Andrews Federal Credit Union Teams Up with Fintech Wise on Low-Cost Remittance Payments for Military Members

Andrews Federal Credit Union and Fintech Wise have announced a digital remittance integration, which could save a lot of money for members of the Armed Forces – particularly  those residing overseas – directly via their current Andrews Federal banking dashboard.

Scheduled to launch later in 2021, and being powered by money transfer service Wise (WISE.L), Andrews Federal members will not have to depend on expensive and outdated legacy infrastructure and in-person transactions to carry out overseas money transfers. With just a few clicks, funds may be received instantly with Wise’s payments solutions, which have a track record of moving 38% of its transactions instantly (in 20 seconds or less).

Independent research reveals that US consumers and small businesses have been charged $16.3 billion in fees when sending funds or spending money overseas, with over half (appr. $8.7 billion) hidden in exchange rate markups. Out of that amount, $301 million gets lost by service members residing overseas.

As first reported by Finextra, Andrews Federal members should be able to benefit from Wise’s competitive and transparent pricing, offering the real exchange rate without any hidden charges.

“Our members have high expectations for us to provide modern technology that improves their financial well-being,” stated Ken Orgeron, CEO/President, Andrews Federal.

Orgeron also mentioned that their alliance with Wise will offer members with access to their proven international payments network and offer a popular service that is “missing in today’s market.”

Andrews Federal is reportedly the first to leverage Wise’s API via the Q2 Innovation Studio, a virtual banking platform and tech marketplace for customized financial experiences.

As consumers increasingly use digital services, many are turning to outside services that suit their borderless lifestyle. The Wise Platform provides banking institutions and businesses in more than  10 markets a global payments system that can integrate into mobile apps and platforms to offer clients with highly-requested remittance services.

“Those abroad serving our country shouldn’t be subject to expensive legacy offerings to manage their money, instead, it’s critical they have reliable and affordable solutions to make global payments,” noted Ryan Zagone, Head of Americas, Wise for Banks.

Zagone added that Andrews Federal’s “commitment to digital remittances is uniquely positioning them as a leader in providing quality self service offerings and meeting growing consumer demands in the market.”

Andrews Federal is focused on offering banking services across the globe to members of the Armed Forces. To provide services to those residing on military bases, Wise has introduced the option for those serving abroad to access its payments service.

Through updated compliance and regulatory guidelines, anyone stationed overseas may use their current APO address to send and receive funds.

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