Andrews Federal Credit Union Partners with Fintech Wise for Low-Cost Military Remittances
Federal Andrews Credit Union and Fintech Wise announced an integration of digital remittances, which could save a lot of money for members of the military – especially those residing overseas – directly through their current Andrews Federal banking dashboard.
Launched later in 2021 and powered by a money transfer service Wise (SAGE.L), Andrews federal members won’t have to depend on expensive and outdated legacy infrastructure and in-person transactions to make money transfers overseas. With just a few clicks, funds can be received instantly with payment solutions from Wise, which have a reputation for moving 38% of their transactions instantly (in 20 seconds or less).
Independent research shows that U.S. consumers and small businesses were charged $ 16.3 billion in fees when they send money or spend money overseas, more than half of which (about 8.7 billions of dollars) are hidden in exchange rate mark-ups. Of this amount, $ 301 million is lost by military personnel residing abroad.
As the first reported by Finextra, Andrews Federal members should be able to benefit from Wise’s competitive and transparent pricing, offering the real exchange rate with no hidden charges.
“Our members have high expectations of us to provide modern technology that improves their financial well-being,” said Ken orgeron, CEO / Chairman, Andrews Federal.
Orgeron also mentioned that their alliance with Wise will provide members with access to their proven international payment network and provide a popular service that “is lacking in today’s market.”
Andrews Federal would be the first to leverage Wise’s API through the Q2 Innovation Studio, a virtual banking platform and technology marketplace for personalized financial experiences.
As consumers increasingly use digital services, many are turning to external services tailored to their borderless lifestyle. The Wise platform provides banking institutions and businesses in more than 10 markets with a global payment system that can integrate with mobile apps and platforms to provide customers with high demand money transfer services.
“Those abroad who serve our country should not be subjected to expensive legacy offers to manage their money, rather it is essential that they have reliable and affordable solutions to make global payments,” noted Ryan zagone, Head of the Americas, Wise for Banks.
Zagone added that “Andrews Federal’s commitment to digital remittances uniquely positions it as a leader in providing quality self-service offerings and responding to growing consumer demands in the marketplace. “.
Andrews Federal is focused on providing worldwide banking services to members of the armed forces. To provide services to those residing on military bases, Wise introduced the ability for those serving overseas to access its payment service.
With updated compliance and regulatory guidelines, anyone posted overseas can use their current APO address to send and receive funds.