U.K.-based financial tech company Wise, formerly TransferWise, has launched the Wise card in Canada, which will enable customers to pay in USD and foreign currencies without the exchange rate mark-ups that Canadian banks and other providers assess on foreign spend.
The global spending card, connected to a Wise Account already available in Canada, allows customers to hold, send and spend instantly like a local at rates up to 4x cheaper than traditional banks and alternative providers, with an option to have bank details in 10 different currencies and hold over 50 currencies, the company noted in a Nov. 30 press release.Â
Users can pay directly from their Wise account and spend abroad with no foreign transaction fees using the real exchange rate (the same rate you see on Google).
The Wise Account is free to sign up for. There is no minimum balance, subscription charge, no foreign fees or ongoing commitment. A full breakdown of the pricing can be found here. The Wise card is free for the next three weeks and will be CAD$10 after, the company told IT World Canada.
“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 chief executive officer 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.”
The Wise card currently uses Visa’s brand, scale and global acceptance footprint which allows customers to pay in over 200 countries. It is processed as a prepaid card in Canada, works similarly to the cards already in customers’ wallets, and can be used wherever Visa is accepted.
