Are Wyre money transfers available in Canada?
Wyre offers money transfer and crypto payment integrations for businesses—but can you use Wyre in Canada?
Founded in 2013, Wyre is a California-based payment infrastructure company that offers software for making purchases and transferring funds in many popular currencies and cryptocurrencies.
Business owners in the US and Australia can use Wyre’s solutions to offer customers the ability to manage digital wallets, make online purchases, transfer funds, swap cryptocurrencies, exchange fiat money with cryptocurrency and more.
Although Wyre supports transfers in Canadian dollars, you can only open an account if you live in the United States or Australia. However, there are other money transfer services and cryptocurrency platforms that are suitable for people living in Canada.
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How does Wyre work?
Unlike other money transfer services, Wyre is a bitcoin startup that uses the blockchain—a digital wallet that publicly records transactions for bitcoin and other cryptocurrency as they’re made—to settle transactions, acting as an intermediary between you and your recipient. Blockchain technology moves money quickly and helps guard against unauthorized access to funds.
Wyre uses application programming interfaces (APIs) to provide payment solutions for business owners and app developers. It’s software is designed to be integrated with existing apps or websites.
Highlights include:
- Speedy delivery. Funds are delivered in 6 to 24 hours, depending on receiving country.
- Bitcoin. Bitcoin payments arrive in minutes.
- Supports large transfers. With no maximum transfer limit, users can send as much as they need.
International money transfers for businesses
How much does Wyre cost?
Wyre doesn’t have a standard markup over the mid-market rate. They typically use the blockchain rate, which is often better than the mid-market rate.
Domestic transfers between Wyre user accounts are free, and the cross-border transfer fee is 0.75% of your transfer amount, in addition to any payment fees from the transaction method—a bargain compared with the 1% to 4% charged by competitors.
How are Wyre’s exchange rates and fees?
Unlike most money transfer services, Wyre doesn’t skew the mid-market rate for a profit. Instead, it typically uses the blockchain rate, which is often better than the mid-market rate.
Normally, its cross-border fee is a mere 0.75% of your transfer amount, in addition to any payment fees from the transaction method—a bargain compared with the 1% to 4% charged by competitors. Transfers between US Wyre accounts are free.
What types of transfers does Wyre support?
- One-off transfers
- Recurring payments
Payment methods:
Transfer options vary by country, but US customers can send money by bank account only using:
- ACH bank transfers
- Wire deposits
Pros and cons
Pros
- Lightning-fast transfers. Transfers can arrive within minutes, but expect funds to be delivered within 6-24 hours.
- Low transfer fees. Wyre charges only 0.75% for international transfers, a bargain compared with competitors that charge 1% to 4%.
- No minimum or maximum. Send as little or as much as you need.
- Schedule regular payments. Wyre offers the ability to set up recurring payments.
Cons
- Limited availability. Wyre currently offers full service in some US states and Australia.
- Limited customer service options. Wyre does not offer 24/7 support. Its phone support is only available to English speakers in the United States.
- Does not support phone transfers. Wyre offers online transfers only. You can’t submit orders by phone.
How to use Wyre
- Sign up for an account. Provide your name, email address and phone number, and create a password
- Verify your account. To verify your account, you’ll need to provide the following info:
- Date of birth
- Home address
- Social Security number
- Supporting documents
- Banking info
- Send money. Once your account has been verified, you can begin sending money. Log in to your account to access your dashboard. From there, enter the amount you want to send and who you’re sending it to, then click Send Money.
- Track your transfer. Once you’ve scheduled a transfer with Wyre, you can track its progress through your Wyre dashboard.
Bottom line
Wyre offers business owners convenient money transfer and payment solutions, and is especially useful for businesses that deal in both fiat currency and cryptocurrency. However, you can only open a Wyre account if you live in the US or Australia, so Canadian business owners will need to look elsewhere. Check out our guide on international money transfers to explore more options for Canada-based senders.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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