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Email this11:51 am
March 17, 2018
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doug said
I oppose, strongly, adding Wise to any comparison charts due to their dodge reputation and willful disregard to utilizing multiple FINTRAC-accepted KYC verification methods and due to the limited Canadian regulation because of their status as a money services business. @Briguy may have more to say on this.People can do much better, with Wealthsimple, EQ Bank, Tangerine, or even Simplii Financial or Alterna Bank.
Cheers,
Doug
I don't think Wise should be added to the chart here, since they aren't regulated in Canada except for reporting transactions to FINTRAC, so if any issues arise there is no government organization to appeal to, except maybe the UK Ombudsman. In my particular case they closed my account ( because of a failed 25.00 test transaction to my UK account ) and then took about 82 days to return my money in the account, even though I complained to the UK Ombudsman.
12:44 pm
April 27, 2017
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Briguy said
I don't think Wise should be added to the chart here, since they aren't regulated in Canada except for reporting transactions to FINTRAC, so if any issues arise there is no government organization to appeal to, except maybe the UK Ombudsman. In my particular case they closed my account ( because of a failed 25.00 test transaction to my UK account ) and then took about 82 days to return my money in the account, even though I complained to the UK Ombudsman.
Wise Payments Canada Inc. is regulated in Canada. The Bank of Canada explicitly says it supervises Payment Service Providers (of which Wise is one) to ensure they meet requirements relating to risk management and the safeguarding of customer funds. Wise terms say that the funds are subject to Segregation requirement which happens to be a statutory regulatory obligation supervised by the Bank of Canada. Read Retail Payment Activities Act for details.
The part about no Canadian government org to appeal to is largely correct though. Of course Wise is subject to Ontario and applicable federal laws, so that's an option.
