In a year, US military service members spent more than $455 million on foreign exchange fees. Of that, $301 million was lost in hidden fees.
We’re proud to support our employees and our customer community by joining 140 companies in sending an amicus brief to the United States Supreme Court, in support of the Deferred Action for Childhood Arrivals (DACA) program.
On November 12, the Supreme Court heard oral arguments to determine the future of the DACA program. The program began in 2012 and protects young, undocumented immigrants from deportation. These young people were brought to the US as children and are known as “Dreamers.” Their legal status in the US has been subject to much uncertainty in recent years.
Like the overwhelming majority of Americans, we believe the Dreamer program should continue. It benefits companies, workers, and the economy. We employ Dreamers at Wise and count many as customers.
The Supreme Court is expected to issue its decision on the future of the program next year. We shared our viewpoint by co-signing this brief with companies who have a similar opinion to ours. You can read a key excerpt from the brief below.
Most importantly, it’s the right thing to do in support of our community: Wise was founded by immigrants, built by immigrants, and we’re used by immigrants. One of our Customer Service Team Leads, Joshua Contreras, is a Dreamer. He attended the Supreme Court hearings in Washington, D.C. in person, and he subsequently shared his perspective in The Independent:
Many of us DACA recipients are still afraid to say we are DACA recipients. Many feel ashamed to reveal this part of themselves. But we must say it loud and say it clear because this is our fight. If we don’t stand up for ourselves, then nobody else will. I choose courage over comfort and that’s the reason why I showed up today.
You can read his thoughts in full on their website.
Wise employee Joshi at the hearings in D.C. last week.
And here’s a key excerpt from the amicus brief that we co-signed, which explains the economic benefits of the program:
Since its inception, DACA has had an enormous impact on the lives of over 825,000 young people who “were brought to this country as children and know only this country as home.” DACA enabled those young individuals to participate fully for the first time in all aspects of our society without the constant and crippling fear of deportation. And, based on longstanding federal regulations ratified by Congress, the deferral of removal granted to DACA recipients made them eligible to apply for work authorization, thereby enabling them to obtain jobs commensurate with their skills and education.
But the beneficial effects of DACA have not been limited to those individuals. By expanding the opportunities available to DACA recipients, this program has benefitted America’s companies, our Nation’s economy, and all Americans. Indeed, employment of DACA recipients expands work opportunities for everyone, because employment is not a zero-sum game. DACA recipients are filling vacancies at companies that otherwise would not be able to attract workers for open positions. They are creating businesses that employ other Americans. And their increased wages lead to higher tax revenues and expansion of our national GDP—producing new jobs and benefits for all Americans.
Eliminating DACA will inflict serious harm on U.S. companies, all workers, and the American economy as a whole. Companies will lose valued employees. Workers will lose employers and co-workers. Our national GDP will lose up to $460.3 billion, and tax revenues will be reduced by approximately $90 billion, over the next decade.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
Wise was founded by immigrants, built by immigrants, and is used by immigrants.
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