Global spending card, connected to the Wise Account, allows customers to hold, send and spend instantly like a local at rates up to 4x cheaper than banks
TORONTO, Nov. 30, 2021 /CNW/ - Wise (LON: WISE), the global technology company building the world's most international account, today launched the Wise card in Canada. The Wise Account and card enables Canadians - from business customers to everyday consumers - to pay in USD and foreign currencies without the exchange rate mark-ups that Canadian banks and other providers use on foreign spend.
The Wise card is an extension of the Wise Account, already available in Canada, that gives consumers and businesses the option to have bank details in 10 different currencies, hold 50+ currencies, get paid and pay others like a local, all without ever stepping foot into a foreign bank. With over 1.6 million Wise cards issued globally through Visa and Mastercard, Canada joins over 36 countries who enjoy a comprehensive digital solution to send, hold and now spend foreign currency at the real exchange rate through the convenience of the world's most international account.
"We know Canadians want a simple and transparent way to make international payments while remaining in control of fees and exchange rates," says Kristo Käärmann, co-founder and CEO at Wise. "We are excited to bring Canadians a trusted, convenient, and transparent international spend account that will put money back into their pockets. Our innovative card - already loved by millions around the world - will give Canadians an easy way to make international payments without the hefty hidden markups charged by banks."
Wise has been making the moving and managing of money across borders instant, convenient, transparent and closer to free. Compared to slow international transfers that take days or weeks by traditional banks, Wise moved 40 percent of its transfers instantly in Q3 of 2021 – meaning globally, 4 out of 10 transfers with Wise reached the recipient within 20 seconds. Independent research further verifies that Wise is offering Canadians a solution that is up to four times cheaper than traditional banks and alternative providers, and the opportunity to collectively save Canadians from the CAD $13 billion per year spent in hidden exchange rate markups.
"Wise has been at the forefront of global financial innovation for years. We are thrilled to work with them to deliver their unique offerings to Canadians," said Stacey Madge, country manager and president, Visa Canada. "With this new offering, we look forward to working with Wise to help bring Canadian consumers and businesses more flexibility and choice in how they pay."
The Wise card is available beginning today and is expected to begin shipping to customers in Canada in December. For more information, visit: https://wise.com/ca/multi-currency-account/
- Pay like a local around the world: Use your Wise card in 200 countries, spend online, with Apple and Google Pay, or in-person in 150+ currencies. Pay directly from your Wise account and spend abroad with no foreign transaction fees using the real exchange rate (the same rate you see on Google).
- The world's most international account: Get local bank details for 10 currencies instantly – including the US, UK, Eurozone andAustralia. Use them to hold, send and receive money like a local in 50+ different currencies.
- Smart money-saving technology: The Wise card utilises smart tech that automatically chooses the currency that offers the best conversion rate with the lowest possible fee.
- Backed by Visa's powerful network: The Wise card currently leverages Visa's brand, scale and global acceptance footprint so you can pay in over 200 countries. The Wise card, which is processed as a prepaid card inCanada, works similarly to the same cards already in your wallet. Use your card wherever Visa is accepted.
- A brand trusted by over 11 million customers worldwide: Receive instant access to account information and notifications on payments made. Since the introduction of the Wise card in 2018, over 1.6 million cards have been issued across the world.