Venmo is unfortunately unavailable in Canada. Here are some alternatives which can do what Venmo does and maybe even more!
WorldRemit offers international money transfers, as well as a range of connected services such as airtime top up and mobile money payments. If you’re sending money using WorldRemit, you’ll arrange your transfer online. Your recipient may be able to have the money paid directly to their bank account or mobile wallet, or collect it as cash, depending on the destination country¹.
Before you choose a provider for your international payments, it’s important to do some research. Fees, charges and services vary widely between providers, so comparing a few options will help you get the best possible deal.
This guide covers everything related to WorldRemit international transfers:
- What are the fees for an international money transfer with WorldRemit
- What's the exchange rate you will get with WorldRemit
- How many countries you can send money too
- How you can make a transfer with WorldRemit
- Does WorldRemit have a money transfer app
Before you make an international money transfer with any provider, it’s good to compare fees and exchange rates for several providers. Although some providers may show you a low fee upfront, they can add a margin, or markup, to the mid-market exchange rate to charge you extra for your transfer.
Let’s compare prices and exchange rates for a payment of CA$1000, sent from Canada to Germany, to be received in euros by the recipient on their bank account.
|Upfront fee||CA$ 3.99||CA$ 10.75|
|Exchange rate||CA$ 1 = 0,64602||CA$ 1 = 0,65786|
|How much do you pay||CA$ 1003.99||CA$ 1000|
|How much does the recipient receive||EUR 646,02||EUR 650,79|
*Data taken on April 28, 2020, at 09:55 EEST (UTC+3)
As you can see the small margin that WorldRemit adds to their exchange rate⁴, makes quite a difference in the end. Although the fees for this payment are higher with Wise than with WorldRemit, the recipient still gets more on their bank account with Wise and you pay less, because with Wise the fee is taken of the amount you pay and what’s leftover is converted into the recipient currency.
Most payment providers and banks add a margin, or markup, to their exchange rate, and you pay additional costs on your transfer. With Wise your money is converted with the mid-market exchange rate, and you will always see the fee that you have to pay upfront, no hidden fees or costs will be added after that.
|Why not give Wise a try for your next transfer. Signing up is easy, and it’s completely free!|
To use WorldRemit you’ll first need to register an account and provide some personal details, like your name, date of birth, phone number, etc. Once you’re ready to go, you can model the payment you need to make, to see the options available and the costs involved.
It’s worth noting that not all payment types are available in all countries. You’ll need to go onto the WorldRemit website and enter the destination country, to see which are available to you.
Here are the fees and charges you’ll need to check out when you model your payment.
|Fee type||WorldRemit fee amount|
|Upfront fee||The upfront fee charged by WorldRemit will vary according to the country you’re sending to, and the type of payment you want to make. For example, sending CA$1,000 to India² as a direct bank transfer costs CA$6.99, while the same payment to the US³ is CA$3.99 It’s also worth knowing you may pay more when funding your payment with a credit card - if this is the case, you’ll be notified before you complete the transaction⁴|
|Exchange rate markup||WorldRemit transfers do not use the mid-market exchange rate for your transfer⁴. That means there’s a margin, or markup, added to the rate you’ll find on Google or with a currency conversion app. More on that below.|
As we noted above, you’ll probably pay an upfront fee when sending money with WorldRemit - but you’ll also pay an extra charge which is added to the exchange rate applied to your transfer. Here’s what WorldRemit’s terms and conditions say⁴:
“When you pay a Transaction Amount in one currency and the Payout Amount is in another currency, there will be a difference between the exchange rate at which we buy foreign currency and the exchange rate provided to you. WorldRemit and its Service Providers usually make a small profit in these circumstances.”
To make sense of this, you’ll need to know a bit about the mid-market exchange rate. The mid-market rate is the one you’ll find using a currency conversion app or a Google search of your currency pair. It’s also the one that WorldRemit will get when they buy currency. However, as they note in their terms and conditions⁴, WorldRemit will add a markup or margin to this rate before they pass it on to their customers.
The difference between the mid-market exchange rate and the one the customer receives is retained by the provider as profit. This is quite common, but it can mean that you pay more than you expect - and more than you have to - for your international payment.
Although marking up the exchange rate is common practise, not all providers do this. Wise, for example, uses the mid-market rate for currency conversion, and charges a low, transparent fee per transaction.
You can send money to over 140 different countries using WorldRemit⁵. To check if your specific destination country is covered, and to take a look at the services available there, you can check the WorldRemit website.
Researching a few options is the best way to find the right currency service provider for your needs. If you not only want tosend money around the world, but would also like to be able to receive money in euros, British pounds, Australian, New Zealand and US dollars, or Polish Zloty, check out the Wise foreign currency account. With this account you can get local account details for these 6 currencies, which means you can receive them via a domestic transfer, and you can also hold, manage and send over 40 currencies in total, online. Here’s all you need to know about the countries served by Wise.
To get started with WorldRemit you’ll first need to register an account and verify your identity. You’ll be asked to send a copy of a current Canadian driving license, passport or residence permit as proof of your identity, and also a further document to show your residential address. If you are sending larger amounts, or if WorldRemit needs to check any details of your account, you might be asked to provide further paperwork before you can send a payment⁵.
Once your account is up and running, you’ll be able to model your payment to get a quote showing the fees and exchange rate available for your specific transfer. You will also see the range of payment and delivery options open to you.
Whichever payment type you want to arrange, the process is similar¹⁺⁵:
- Log into your WorldRemit account
- Model your payment, entering the country you’re sending to and the amount
- Select the type of payment you want to make
- Enter your recipient’s information - this may be their bank details for a direct bank transfer, or mobile phone number for a mobile payment, for example
- Pay for your transaction using card, bank transfer, Interac, Apple Pay or a range of alternative payment methods
- You’ll be able to track your payment online to see when it’s available for your recipient
For convenience you can also download the WorldRemit app for both Apple and Android devices, and make payments that way¹.
It’s not hard to find a provider to send an international payment - but finding the best one for your needs may take a little research.
Check out a few different services to compare the fees and exchange rates available for your destination country, including currency specialists like Wise. If you make regular international payments you might save time as well as money with a free Wise foreign currency account, to hold, send and spend money all over the world.
|Compare prices, and see if you can save, today!|
Sources used for this article:
1.How WorldRemit works
2.Sending money to India
3.Sending money to the US
4.Terms and Conditions
5.FAQ for sending money from Canada
*All sources last checked on April 27, 2020
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.
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