SAB partners with Wise to augment international remittances

Wednesday 6 September 2023 15:14 CET | News

Saudi Awwal Bank (SAB) has partnered with Wise to offer fast, secure, and cost-effective solutions for sending and receiving money internationally.


Through this partnership, SAB aims to fall in line with the financial sector development programme Saudi Vision 2030. At the same time The Saudi lender wants to boost investment and back its strategy that focuses on providing advanced banking solutions.

Saudi Awwal Bank (SAB) has partnered with Wise to offer fast, secure, and cost-effective solutions for sending and receiving money internationally.

Commenting on this development, officials from SAB said this partnership is part of their efforts to enable customers to carry out seamless and efficient international transfers. They also look forward to continuing their contributions to the development of the financial sector in the Kingdom, keeping pace with digital transformation by offering modern digital banking solutions.

Representatives from Wise explained that through this alliance, they aim to make international payments fast and easy, allowing SAB’s customers to benefit from their innovative technology through the bank's digital channels. They can track their transfers in real-time and take advantage of competitive exchange rates and low fees.

More news from Wise

In June 2023, Wise has launched a new product, Interac e-Transfer Autodeposit, that can be used by Canadian customers.

With this new feature, personal account customers in Canada can activate their CAD Wise balance and receive funds via Interac. The launch addresses a market need by providing Canadians with a solution to transfer and receive money more easily through the popular Interac e-Transfer Autodeposit. Some of the other services Wise offers its Canadian users are the Wise card, the Interac e-Transfer Request Money feature, Auto Conversions, and Interac e-Transfer Payouts.

A new interest item for US customers

In April 2023, Wise has offered its US customers and businesses the opportunity to opt for receiving 3.92% APY on their USD balances with a new interest feature.

In more detail, Wise provides flexibility for both business and personal customers to send, spend, and receive money internationally while also offering FDIC pass-through insurance of up to USD 250,000 through Wise's partner bank, JPMorgan Chase Bank, NA.

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Keywords: remittance, money transfer, banking, digitalisation
Categories: Payments & Commerce
Companies: SAB, Wise
Countries: World
This article is part of category

Payments & Commerce




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