Wealthsimple’s chief executive officer Michael Katchen at the company’s Toronto office in July, 2025.Cole Burston/The Canadian Press
Wealthsimple Financial Corp. has joined the predominant global payments communication network, becoming the first Canadian fintech company to be granted direct access to offer international money transfers.
The Toronto-based online financial services provider said Tuesday it has become a member of Swift – a move that will allow it to offer cheaper international money transfers than its larger Canadian competitors.
Wealthsimple has been expanding its suite of banking services as competition in Canada’s highly concentrated banking sector comes under increased scrutiny in Ottawa and at the industry’s regulator.
“It’s building on our commitment to make money movement lower-cost and more seamless,” Wealthsimple vice-president of payment strategy and chief compliance officer Hanna Zaidi said in an interview.
“It’s going to unlock faster, simpler, more transparent ways of moving money internationally for three million of our clients who are trusting Wealthsimple for their everyday banking now.”
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Brussels-based Swift – also known as the Society for Worldwide Interbank Financial Telecommunication – is the main global messaging network that enables secure international transactions, linking more than 11,500 banking and financial institutions in upwards of 200 countries and territories. Canada’s biggest banks use Swift to facilitate cross-border transactions.
Through Swift, Wealthsimple clients will be able to send money to foreign institutions for complex needs. This includes transferring a down payment to a lawyer’s escrow account when purchasing a property abroad, funding an investment account at a foreign institution or paying a business that only accepts wires, Ms. Zaidi said.
On average, it costs approximately $15 to $20 to receive a wire in Canada and $35 to $50 to send a wire from here, according to Ms. Zaidi. Wealthsimple will not charge clients to receive wires, and it will set the fee to send wires at $15 – less expensive than many of its competitors.
Ottawa is taking aim at banking competition in its efforts to boost productivity and diversify the Canadian economy away from the United States. The federal budget in November included proposals aimed at making it easier to switch banks, reducing hurdles for smaller lenders and lowering fees for consumers.
Canada’s banking industry is dominated by six large lenders that hold more than 90 per cent of the market share: Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada. While reporting financial results for the fiscal first quarter last week, all six banks posted higher profits, beating analysts’ expectations.
To bring more fintechs and credit unions into the federally regulated financial system, the Office of the Superintendent of Financial Institutions is adjusting its approach to how it approves bank licences. Questrade Financial Group Inc. recently became the first fintech to secure a banking licence. Koho Financial Inc. is aiming to receive approval on its application this year.
Wealthsimple has taken a different approach, accessing key banking and payments infrastructure without a banking licence. It was the first fintech to become a member of Payments Canada, granting it direct access to payment infrastructure. It was also the first securities dealer to join Interac’s system, providing it with more efficient access to e-transfer capabilities.
Wealthsimple was the first non-bank to be granted a direct settlement account with the Bank of Canada to use the upcoming real-time rail system, which would allow payments to be sent and received instantly.
In October, Wealthsimple became one of the few Canadian technology companies to achieve a $10-billion valuation. Joining Swift is the latest in Wealthsimple’s efforts to build the infrastructure required to offer banking products.
“We’ve spent years executing on getting direct access to infrastructure that powers our money movement so we could build better products on top of it,” Ms. Zaidi said. “We know that international money transfers are super stressful for people.”
To transfer smaller amounts of money to clients’ family and friends, Wealthsimple brokered a partnership in November with Wise, a Britain-based fintech that provides low-cost international money transfers for retail customers.
Wise has been expanding its business in the Canadian market. In January, the company became one of the first payment-services providers to join Payments Canada.
At the time, Wise said in a statement that its active customers in Canada increased by more than 30 per cent in the 2025 fiscal year. Through Wise, Wealthsimple is able to offer faster international money transfers at a lower cost and foreign exchange rate than the larger lenders.
Wealthsimple expects to launch services through Swift this spring.
To access the network, a financial institution must meet rigorous security and engineering requirements. Wealthsimple had to complete an assessment to demonstrate its controls processes.
“It’s a global network and there’s a single standard that you have to follow,” Ms. Zaidi said. “Now, we’re proud to say that we’re on that level and joining the ranks of the few in Canada that have direct access.”