Canadian challenger bank Equitable Bank has integrated TranferWise’s APIs into its digital platform.
As part of EQ Bank’s offering, TransferWise will help the bank to offer smoother international transactions.
Customers will now be able to tap into their savings accounts to send money across borders for a small transparent fee.
“I’m excited to announce our first TransferWise for Banks partnership in Canada with EQ Bank,” said Kristo Käärmann, CEO and co-founder of TransferWise. “By plugging into our API, EQ Bank customers can now benefit from some of the most competitive pricing in Canada when sending money abroad.”
He argued that this new partnership comes at the right time as the UK unicorn’s own research has revealed that Canadian consumers lose $2.7bn to foreign transaction and hidden fees each year.
“Canadian consumers stand to lose a staggering $330 per person to hidden fees in the exchange rate and don’t even realize it,” continued Käärmann. “This needs to stop. We ultimately want to ensure that everyone has access to fast, cheap and transparent international money exchange. We’re thrilled to have found a like-minded partner in EQ Bank.”
Andrew Moor, president and CEO of Equitable Bank, agreed. “From hidden mark-ups in the exchange rate, to paying multiple fees and lengthy delays, for too long Canadians haven’t been getting the best value for their dollar when sending money abroad,” he said.
“At EQ Bank we continually seek ways to remove unnecessary complexities and fees from outdated banking structures to put more money back in the hands of our customers. As TransferWise shares these important values, they are the perfect partner to help us achieve our goal.”
Copyright © 2019 FinTech Global
