Banking Fintech News

Sable and Wise Launch Fast, Cheap and Convenient International Money Transfers

Sable and Wise Launch Fast, Cheap and Convenient International Money Transfers

Sable’s “Best Rate Guarantee” gives added assurance customers are using the fastest and cheapest service

Sable, a globally-focused fintech platform offering global citizens without credit history or a SSN a one-stop shop for checking and credit, announced a new integration with Wise that gives customers the option to transfer money internationally directly through Sable quicker and cheaper than alternatives. Because moving money across borders quickly and cheaply is critical, customers will benefit from Wise’s lightning fast speed with 38% of recent transfers arriving instantly, and Sable’s exclusive best rate guarantee for qualified Sable customers.

“As banks double down on digital, it’s important they have differentiated offerings that provide a modern approach to global payments. Wise is enabling Sable to meet market demands and provide their customers with seamless digital solutions.”

International money transfers are historically expensive, riddled with hidden fees and slow. Research has discovered that American consumers spent over $7.3 billion in fees to send their own money to friends and family in other countries. Of that, $2.2 billion is hidden in exchange rate markups.

With transfers leveraging the mid-market exchange rate, Sable customers will be provided the same upfront pricing with the same no hidden fees approach that they already enjoy from Sable’s existing offerings. To ensure customers receive exclusively low costs, all money transfers conducted through Sable will be backed by a best rate guarantee. Qualified customers who find a better remittance rate will have the difference covered by Sable.

“Access to quality banking products should be an industry standard, no matter where you come from or your financial past. This new offering is game changing and ensures Sable has the best rates at some of the quickest times in the market,” said Naveen Qureshi, Co-founder at Sable. “As an immigrant and Wise user myself, I know firsthand the importance of quickly sending and receiving money from abroad. Our customers can continue to trust Sable to meet all their financial needs, including our latest international money transfer offering.”

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The Wise Platform offers banks and businesses in over 10 markets an international payments system built to provide users with digital solutions for moving money quickly and cost-friendly. Sable selected Wise to power its international money transfers to ensure its customers could receive transfers in as fast as seconds, enjoy the most transparent pricing in the industry and meet growing demand for an integrated money transfer offering. With shared values of transparency and effortless banking, this new collaboration will better enable global citizens to send and receive money to friends and family or for critical expenses like day-to-day living expenses and tuition. This feature is yet another thought-leading addition to Sable’s core offerings.

“Our new joint offering gives Sable customers access to a more convenient way to send money abroad, cheaper and faster through our leading digital experience,” said Ryan Zagone, Head of Americas, Wise for Banks. “As banks double down on digital, it’s important they have differentiated offerings that provide a modern approach to global payments. Wise is enabling Sable to meet market demands and provide their customers with seamless digital solutions.”

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Global citizens coming to a new country like the U.S without a bank account or established credit history can discover countless barriers: difficulty receiving salaries, finding an apartment without unfathomably high security deposits, getting a loan, and accessing post-paid cell phone plans or utilities.

With Sable, no credit checks or U.S. credit history is required to get full access to banking, debit and credit. Consumers can build credit history immediately with a secured credit product as well as open a full-service FDIC insured account before stepping foot in the U.S. or before having an address in the U.S. With up to 2% cashback on everyday purchases, and premier benefits like cell phone protection (including cracked screens!), car rental insurance, and travel assistance all with no annual or hidden fees, Sable is a class of its own. Sable is exclusively launching unsecured credit cards to select existing customers this month, with more exciting news to come.

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