> … hold [USD] for free as opposed to the fees my bank would charge and I don't get hit with conversion fees on every deposit.

Note that, in the U.S. and Canada, Wise accounts aren’t traditional bank accounts but “transfer” [1] accounts, and aren’t really built for holding money. Senders can do chargebacks, for example.

https://wise.com/ca/legal/terms-of-use

[1] I made up the term “transfer”. I’m sure there’s a correct name for these accounts.