Wise strengthens its Canadian market investment with Payments Canada membership
Milestone marks Wise’s continued growth in Canada and the expansion of its global infrastructure to enable faster, more affordable international payments
Wise, the global technology company building the best way to move and manage the world’s money, has become one of the first Payment Services Providers (PSPs) to be granted membership to Payments Canada. This milestone will enable Wise to deepen its service offering for Canadian customers, further establishing the company as a key financial player in Canada.
As a member of Payments Canada, Wise is now eligible to apply to participate in Canada’s national payment systems including the Automated Clearing Settlement System, Lynx and the forthcoming Real-Time Rail. Once a participant, Wise will be able to speed up transfer times and reduce costs for people and businesses moving money internationally in and out of Canada.
Canada is actively enhancing its payments modernization efforts, which included the federal government’s recent legislative changes that opened Payments Canada membership to non-bank (PSPs) for the first time. This decision places Canada among a group of G20 economies that have acted on commitments to improve cross-border payments. According to Wise’s 2025 G20 Report, Canada now joins a select group of eight G20 member nations that currently offer direct access to payment systems to non-bank payment service providers.
Diana Avila, Chief Banking and Expansion Officer at Wise, said: “Becoming members of Payments Canada is a significant step forward that will enable us to offer even faster, more affordable and more convenient international payments to Canadians and to global customers moving money to Canada. Wise has long championed expanding access to Canada’s payment systems. As this becomes a reality, we see Canada as a global leader in bringing greater participation, innovation and competition to the industry.”
The next major milestone in Canada’s payments modernization journey will be the launch of its new instant payment system, the Real-Time Rail (RTR). As a member, Wise can now apply to connect to the RTR to offer customers even faster, lower-cost, more transparent and convenient international payment services for customers in Canada and globally.
Donna Kinoshita, Chief Payments Officer at Payments Canada, said: “We are thrilled to welcome Wise as a new member of Payments Canada and support their intent to apply to participate in our systems. By expanding our membership to technology leaders like Wise, we are fostering a more competitive ecosystem that will directly benefit Canadians through fast, affordable and transparent payments. Wise’s continued investment in creating an innovative global network will support a more competitive financial ecosystem that offers more choice, and help better serve Canadians moving money across borders.”
Wise believes that moving money should be instant, low-cost and fair for everyone. Over 15 years, we’ve developed Wise’s global infrastructure so that moving and managing money internationally is as seamless, fast and affordable for our customers as possible. This network now includes direct access to domestic payment systems in eight markets including the UK, Europe, Hungary, Australia, Singapore, Japan, Brazil and the Philippines. Wise’s membership to Payments Canada is an important next step in strengthening this unique global network, which enables Wise to deliver 74 per cent of payments instantly (in less than 20 seconds)1 at an average cost of just 0.52 per cent per transaction2.
Wise continues to see strong growth in Canada, with active customers increasing by more than 30 per cent in FY25 alone. At a time when affordability is top of mind, Canada’s modernization efforts allow Wise to better serve its consumer and business customers worldwide, passing on cost savings directly and delivering on its vision of money without borders for everyone.
Transaction speed depends on individual circumstances and may not be available for all transactions.
Please see https://wise.com/ca/pricing/ for more information.
About Wise
Wise is a global technology company, building the best way to move and manage the world’s money.
With Wise Account and Wise Business, people and businesses can hold 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new network for the world’s money. Launched in 2011, Wise is one of the world’s fastest growing, profitable tech companies.
In fiscal year 2025, Wise supported around 15.6 million people and businesses, processing over $185 billion USD in cross-border transactions and saving customers around $2.6 billion USD.
Source: WISE
