scotiabank Passport Visa Infinite + EQ Bank Card (Find similar cards in your country;, for example, a credit card and a bank card with no FX fee)

Spending ($500):
The Scotia Passport Visa Infinite charges zero FX fees and uses the Visa network rate. Today, Visa shows 2.9005 MYR per CAD, while the mid‑market rate is 2.91. The Tiny spread is 0.3%.

Cash ($500):
EQ Bank charges no international ATM fees, no withdrawal limits, and no penalties. You simply get the MasterCard network rate — with no surprises. (The local foreign ATM will change you an ATM fee for both Wise and no FX bank card. We will ignore this fee for to keep things simple.)

Total cost for the entire $1,000 trip: about $3.25 CAD which comes from the tiny tiny 0.3% spread.

The Final Blow

Wise costs over three times more than this two‑card combo for the exact same trip. And the gap widens when you factor in perks: The Scotia Passport Visa Infinite includes six free airport lounge passes and full travel insurance. Wise gives you… a plastic card and a bill.

The Verdict

Wise is fine as a backup. But as your primary travel card? You’re paying for hype — and for YouTubers’ affiliate commissions. You deserve a setup that actually saves money on the ground, not just in sponsored videos.

The Day I Knew Invest Now Changed Someone’s Life

The Day I Knew Invest Now Changed Someone’s Life

First Published Date: July 24, 2008

When I was writing Invest Now, I was often occupied with the idea  that the objective of this book would be to change someone’s life. I was not too worried about selling lots of copies, or making lots of money, or even becoming a famous author. I was worried about only one thing. My target was something very simple and straight forward – to change a one person’s life. To help someone with what I have learned all these years, and to enlighten someone’s life with all of the knowledge and hard work I put into my first book. If I accomplish this, I would consider Invest Now a successful venture, and I would consider myself content with the feeling of joy and accomplishment.

And then came the day I had been waiting for. This is what I have wanted to happen since Invest Now was published. On the weekend of July 12, 2008, I was attending a community-based book fair and cultural festival. This event was taking place at the Church of St Columba & All Hallows, 2723 St. Clair Avenue East, Toronto. On Sunday, July 13, some visitors were browsing Invest Now. Some of them were just passing by after having a quick glance at my stall. All of a sudden, a guy rushed to my stall out of nowhere. His first question was, “Are you the author of Invest Now”? I replied, “Yes.” Then what he told me went beyond my imagination. I was totally astonished – but my heart was filled with indescribable joy and a sense of accomplishment. I am now going to share with you what that gentleman told me.

He works as a financial advisor. He came across Invest Now at a local bookstore. At first, he bought one copy for himself out of curiosity. And then, he fell in love with Invest Now instantly. He was having a hard time explaining the world of investments to his clients. Once he found Invest Now, he started giving a copy to his clients. So far, he has distributed 7 or 8 copies, but it did not stop there – he started recommending Invest Now to other advisors at his firm. He also wrote a few articles in the local newspaper, and he recommended Invest Now in those articles. Finally he said, “Thank you, thank you so much for writing a book like this, and helping lots of people to understand such a complex matter in easy way. It saved me so much time and work – before I would spend days explaining investments to my clients; now I give them this book and ask them to read it first before I recommend anything else. You made my life so easy – I appreciate your hard work and thank you for helping so many people.”

It definitely feels good knowing Invest Now has served its purpose, and changed someone’s life. I am sure I will come across many more stories like this in the years to come. However, this is not where everything ends. This is just the beginning. With my website “A Dawn Journal”, and with more books to be published in the future – I will be able to change many others’ lives. I will be able to help a lot more people; that’s what makes me write more. I needed a confidence boost, and this reader just gave me that. What I heard from him was exactly what I needed to be confident in continuing my journey into the future.

Are ETFs For You?

One Distinctive Difference Between ETFs and Mutual Funds

First Published Date: December 6, 2016

There are currently 7 providers in Canada offering ETFs and more on the way. Since its journey began on the Toronto Stock Exchange in 1990 for the first time, ETFs have become a global phenomenon and are trading all major global exchanges around the world. On one side ETF markets are exploding around the globe, but on the other side mutual fund markets are shrinking.

Author/Copyright: Ahmed Dawn www.adawnjournal.com

Savvy investors are switching from mutual funds to ETFs due to their much lower cost and the flexibility of trading on a stock exchange just like a stock. If there is a major distinctive difference you want to point out between mutual funds and ETfs – it would be that mutual funds are sold, not bought, while ETFs are bought, not sold.

Most investors hold mutual funds because they were sold to them by their advisors. Mutual funds pay upfront and ongoing commissions to advisors when they sell these to their clients. However, as ETFs trade on exchanges just like stocks, advisors don’t get any compensation for recommending them to their clients. So there is no point selling something that does not make money, although the costs to hold ETFs are ridiculously lower than mutual funds.

The main reason investors refrain from buying ETFs over mutual funds is because a trading or brokerage account is required to buy ETFs, but advisors can sell mutual funds by opening a simple investment account at the financial institution they are associated with – and no brokerage or trading account is required.

Opening a trading account and buying ETFs may require more work and research, but the costs you will be saving over a lifetime is worth the hassle. All the information you need is available online for free to learn more on ETFs and to become a better investor. Visit the A Dawn Journal ETF Section to learn more about ETFs and I discussed how to open a trading account in my own book Invest Now in simple words.

RRSP or TFSA? Go For TFSA When You Can’t Decide

TFSA: You Can’t Go Wrong

First Published Date: February 18, 2017

This time of the year, when the RRSP deadline is fast approaching, it’s hard not to notice an article about TFSA or RRSP in Canadian newspapers or magazines. However, if you get confused after reading so many of these articles and can’t decide, going for a TFSA is not a bad option at all.

In the past, I wrote about TFSA. As far as I can remember, that was the only time I wrote about TFSA, as after seeing so many articles about TFSA and RRSP again and again and writing about the same stuff I decided not do discuss it anymore. And that is a good change for someone who is trying to sort out TFSA and RRSP will only be more confused after bombarded with too much information.

If you are confused about these two and still not sure, the best thing to do is park your money in a TFSA, rather than in an RRSP. The reason is very simple: TFSA lets you able to take out your money any time without paying back withholding taxes, unlike an RRSP. One thing you need to keep in mind is that the money you are taking out from your TFSA will create equal contribution room next year, not in the same year.

And what should you do if you want to get some clear grasp of TFSA? Talk to a qualified financial professional face to face. And yes, don’t forget to write down all your questions and concerns before meeting

Can A Minor Open An RRSP?

Minor RRSP

First Published Date: September 25, 2016

Contrary to popular belief, there is no age restriction to open an RRSP (Registered Retirement Savings Plan).
Here are the requirements to open an RRSP for minors:

– A SIN (Social Insurance Number)

– Legitimate earned income

– Recorded income with proper documents

– Filed T1 tax return

Advantages of a Minor RRSP

There are lifelong advantages of opening an early age RRSP. Here are some of them:

– There is no need to make contributions right away. Contributions can be made anytime later – with no time limit.

– RRSP room keeps accumulating, which can be carried forward indefinitely

– Increases lifetime contribution limits

– Allows minors to contribute to RRSP right after starting in the work force because of the available contribution room.

– RRSP deduction can be claimed later on when there is enough taxable income.

– Provides income-splitting opportunity for business-owner parents. Kids can work as an
employee for their parents’ business and salary paid to them will be tax deductible and it will create contribution room for kids.

– Provides an opportunity to teach kids about personal finances.

– Contributions start growing tax free inside an RRSP.

Author/Copyright: Ahmed Dawn www.adawnjournal.com

Disadvantages of a Minor RRSP

– Not all financial institutions offer minor RRSP.

– A co-signer may be required.

– Financial institutions may limit what types of products can be purchased.

The best thing to do would be shop around and find the right institutions that suit your needs. Minor RRSP can be a great investment vehicle towards a better financial future with lifelong benefits for kids.