UK-based foreign exchange fintech Wise has launched a new product, Interac e-Transfer Autodeposit, that can be used by Canadian customers. The new feature was developed in collaboration with the Peoples Trust Company, part of Peoples Group, and it allows personal account customers in Canada to activate their CAD Wise balance and receive funds via Interac.

By releasing the Interac e-Transfer Autodeposit, Wise is extending its already-implemented capabilities that are available for Canadian users, as Interac e-Transfer autodeposit is a popular way for Canadians to receive payments and Interac is a widely adopted payment system for CAD. With its introduction, Wise tackles an ongoing market frustration, as there was a need for the introduction of a new solution that would allow Canadians to transfer and receive money from friends and family. Other Wise solutions available for Canadian users Some of the other services Wise offers its Canadian users are the Wise card, the Interac e-Transfer Request Money feature, Auto Conversions, and Interac e-Transfer Payouts.

The Wise card was initially launched in Canada in November 2021. One of its main advantages is the fact that it provides customers with a way to spend money abroad, in USD and other currencies, with no foreign transaction fees and the exchange rates usually charged by banks for such transactions. The Interac e-Transfer Request Money feature enables users to transfer funds to their Wise accounts via their email or mobile number.  Auto Conversion was introduced in March 2022 as a way to allow customers to save on a preferable currency exchange rate. Users can thus set their desired exchange rate and Wise automatically converts their money when the selected rate is available in the market. Interac e-Transfer Payouts is a solution that enables customers to receive funds through online banking from one Canadian bank to another using Interac.

Interac e-Transfers operates with a wide array of 250+ Canadian financial institutions. What does Wise bring to the table? Since its launch in 2011, Wise, originally known as TransferWise, has directed its efforts towards creating means of transferring money worldwide. The fintech has over 16 million global users and it processes GPB 9 billion in cross-border transactions each month.

With a Wise account, businesses and people alike can hold over 50 currencies and they can move capital across borders and participate in overseas transactions. Recently, Wise launched new features addressed to its UK and US customers. In late 2022, the fintech released a product that enabled its UK-based users to hold their funds in government-backed assets in line with local interest rates.

Earlier in 2023, Wise extended to its US customers and businesses the chance to opt for receiving 3.92% APY on their USD balances. .