Membership continues Toronto firm’s push into international payments.
Wealthsimple is continuing its push into international payments by becoming the latest member of SWIFT, a global financial messaging network that facilitates wire transfers for more than 11,000 financial institutions around the world.
“Direct access means we get to deliver a faster, more transparent international wire transfer experience for our clients.”
Hanna Zaidi,
Wealthsimple
The Toronto-based FinTech says its SWIFT membership will make sending and receiving international money transfers more seamless and efficient for its clients, who will now be able to track their wire transfers with real-time status updates. Wealthsimple says it is the first Canadian FinTech firm to join the network.
SWIFT—which stands for the Society for Worldwide Interbank Financial Telecommunication—is headquartered in Belgium. Financial institutions use the secure messaging system to send payment instructions, while the actual transfer of funds happens through banks or FinTech firms. SWIFT claims that 75 percent of payments reach destination banks within 10 minutes.
“Direct access means we get to deliver a faster, more transparent international wire transfer experience for our clients,” Wealthsimple VP of payments strategy and chief compliance officer, Hanna Zaidi, wrote in a LinkedIn post. “Achieving membership is a testament to the security and engineering protocols we have in place.”
Typically, receiving a wire transfer in Canada costs around $15, and sending one can range between $30 and $80. Wealthsimple’s SWIFT-enabled service will launch with a $15 fee for outgoing wires and cost nothing for incoming wires, a Wealthsimple spokesperson told BetaKit.
The membership builds on Wealthsimple’s international payments push, which comes as demand for inexpensive and fast cross-border payments grows in Canada. Most recently, the company partnered with the United Kingdom-based FinTech firm Wise to streamline international transfers for its users.
The Wealthsimple spokesperson said that the Wise partnership remains the best option for everyday retail transfers and smaller amounts, but direct SWIFT membership “allows Wealthsimple to function as a primary financial institution for high-value and complex global transactions.” They added that membership fills the gap for financial institution-to-financial institution requirements, such as wiring a down payment to a foreign lawyer’s escrow account or funding a foreign brokerage.
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Foreign exchange fees and payment timelines have become increasingly frustrating for a growing number of Canadians who send money abroad through retail transactions or remittances. In 2024, about half of Canadian adults under 35 sent money internationally once a month, according to data from Payments Canada.
Founded in 2014 as a robo-adviser, Wealthsimple is now among Canada’s most valuable private tech companies, boasting a $10-billion valuation following a large Series E round in October 2025. The company has broadened into investment management and banking services, attracting wealthier clients and more sophisticated traders as part of its quest to build “a full-service financial solution” for Canadians. The company serves more than 3 million customers and is targeting $1 trillion in assets under administration by 2034.
Wealthsimple is typically at the forefront of new payment opportunities in Canada. The company was named as part of the Bank of Canada’s first batch of registered payment service providers, subjecting the firm to new reporting rules and paving the way to use Canada’s upcoming Real-Time Rail payment infrastructure.
Now an officially registered SWIFT member, Wealthsimple said it is completing “final technical integration and security certification” with the network ahead of its expected full launch this Spring.
Disclosure: Wealthsimple vice-president of payments strategy and chief compliance officer, Hanna Zaidi, sits on BetaKit’s board of directors.
Feature image courtesy Wealthsimple.