Toronto-based fintech Wealthsimple is partnering with Wise to make sending money abroad easier and more affordable for Canadians. Some Wealthsimple users noticed the integration earlier this year, but as of today it’s official and available for everyone.
Starting today, Wealthsimple chequing and joint chequing account holders can send money to 30 countries in more than 10 currencies directly from the Wealthsimple app or website. The new feature clearly shows the mid-market exchange rate (the same one listed on Google), upfront fees, and estimated arrival times so users can see the true cost and speed before sending.
The move comes as more Canadians are transferring money internationally — according to Payments Canada, one in five people sent money abroad last year, a 33% jump from the year before. Half of Canadians aged 18–34 now send money overseas monthly.
“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 modernize quickly to meet customers’ cross-border needs,” said Lauren Langbridge, Commercial Director for Wise Platform, in a statement on Wednesday.
Wealthsimple says the integration with Wise gives users a fast, transparent, and seamless experience without needing third-party apps or hidden markups. Wise’s global payment network settles nearly three-quarters of transfers in under 20 seconds and is connected to seven domestic payment systems worldwide.
“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,” said Hanna Zaidi, VP of Payments Strategy and Chief Compliance Officer for Wealthsimple.
The partnership aims to meet growing demand from Canadians living, working, and supporting family across borders, bringing Wealthsimple closer to its goal of being a full-service money platform for spending, saving, and transferring funds globally.
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