Remitbee Review: Exchange Rates, Transfer Fees, and Alternatives

RemitBee is an online money transfer and currency exchange service. It allows users to send funds internationally and also provides solutions for exchanging various currencies.

This Canadian company offers digital transfer solutions, aiming to combine competitive exchange rates and low fees to make the process of sending money as cost-effective and straightforward as possible.

In this review of RemitBee we will look at different elements to understand how much it costs to send money with this service and if this is really the best Canadian money transfer provider as some websites claim.

Though the platform provides clear advantages like its money-back guarantee and a generally positive reception on customer feedback platforms, we found some limitations, too.

Notably, the absence of credit card payment options for all transactions and lack of hedging tools, which could be crucial for some when dealing with currency fluctuations.

Services offered

• International Money Transfers: Users can send money to over 80 countries, making it versatile for a wide range of users.

• Currency Exchange: RemitBee offers currency exchange services, including major currencies like the United States Dollar (USD) and Canadian Dollar (CAD).

RemitBee fees and exchange rates

Before diving into the specifics, it is essential to understand that RemitBee's fee structure varies depending on several factors, such as the amount of money being sent and the transfer method.

While they do offer competitive exchange rates compared to traditional banks, they sometimes fall short when compared to other money transfer providers like Wise and TorFX.

Fee structure

RemitBee charges fees that depend on the transaction amount and the payment method. While they claim they like to “keep fees simple,” there are a few things you need to know before making this your choice.

RemitBee charges flat fees for payments made via debit cards, E-transefrs, EFT, and Interac Online - with the amount changing depending on whether you need to send more or less than $500.

The table below shows the exact fees charged by this Ontario-based service for each group and payment method.

*According to the Remitly website, 100% of the fees go to the payment processor when you use Interac or pay by debit card.

RemitBee exchange rates

For how attractive RemitBee’s fee structure may look, it’s important to keep in mind this money transfer service also charges a small markup to the mid-market exchange rate. This applies to all transactions, irrespective of the amount of payment methods.

During my test, I noticed that the RemitBee exchange rate tends to be between 0.3% and 0.8% higher than the mid-market rate, with the exact number depending on the sending and receiving countries.

In general, RemitBee tends to offer more favorable rates than traditional banks. However, the rates and fees may be slightly different when compared with other digital money transfer services.

Examples

To understand more about the fees charged by RemitBee, let’s imagine a scenario when we need to send CAD 2,000 to USD, LKR, INR, and PHP.

Transfer speed of RemitBee

When it comes to the speed of transferring money with RemitBee, the experience varies. Typically, your money reaches its destination in a timeframe ranging from a few minutes to a maximum of two business days. This duration largely depends on the country you're sending money to.

Once you initiate a transfer, RemitBee gives you a more accurate estimate of the time it will take for the funds to arrive. However, it's important to note that several factors can influence this timeline:

Transfer limits

At RemitBee, transfer limits vary based on the type of account and the level of verification. Higher verification levels allow for larger transaction amounts. Here's a breakdown of the daily and monthly limits for both personal and business accounts:

For personal accounts, the limits increase progressively from Level 1 to Level 4. Business accounts, on the other hand, have a set limit irrespective of verification levels, with significantly higher caps suitable for business needs.

This structured approach to transfer limits ensures that RemitBee caters to a wide range of users, from individuals sending small amounts to businesses handling larger transactions. The verification process is straightforward, enhancing security and compliance while providing users with the flexibility they need.

Verification levels

RemitBee's verification process is designed to confirm user identity and reduce fraud, with four distinct levels of verification. Each level allows for different sending limits, and the requirements for each are as follows:

Level one

The verification involves uploading a photo of your ID (front and back may be required), matching your face with your ID via a camera, and providing contact information and occupation details.

Level two

The verification process requires proof of address (Utility Bills, Phone Bill, Hydro Bill, Gas Bill, etc.) or Driver's License ; a Proof of bank account (Bank Statement, Chequing Account, Loan Statement, Credit Card Statement).

After submitting the documents, the RemitBee platform will review them and verify your account within 24 hours.

Level three

To reach level three you will need to record a video of yourself talking to the camera. Once sent, the video will be reviewed by the RemitBee team within 24 hours.

Level four

To be able to send over $50,000 every month you will need to have completed the verification process up to level three, and:

• Have had your account for more than three months

• Have completed a minimum of two transactions

• Have completed a short KYC questionnaire

Key features of RemitBee

RemitBee stands out with its user-friendly interface, swift transfer speeds, comprehensive security measures, and responsive customer support services, which collectively provide a reliable and convenient online money transfer experience.

RemitBee is often referred to as the best international money transfer provider in Canada, especially for those who need to send CAD to INR, CAD to LKR, and CAD to USD.

Ease of use

RemitBee offers a straightforward platform that allows users to send money and exchange currency with ease. On this online-only digital platform, customers can complete transactions from Canada to various countries without complicated procedures.

Website interface

The website interface of RemitBee is praised for its clarity and ease of use. New users reportedly find it simple to create an account and start their transactions, with support readily available.

Key information is accessible, contributing to a transparent user journey from start to finish. What’s even better is that you can calculate the fees and speed of any transfers even before registering an account with them - meaning you will be sure to avoid any annoying surprises when it’s time to get your funds to the right destination.

Mobile app usability

RemitBee's mobile application is noted for its efficiency in processing international transactions. Looking at the opinions other users share of the RemitBee app, it looks like everyone appreciates its user-centric design.

The app feels modern and is very simple to use. This is exactly what one would expect from a service that claims to have made its mission of simplifying international transfers.

The ‘100% Money Back Guarantee’

RemitBee stands out with its 100% Money Back Guarantee, ensuring peace of mind for its users.

This policy covers the total amount sent (and any associated fees), offering a full refund in cases where RemitBee is unable to deposit the money into the provided account. All currency exchange transactions are insured, adding an extra layer of protection.

RemitBee customer support

Support is readily available for RemitBee users with multiple contact methods, including phone and live chat.

I found the site’s FAQ quite informative and well structured. I liked the fact they split the content in their ‘Help Center’ into sections like:

• Getting started

• How to send money

• Verification process

• Transfer

• Wallet

• Country-related questions

• …and more

This, paired with an excellent internal search engine and lots of informative videos made learning how to send money with RemitBee very simple.

In case you need more, however, you can reach out to the RemitBee support service via live chat, telephone (1-647-689-2323), or e-mail at [email protected].

User reviews and opinions

Customer feedback for Remitbee reveals users are generally satisfied with the service offered by this company and praise both its competitive exchange rate and helpful customer support.

RemitBee achieved an 'excellent' rating on TrustPilot, with a total score of 4.4 based on 210 reviews.

A US-based user named Dinu Babu shared being “very satisfied with the service” as he uses RemitBee to send money to India. “The process is simple and the transfer is really fast,” Dinu explains. “I get the money in the other account in [a] couple of hours.”

Similarly, Canada’s Sravanthi Chinnam praised the high-quality service offered by RemitBee, sharing that she never had any issues in the fived years she used it to send money to her loved ones in her home country.

Is RemitBee legit?

Remitbee operates under the strict supervision of financial regulatory authorities. This service is regulated and audited by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Compliance with these regulations ensures that they adhere to the high standards set for financial institutions regarding anti-money laundering (AML) and combating the financing of terrorism (CFT).

They hold the requisite licenses to conduct money transfers, assuring customers that their operations are duly authorized and monitored by appropriate government bodies.

Remitbee also claims to employ advanced security measures to safeguard personal and financial data. The use of encryption and secure online platforms becomes a pivotal part of their strategy to protect users against unauthorized access and cyber threats.

To enhance security, Remitbee has implemented the thorough four-level customer verification process described earlier in the review. This measure mitigates the risk of fraud and enhances the integrity of transactions.

FAQ