Wise (LSE:WISE), formerly doing business as Transferwise, has launched its “Wise Card” in Canada.
Wise states that Canadians may now spend money around the world and shop online knowing they’re getting the best exchange rate along with low fees.
Wise started as Fintech focusing on international payments and transfers. The company competes by offering realistic spot rates and typically the lowest fee to make these transfers.
Along with Canada, the Wise Card is now available in the following countries:
- EEA
- United Kingdom
- USA (personal customers only)
- Australia
- New Zealand
- Singapore
- Japan
To get the card, you must pay a one-time fee of £5 or CDN 10. Virtual cards are also available.
Paying online or in-store is said to be completely free. Users may also receive two free ATM withdrawals.
While Wise still focuses on its core payments/transfer business, in the UK the company recently began offering investment services. You can anticipate that, overtime , Wise will roll out similar services in other markets making Wise more of a stealth bank.