International transfers with Convera as a Canadian business

Convera is an FX solutions company that specializes in providing international money transfer services. It has quickly made a name for itself with its innovative approach to currency exchange. Unlike most banks and other financial institutions, Convera makes its revenue through exchange rates⁴. This can make Convera a cost-effective solution for some, but global companies could quickly see money add up.

In this article, we will explore how Convera can be a valuable resource for Canadian businesses looking to expand globally. We'll also discuss how you can save on international transactions with Wise.

A Closer Look At Convera In Canada🇨🇦

Convera Canada currently serves the following industries:

• Education
• Financial Institutions
• Payroll
• Pensions
• Travel
• Healthcare
• Legal
• NGO
• Royalties¹

Convera offers several services/solutions to help these industries, some of which are mentioned above. Below they are described in Convera’s own words:

• Send and Receive FX - utilise an expansive global network to handle international vendor payments and customer receivables
• Manage FX Risk - protect your business against foreign exchange exposure
• Send Mass Payments - simplify global marketplace and B2C payouts at scale
• Offer FX Payments - expand and enhance your business services to include international payments
• Pay Tuition - extensive currency options on a trusted global platform
• Manage Student Funds - make tuition payments for international students hassle-free²

Is Convera Owned By Western Union?

According to a now archived/deleted 2021 blog post from Convera United States, Western Union Business Solutions was renamed Convera. So Convera isn’t owned by Western Union, but rather it is Western Union in a new coat of paint.³

Key Features

^*While Convera’s website shows a currency converter that converts at interbank rates, they indicate in the footnote right below that it is not the exchange rate they use to convert your money. The interbank rates shown are for indicative purposes only⁴ :

“The rates displayed by our free currency converter are neither “buy” nor “sell” rates, but interbank rates, the wholesale exchange rates between banks for transaction amounts over $5 million USD equivalent. Interbank rates don’t include the spreads, handling fees, and other charges that may be assessed by foreign exchange providers. Please note that, as such, these rates will vary from the rates available to our private and small business customers, due to transaction sizes and processing costs. These rates are therefore provided for indicative purposes only.”

This indicates that they may be charging consumers using inflated exchange rates.

Let's backtrack a moment - what are interbank rates, and why are they important here?

Interbank rates or mid market exchange rates refer to the exchange rate that banks use when trading currencies between each other. These rates are typically only available for transactions of $5 million or more and do not include any fees or charges from financial institutions. With Wise, you can access this mid-market exchange rate for your international transactions without any hidden fees or inflated rates. This makes it a reliable and cost-effective alternative to banks and FX solutions companies like Convera.

The Wise Business Account For All Your International Finance Requirements💸

The Wise Business account is a comprehensive solution for all your international finance requirements. With this account, you can save on transaction costs with their transparent fee structure that starts from as low as 0.42%. But what sets the Wise Business account apart is its use of the mid-market exchange rate.

This means that with Wise, you will always get a fair deal when exchanging currencies for your business transactions. To ensure complete transparency, all relevant information about fees and exchange rates is provided to you before making any transfers.

Additionally, Wise is a registered money service business with FINTRAC and licensed by the Autorité des marchés financiers in Quebec. This provides added security and peace of mind when using their services for international transactions.

The Wise Business account also offers convenient features such as payroll services, batch payments for up to 1000 transactions at a time, and easier invoicing. This makes it an all-in-one solution for businesses of any size looking to expand globally.

Is Convera Safe?🛟

Convera is generally considered safe, with the reputation of Western Union behind them. You can learn more about their practices and safety measures in the files linked on their compliance and legal page.⁶

Conclusion

Convera is a reputable FX solutions company that offers competitive exchange rates and no fees for international money transfers. However, it's important to note that the rates displayed on their website are interbank rates and may not reflect the actual rate you will receive as a consumer. Alternatively, Wise provides a transparent and cost-effective solution for international transactions with its mid-market exchange rate.

Convera and Wise are both viable options, but ultimately, it's up to you as a business owner to weigh the pros and cons and make an informed decision based on your specific needs. We hope this guide has provided valuable insights into navigating the world of FX solutions companies for Canadian businesses.