Wise Platform payment network has launched a partnership with Toronto-founded financial technology company Wealthsimple aimed at improving international money transfers for Canadian customers.
According to Wise, the collaboration provides Wealthsimple's chequing and joint chequing clients with direct access to cross-border payments in over 10 currencies to 30 countries, all from their Wealthsimple accounts.
Recent research from Payments Canada indicates that in 2024, one in five Canadians sent money abroad through their bank account within the past year, representing a 33 per cent increase from 2023. This trend was even more pronounced among younger Canadians, with 50 per cent of those aged 18 to 34 transferring money internationally each month.
In the 2025 fiscal year, Wise processed over USD $185 billion in cross-border transactions.
Eligible users can now set up payments using the Wealthsimple app or website. The process enables clients to select recipients, choose the amount to transfer in Canadian dollars, and specify the currency in which the recipient will receive the funds. The platform also displays the mid-market exchange rate and details any applicable fees before the transfer is confirmed.
Wise Platform connects to seven domestic payment systems globally and is supported by over 70 licences. According to the company, 74 per cent of payments through Wise are settled within 20 seconds, although actual transaction times could vary depending on circumstances.
"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 modernise quickly to meet customers' cross-border needs," said Lauren Langbridge, Commercial Director at Wise Platform.
Client experience
The companies state that Wealthsimple users will not need to download additional applications or navigate external interfaces to send or receive money internationally. All functionality is delivered within the existing Wealthsimple environment, making use of Wise's foreign exchange and payment network for the backend process.
The Wise Platform stated that there are no hidden markups or fees beyond those presented on the platform at the time of the transaction. Transparency forms part of the appeal for clients who wish to avoid unexpected costs when sending funds abroad.
"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, Vice President of Payments Strategy and Chief Compliance Officer at Wealthsimple.
Image courtesy of Wealthsimple.
