Wise has launched a new Chequing Account in Canada, adding free Interac e-Transfer options, CDIC deposit insurance eligibility and features for sharing expenses.
In a statement to iPhone in Canada, Wise said the account is available starting today for Canadian customers and businesses. It has no monthly fee.
One of the biggest additions is support for free Interac e-Transfers. Customers can fund their Canadian dollar balance through Interac e-Transfer or send Canadian dollars to an Interac alias without paying a Wise fee.
Balances held through the Wise Chequing Account can also qualify for CDIC protection of up to $100,000 across currencies. Wise itself is not a CDIC member. Eligible customer deposits are instead held in trust at a CDIC member institution. Wise is also launching Group Spend, which lets users create a shared balance with family or friends for expenses such as bills or trips.
“Canadians shouldn’t need one account for life at home and another for life internationally. 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. Now, they can simply use the Wise Chequing Account,” said Vinay Nilakantan, Head of Product for North America at Wise.
The account also supports local account details for Canadian dollars and other currencies, with more than 20 currencies available for receiving money. Users can set up pre-authorized debits, send money to more than 70 countries and spend internationally using Wise’s exchange rates.
Wise is offering several launch promos. Its “Double Payday” offer will select five customers each month for one year to have their first direct-deposit paycheque doubled, up to $5,000. The promotion excludes Quebec.
The company is also opening a temporary Wise branch at Toronto’s Eaton Centre from September 14 through October 11, where customers can get help setting up accounts.
Wise remains registered in Canada as a money services business and payment service provider and is not a bank.
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