Remitbee Launches 100% Online Currency Exchange for Canadian Markets
Monday, January 25, 2021 12:00:00 PM
- Canadian Fin-tech company Remitbee adds a new feature allowing users to exchange currency while avoiding low exchange rates and traditional banking fees. -
Remitbee online money transfer, a company specializing in digital remittances, is thrilled to announce that it has expanded its services to online currency exchange. As remote work has become the norm, many Canadian professionals have the opportunity to work for companies overseas and receive their pay in a currency different from Canadian dollars.
Remitbee online currency exchange allows users to convert these currencies to Canadian dollars directly between bank accounts for a nominal fee of around 0.5% whereas banks charge up to 3%. As an example, if someone gets paid in USD at an annual salary of $50,000, they can potentially save up to $1,750 USD in hidden exchange fees if they use Remitbee versus their banks.
The service is also useful to those who are unable to access brick and mortar currency exchanges due to COVID-19 concerns. Customers can instead use the Remitbee app or website from the comfort of their own homes. Other users of the service include at-home stock traders who can use the service to exchange for USD and use it to buy USD denominated stocks to avoid the exchange rate fees, snowbirds who relocate, or even students who need to pay tuition in USD.
Currently, Remitbee online currency exchange is only available to Canadian residents who need to exchange between US Dollar and Canadian Dollar, but the team is working to increase the currency pairs in 2021.
"We spent the last couple of years building a trusted and safe money transfer company here in Canada, allowing thousands of customers to send money abroad for the lowest cost and fastest speed. We built currency exchange with the same ethos allowing those who need to convert currencies in a transparent, low cost manner which is rare in the industry. This can be a game changer for those who lose thousands of dollars on currency exchange fees," explains Remitbee Co-founder, Yogi Yoganathan.
Features and benefits of Remitbee Online Currency Exchange include:
- 100% online service - exchange currency from anywhere, anytime
- Instant quotes and no additional fees
- Connect your bank and do direct bank to bank exchange
- Buy and Sell of US Dollar (USD)
- 2-3 business days exchange time
- Regulated by FINTRAC
"Great user experience, convenience, and speed are at the core of our new product. It eliminates the need to commute, visit crowded exchange shops, carry cash, or get low & unfair exchange rates from banks. Everything you need to exchange currency is at your fingertips!" explains Maksym Vakhriv, Senior Product Lead at Remitbee.