admin 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.
Rationale of the Project
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.
Joining Forces
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. 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.
Need for Quality Banking
“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.”
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