Wise Card Launches in Canada Giving a Fast, Cheap and Easy Way to Spend Across Multiple Currencies
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 cad - 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/
Additional Wise card details:
Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched in 2011 under its original name TransferWise. It is one of the world's fastest growing, profitable tech companies and is listed on the London Stock Exchange under the ticker, WISE.
11 million people and businesses use Wise, which processes over £6 billion in cross-border transactions every month, saving customers over £1 billion a year.
Keynote Presentation - Open to all Badge Holders
Future of Work #TECHSUPERSHOW Expo Hall Open
Presentation Details TBA