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.
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:
International money transfers for businesses
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.
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.
Transfer options vary by country, but US customers can send money by bank account only using:
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.
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