European FinTech Wise has launched a chequing account for Canadians, the company announced earlier this week.
The news: Wise announced the launch on Sept. 14, saying the chequing account would include features like free e-transfer options, CDIC insurance eligibility, group spending, and no monthly fees.
Founded in the UK, Wise enables customers to use financial services across international borders through multi-currency accounts with local banking details and services that streamline international financial services.
From the source: “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,” said Vinay Nilakantan, Wise’s head of product for North America, in a statement.
The context: The launch of a Canadian-facing chequing account is just the latest in a long history of Canadian rollouts from the UK-based Wise. In 2017, the company, then known as TransferWise, launched its “borderless bank account” in Canada—an offering that enabled users to store, send, and transfer money in quasi-local accounts across Europe and the US. In 2021, it rolled out a payments card for Canadians, and shortly after that partnered with Wealthsimple to integrate cross-border payments into Wealthsimple’s platform, telling BetaKit that Canada was a “key part” of its North American strategy.
Wise also joined Payments Canada earlier this year, allowing it access to Canada’s much-anticipated real-time rail payments infrastructure.
Final thought: Wise’s announcement comes amid an increasingly cozy relationship between Canada and Europe, most notably with European Union (EU) president Ursula von der Leyen calling for the European bloc to consider “associate member” status for Canada. By Wise’s own measurement, Canadians already conduct a significant amount of international financial activity, with a study commissioned from Angus Reid showing that more than half of Canadians manage one or more international financial obligations in their daily lives.
As the EU and Canada explore a more integrated trade and business relationship, Wise seems positioned to benefit by offering more cross-border utility to its Canadian customer base.
Feature image courtesy Wise.