Wise continues to expand in Canada with the launch of its Chequing Account service.
The fintech’s Chequing Account includes Canadian-specific features such as Interac e-Transfer options and eligibility coverage from the Canada Deposit Insurance Corporation—as well as global money mobility.
Wise also promises the highest return in market on USD for Canadians through the Chequing Account.
To celebrate the launch, Wise opened a pop-up branch at Toronto’s Eaton Centre.
As the travel industry booms and immigrants become an increasingly large percentage of Canada’s population—roughly one quarter of the population today is foreign-born—international money movement is more popular nationwide than ever.
Research from Wise shows that more than half of people living in Canada now manage at least one international financial activity as part of their daily lives.
They also don’t want to manage multiple service providers in order to conduct essential finance; Canadians managing multiple providers are looking for lower fees (28%), better savings options (25%), and better interest rates (24%).
“Canadians shouldn’t need one account for life at home and another for life internationally,” says Vinay Nilakantan, who functions as Head of Product for North America at Wise.
“We’re building a new kind of chequing account for people and businesses in Canada so they don’t need to use different providers in order to meet their everyday money management needs,” Nilakantan stated. “Now, they can simply use the Wise Chequing Account.”
Last year, Toronto fintech Wealthsimple tapped Wise for its cross-border payments technology (Wise claims that nearly 80% of payments through its platform arrive in under 20 seconds).
This year, Wise joined the Payments Canada network as a payment service provider member.
Launched in 2011, Wise has serviced 15 million customers across $185B worth of transactions processed.
Leave a Reply