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Wise (formerly TransferWise) launched local bank account details for Canada back in February 2021. Now your easy alternative to a Canadian bank account just got better – with the introduction of Direct Debits. With Indian Rupee, they also launched a new currency.
Direct Debits & Wise Card In Canada
A Wise multi-currency account allows you to get paid and hold balances in ten currencies, just like a local would. And now you can pay recurring bills or manage Canadian dollar investments directly from your Wise balance. With direct debit, businesses can withdraw money directly from your Wise account without you having to lift a finger.
Check out the features:
- Pay Bills Or Move Money, From Anywhere
Simply link your Wise account to the service you’d like to pay in CAD. You can open a CAD balance anytime and also link to platforms such as Tangerine, PayPal, and Shopify.
- Convert To Canadian Dollars At The Lowest Fees
You can convert to CAD anytime from more than 50 currencies to pay for your direct debit. Plus, you will always get the real exchange rate – for a small conversion fee.
- Direct Debits For Free
Set up is free, and Wise never charges for failed payments due to insufficient funds. If you don’t have enough CAD, they’ll automatically convert the amount from an available balance you do hold with the lowest possible conversion fee. That’s great news, isn’t it?
With direct debits in the UK, Europe, the US and now Canada, paying your bills and subscriptions in multiple currencies has never been easier.
Speaking of, Wise officially launched the Wise card in November 2021 in Canada. This allows Canadians to spend money around the world and shop online by getting the best exchange rate and low fees. The Wise card is now available in eight countries and regions including EEA, United Kingdom, United States, Australia, New Zealand, Singapore, Japan, and Canada.
Indian Rupee Transfers
Wise just announced a long-awaited currency launch. With Wise you can now send money from Indian Rupee to more than 40 countries around the world – and get the real exchange rate!
There are high costs to send money internationally from India using banks and services such as Western Union due to poor exchange rates and expensive transaction fees. Sending money with Wise, however, is up to 3.9x cheaper than leading banks in India and 3x cheaper than PayPal (based on a price comparison research done by Wise).
PS: In October 2021, they announced Wise for e-commerce businesses. Wise has officially enrolled as a member of the Amazon Payment Service Provider program. This means that any business selling on Amazon can now officially use Wise to receive their sales revenue in multiple currencies.
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