Wise Platform partners with Wealthsimple to enhance international payments services for Canadians
Source: Wise Newsroom
Wise Platform, Wise’s leading global payments infrastructure for banks and enterprises, has 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 chequing and joint chequing customers across Canada to access low-fee, fast and transparent international payments directly from the Wealthsimple app or website, delivering added convenience for Canadians sending money abroad.
Wealthsimple users can now make secure international payments to 30 countries in 10+ currencies from the convenience of their Wealthsimple chequing or joint chequing account. In just a few clicks, 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 in-app 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 real-time insight into the cost and speed of their transfer.
Lauren Langbridge, commercial director for Wise Platform said: “As Canadians’ lives become increasingly global, there is a growing demand for fast, affordable and transparent international payments. Our partnership with Wealthsimple is a direct response to meet customers’ evolving expectations, demonstrating how financial institutions can modernise quickly to meet customers’ cross-border 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, 50 percent of Canadians aged 18-34 sent money abroad once a month. Wealthsimple’s decision to partner with Wise Platform underscores the rapidly-growing demand for modern, reliable international payments services as more Canadians live, work and connect across borders.
Hanna Zaidi, vice president of payments strategy and chief compliance officer for Wealthsimple said: “To bring Canadians the best cross-border payment experience, it only made sense to partner with Wise. By integrating their global payments network directly into Wealthsimple chequing, we’re giving our clients a faster, more affordable, and seamless way to move their money across borders. And there’s no extra apps, no hidden markups and no friction to deal with. Together, we’re building a world where Wealthsimple is the best place for Canadians to send, receive, and spend their money both locally and globally.”
Wise Platform leverages the power of Wise’s robust global payments network. Wise directly participates in seven domestic payment systems, is supported by over 70 licenses worldwide, and settles 74% of payments instantly (in under 20 seconds). This best-in-class infrastructure has made Wise Platform a leading partner for banks and large enterprises globally looking to make their international payments offerings more competitive. Wealthsimple joins a growing roster of major banks and enterprises who are partnering with Wise Platform to provide efficient and secure services to customers who need to send money abroad.