Remitbee is a trusted and cheap way to send money from Canada, with customers able to transfer funds quickly and efficiently to almost 50 countries worldwide, including the Philippines, India, and Sri Lanka. Currently, Remitbee is only available in Canada.
In this review, we’ll look at all aspects of Remitbee: its exchange rate margins, transaction fees, how to make international payments, customer feedback, and any other thing you could want to know if choosing a money transfer provider.
Started by immigrants in 2015, Remitbee has brought together a team of about 16 money transfer professionals. Whether you are a private or corporate client, this team is knowledgeable and helps customers send money abroad.
Customers can access the transfer platform both through its website and also through the dedicated Remitbee mobile app. The provider has a variety of payment and withdrawal options; depending on your transfer destination abroad you can send money to your recipient’s bank account, cash pickup location, or even have the money delivered right to their doorstep. You can only transfer up to $3,000 per transaction, however, so Remitbee isn’t the best service if you want to make a large transfer.
Remitbee makes its revenue from the transfer fees and the exchange margins it charges. Unlike some other money transfer companies, the provider is transparent in the fees it charges and displays the applicable exchange rates upfront on the transfer widget. The first transfer you make is free of charge, but after that, there are fees to consider.
Here’s an overview of the rates and fees charged by Remitbee so you can see if they’re right for you.
Exchange rates
Remitbee offers competitive rates with a low margin above the mid-market rate. It’s hard to give just one precise number as the margins charged will depend on a variety of factors such as where you’re transferring funds and which currencies you are using. Here’s a selection of the rates Remitbee charges on specific transfer routes:
As you can see, the size of the margin depends mainly on the transfer route you’re using. Popular destinations such as India, the Philippines, and Sri Lanka have the lowest margins, with less frequented country choices such as South Africa attracting the highest.
Fees
Transaction fees on Remitbee begin from CA$2.99 and vary depending on the amount you are sending and how you are sending it. Here is an overview of the fees charged, broken down into a few individual scenarios:
Sending CA$10 -500
Sending CA$501 -1,000
Sending CA$1,001-1500
Sending CA$1,500-2,000
Sending CA$2,001-2,500
Sending CA$2,501-3,000
Additional costs
When sending money overseas, some banks may charge you landing fees. These will be deducted from the amount the recipient is to get. These are not charged by providers such as Remitbee, so it is important to check with your bank.
Remitbee is a platform proudly designed for immigrants who fully understand the struggles people face when sending remittance payments back to family and friends overseas. This has led them to make a solid platform for international money transfers, but as with any service, there are pros and cons to consider.
Remitbee gives you several options to choose from when paying for your transfer. Similarly, the recipient can get the money through a variety of payout methods depending on the transfer destination. Here’s a look at the options available.
There are several options you can use to pay for your transfer with Remitbee. Here’s a quick summary of the options available:
Your beneficiary can receive the funds sent through any of the following payout options:
Remitbee has simplified the process of sending and receiving money. In just a few clicks, your money is on the way to your beneficiary. Here’s what it takes to send and receive payments with Remitbee
Making a transfer through Remitbee is a very easy process, all you need to do is follow the four steps outlined below.
1. Create your free account
Sign up for an online personal or business transfer account by keying in your email and password. Then, verify your Canadian phone number and email to access the dashboard.
2. Verify your identity
To enjoy the full benefits including the ability to transfer amounts up to CA$3,000 per day, ensure you verify your identity and address. You can easily do this by sending in a recent copy of your bank or credit card statement and utility bill bearing your name and address. The verification process may take up to 96 hours.
3. Add your recipient and amount
The beneficiary can be a person or a business. Ensure you add their name and bank details correctly. Enter the amount you’d like to transfer, and Remitbee will then give you the exchange rate, transfer fee, and display the amount your recipient will receive after the relevant fees have been deducted.
4. Choose a payment method
You can pay for your Remitbee transfer using your Remitbee wallet, debit card, direct debit, Interac Online, or Interac e-Transfer. These are all outlined above so you can find out the advantages of each individual method of payment.
That’s all! Remitbee will send you transaction status and updates notifications and also allow you to track your transfer easily from your account and on their app if you have it.
There are three ways to receive payments with Remitbee, with each requiring different things from the recipient.
Yes, it does. The Remitbee mobile application is available as a free download on the App Store and Play Store. Here are some of the app’s functionalities:
On Play Store, the app has a 4.5/5 rating after 135 reviews. On the App Store, it has the same rating but with only 80 reviews. The app is available only to customers in Canada.
Transfers through Remitbee usually take 1-3 days to be completed. When sending money to countries such as India, the Philippines, and Sri Lanka customers will find that transfers can be delivered the next day.
Remitbee has daily and monthly limits that vary depending on the verification status of your account. Here’s a quick rundown of the limits:
The short answer to this is yes. Remitbee has grown to be a reliable and trusted money transfer service helping Canadians to send money to 48 countries around the globe. It is a platform created, owned and operated by immigrants in Canada who understand the pains of sending money back home.
To give you the full picture of the company, here is an overview of Remitbee’s history, regulatory compliance, customer security measures, and other trust factors you should know.
History
Remitbee was founded by Peratheepan Yoganathan, Yogatheepan Yoganathan, and Manotheepan Yoganathan on April 14, 2015. It is registered as Remitbee Incorporated under the Canada Business Corporations Act and assigned corporation number 9254919.
The provider operates from 107A Dundas Street East Mississauga ON L5A 1W7, its registered office. Its team of employees consists of about 16 professionals including customer service specialists, software developers, and compliance analysts.
Regulatory compliance
Remitbee is registered and regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB). Through its registration number M08768213, the provider is permitted to offer foreign exchange and money transfer services.
As part of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), Remitbee is required to verify the identities of its customers and keep their records.
The provider is also an accredited business with an A+ rating on the Better Business Bureau (BBB).
Encryption and customer data
Remitbee has the latest data security installations including Amazon AWS and Microsoft Azure cloud systems for data management and security. The provider has also put in place an impenetrable data protection barrier for personal details and transaction records using SHA-256 RSA encryption. It also has McAfee SECURE Certification for enhanced customer safety.
When transacting on the mobile app, your security is guaranteed. Remitbee has installed a fraud detection system operationalised through authentication and verification processes.
Investors and awards
Remitbee secured seed funding from 500 Startups, a Silicon Valley-based venture capitalist firm on October 30, 2015. The provider was recognised on March 25th, 2019 as one of the top Financial Technology companies in Toronto by Toronto Finance International (TFI).
Customers ratings on social media, Play Store, and App Store have given the provider excellent ratings. On Trustpilot, Remitbee doesn’t have a lot of reviews but the entries that have been made are very positive. So far it has 67 reviews and a trust score of 4.8/5. 4 and 5-star reviews comprise 99% of all Remitbee’s reviews on the platform. Here’s a short summary of what Remitbee’s customers had to say:
Positive
Negative
Remitbee allows customers to cancel transfers if they have not yet been completed. On the ‘Transaction History’ tab, click on the transaction you want to cancel. You have a window of approximately 10 minutes from the time you initiate a transfer to cancel. If you manage to cancel a transfer, your money will be refunded in 3-4 working days.
The provider allows you to send to 48 countries from Canada using its website or mobile application. The following are the most popular countries for customers sending money with Remitbee:
Remitbee has dedicated customer support specialists ready to jump on any issue you raise. You can reach out to them through any of the following avenues:
All customer care services are available during business hours which are Monday to Sunday 10 am EST to 8 pm EST. Support is available in English only.
Remitbee is an Ontario-based money transfer service provider founded by immigrants to help other people who have moved to Canada to send money to businesses and individuals abroad. Leveraging frequent transfers to countries like India, Philippines, and Sri Lanka, the provider offers very competitive rates and low, transparent fees. Sending CA$500 and above is free using its mobile wallet and costs only CA$2.99 through Interac e-Transfer.
Funds can be deposited directly into your recipient’s account, sent to a cash pickup point, or delivered right to their doorstep. The platform is also well secured with all the data backed up on Amazon AWS and Microsoft Azure cloud systems.
One of the few drawbacks with Remitbee is that you cannot transact beyond CA$3,000 per day and the monthly limit is CA$25,000. If you are looking to transfer funds for purposes such as purchasing a home abroad or anything else that incurs larger expenses, you will have to shop around for an alternative provider.
With our money transfer comparison tool, you can quickly analyse the top providers on your transfer route. You’ll see who is the fastest, cheapest and most efficient. Remitbee will likely be high up on our recommended list of options for transfers from Canada, but always make sure to compare your options before choosing a money transfer provider.
Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in SEO but he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.