Today, EQ Bank, the digital platform offered by Equitable Bank (TSX: EQB and EQB.PR.C), Canada's Challenger Bank™, announces a partnership with TransferWise, the global technology company for international money transfers. The result is fully transparent, remarkably fast international money transfers that are up to 8x cheaper1 for EQ Bank customers.
Working with TransferWise for Banks, EQ Bank has integrated TransferWise's API directly into their infrastructure. This integration allows EQ Bank customers to send money right from their Savings Plus Account at the real exchange rate, paying only a small, transparent TransferWise charge. With the TransferWise API integration, EQ Bank customers also get fast, international transfers. In fact, 25% of all global transfers through TransferWise happen instantaneously. And since EQ Bank customers can send right from their account, they earn 2.30%2 interest on every dollar until the moment they hit send.
TransferWise and EQ Bank share a common vision of challenging the status quo to provide transparency and convenience to help people get the most out of their money. This customer-first approach has been missing from international money transfers in Canada, and TransferWise and EQ Bank are seeking to change this. New research commissioned by TransferWise revealed that Canadian consumers lose $2.7 billion to foreign transaction fees as well as hidden fees in exchange rate markups annually.3
Kristo Käärmann, CEO & co-founder, TransferWise, said: "I'm excited to announce our first TransferWise for Banks partnership in Canada with EQ Bank. By plugging into our API, EQ Bank customers can now benefit from some of the most competitive pricing in Canada when sending money abroad."
"Canadian consumers stand to lose a staggering $330 per person to hidden fees in the exchange rate and don't even realize it. 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, said: "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."
"At EQ Bank we continually seek ways to remove unnecessary complexities and fees from outdated banking structures to put more money back in the hands of our customers.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."
This partnership follows a succession of bank partnerships across the world for TransferWise for Banks, including Bank Novo and Stanford Federal Credit Union in the United States and Up! in Australia this year alone and signifies the entry into the Canadian market. TransferWise has also announced numerous European partnerships with Monzo in the UK, Bunq in the Netherlands, N26 in Germany, LHV in Estonia and BPCE, France's second largest bank.