NEW YORK--(BUSINESS WIRE)--Sable, a globally-focused fintech platform offering global citizens without credit history or a SSN a one-stop shop for checking and credit, today 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.
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.”
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.”
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.
International money transfers are available on Sable today. Learn more by visiting https://sablecard.com/ and download the Sable app on iOS or Android.
Sable is on a mission to build an inclusive and effortless global financial platform for the 272M expats around the world. Bred out of Y Combinator, Sable started in the U.S. building a digital neo-bank offering both debit and credit without the need of an SSN or U.S. credit history. Currently, Sable not only targets the 44.5 million U.S expats, but also serves many Americans who are looking for a better path to unsecured credit.
There are many difficult things in life, but getting a bank account, having the opportunity to easily and quickly build credit history, or even directly access credit all within a premium product shouldn’t be. Sable is the one stop shop solution you have been waiting for. Based in New York City, Sable was founded in 2019 by Naveen Qureshi (Ex-Capital One) and Towers Wilen (Ex-American Express). Learn more, visit www.sablecard.com
Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold 56 currencies, move money between countries and spend money abroad. Huge companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.
Co-founded by Taavet Hinrikus and Kristo Käärmann, Wise launched in 2011 under its original name TransferWise. It is one of the world’s fastest growing tech companies and is listed on the London Stock Exchange under the ticker, WISE.
10 million people and businesses use Wise, which processes over £5 billion in cross-border transactions every month, saving customers over £1 billion a year.
For more information on Wise Platform and capabilities, visit wise.com/us/business/api.