Newly launched spending card in Canada allows customers to pay in foreign currencies without exchange rate mark-ups

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. 

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.

 

Would you recommend this article?

Share

Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.


Jim Love, Chief Content Officer, IT World Canada

Featured Download

Pragya Sehgal
Pragya Sehgal
Born and raised in the capital city of India - Delhi - bounded by the river Yamuna on the west, Pragya has climbed the Himalayas, and survived medical professional stream in high school without becoming a patient or a doctor. Pragya now makes her home in Canada with her husband - a digital/online marketing fanatic who also loves to prepare delicious meals for her. When she isn’t working or writing around tech, she’s probably watching art films on Netflix, or wondering whether she should cut her hair short or not. Can be contacted at psehgal@itwc.ca or 647.695.3494.

Featured Articles

Cybersecurity in 2024: Priorities and challenges for Canadian organizations 

By Derek Manky As predictions for 2024 point to the continued expansion...

Survey shows generative AI is a top priority for Canadian corporate leaders.

Leaders are devoting significant budget to generative AI for 2024 Canadian corporate...

Related Tech News

Tech Jobs

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

Tech Companies Hiring Right Now