Wise Platform, Wise’s (LON:WISE) global payments infrastructure for banks and enterprises, announced it’s working with Wealthsimple, a financial services platform on a mission to help Canadians achieve financial freedom, on an improved offering for sending money internationally. This partnership enables Wealthsimple’s customers across Canada to access international payments from the Wealthsimple app or website,
Wealthsimple users can now make international payments to 30 countries in 10+ currencies from their Wealthsimple chequing or joint chequing account.
Wealthsimple clients can set up a transfer by selecting their “recipient, inputting the amount they wish to send in CAD, and selecting which currency they would like their recipient to receive.”
The experience clearly displays the mid-market exchange rate (the rate you see on Google), lists any “additional fees, and provides a window of time for when funds will arrive so the customer has insight into the cost and speed of their transfer.”
Lauren Langbridge, Commercial Director for Wise Platform, said that as Canadians’ lives become global, there is a “demand for affordable international payments.”
Their partnership with Wealthsimple is a “response to meet customers’ expectations, demonstrating how FIs can modernise to meet customers’ needs.”
According to a 2024 report from Payments Canada, “one in five people sent money internationally using their Canadian bank account in the previous 12 months—a 33 percent increase from the previous year.”
Notably, around 50 percent of Canadians aged “18-34 sent money abroad once a month.”
Wealthsimple’s decision to team up with Wise Platform “underscores the rapidly-growing demand for international payments services as more Canadians live, work and connect across borders.”
Hanna Zaidi, VP of Payments Strategy and Chief Compliance Officer for Wealthsimple said that to bring Canadians “the best cross-border payment experience, it only made sense to partner with Wise.”
By integrating their payments network directly into Wealthsimple chequing, we’re giving clients a way to move their money across borders. And there’s no extra apps, “no hidden markups and no friction to deal with.”
Together, they’re focused on building a world where Wealthsimple is the “place for Canadians to send, receive, and spend their money locally and globally.”
As explained in the announcement, Wise Platform leverages the power of Wise’s global payments network.
Wise directly participates in seven different local payment systems, is supported by over “70 licenses worldwide, and settles 74% of payments instantly (in under 20 seconds).”
This infrastructure has reportedly made Wise Platform a key partner for banks and large enterprises globally looking to make global payments offerings more competitive.
Wealthsimple joins banks and enterprises who are partnering with Wise Platform to provide services to customers who need to send money abroad.