Exchange rates, Payment methods, How to, Transfer fees and much more
When sending money from Canada to the Philippines, senders have many choices. Asenso Remit international money transfer is a website and app offering services to send money to Philippine recipients.
But how does Asenso Remit work? How much can you send and how can you pay for a transfer? You may also be concerned to know if this money transfer service is legitimate and safe to use. Operating in Canada since 2017, it is a fairly new company. That means it can be hard to find information about the service.If you want a review of Asenso Remit, keep reading. This article will tell you everything you need to know about Asenso Remit and its money transfer service in Canada.
Asenso Remit has two major ways to pay for a transfer. The first is using a debit card in your own name. You cannot send with a credit card, however. The second is by Interac e-transfer, the Canadian interbank transfer system. To use this you must log into your bank’s online banking system.
The maximum you can send in a single transaction with Asenso Remit is different according to the method you use to fund the transfer.
While Asenso Remit says it doesn’t impose maximum limits on all transfers, there is an additional thing to keep in mind. To send larger amounts with Asenso Remit, it is necessary to contact their customer service department. To do a single transfer over $1,000, or if you send $5,000 or more in a 31-day period, you will have to provide the company with documents so they can perform additional verification.
In order to register with Asenso Remit, you will need a few things.
After you have provided this information, you will be required to verify your identity and address, as detailed above. Asenso Remit also uses a form of verifying called “selfie verification” which means you can verify by uploading a photo of yourself.
Note that Asenso Remit's transfer fees will change according to a couple of things. There’s the pickup option you choose, then the method you use to pay for the transfer. The highest fees occur when you choose a debit card to fund the transfer, and the receiver collects the money in cash.
These fees can be quite high. For example, if you send 300 CAD using Asenso Remit and pay for the transfer with your debit card, you will pay $10.99 in fees.
Sending to a Filipino bank account, and using Interac to fund the transfer, attracts the lowest fees. To make this easier to understand, here are the starting fees for various methods. Note that these are minimum fees and the fee for your transfer may be higher.
To encourage sign ups, Asenso Remit allows you to send the first transfer for no fee.
Pros
Competitive fees for some services
Bilingual customer support
Recipient can get money in as little as 1 hour
Small referral bonus if you recommend Asenso to a friend
Cons
Cannot use credit card to fund transfers, only debit card
Fee structure is confusing and can be expensive
Can only send a small amount in each transfer if using a debit card
Only offers money transfers and bill payments, no other services
How Does Asenso Remit Money Transfer Work?
There are three options for a recipient to get money.
Verification is another step in Asenso Remit’s process that you should keep in mind. To verify your identity they require one of each from the following list:
Identification
Address
According to Asenso Remit, its exchange rates change twice per day. The current rate can be found on the website. For example, if you send CAD 1000 the recipient will get 37,900.00 pesos. This breaks down to an exchange rate of 1.00 CAD = PHP 37.90. This is a worse rate than the daily mid-market exchange rate, which is 1.00 CAD = PHP 37.91. If the real mid-market rate was used, the receiver would have gotten more money, i.e. 37,910.63 pesos. Rate checked 2:30 p.m. 6 January 2021
Asenso Remit makes money both on their fees and on the exchange rate margin.
Asenso Remit has a full service website and its mobile apps are highly rated. Both the iPhone and Android versions have 4.6 out of 5 stars as a rating on the App Store and Google Play.
Asenso Remit is registered in Canada with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This body is responsible for regulating and authorising all money transfer services in the country. It has procedures in place to avoid money laundering and enhanced KYC (Know Your Client) rules for verifying senders. Asenso Remit says that it securely stores customer details in its system. It also claims that its technology for transactions is the same encryption and security level as banks.
Asenso Remit only sends money to the Philippines.
Email Support - [email protected]
Telephone: Ontario 1-437-886-2999, Alberta 1-587-287-2580, Quebec 1-514-545-2701, Manitoba 1-204-202-9343, British Columbia 1-778-775-9987
Contact form Asenseo Remit Customer Support
Asenso is a Canadian subsidiary of another money remittance company, Kabayan Capital. It has been trading since 2017 across Canada, including Quebec. Kabayan Capital operates in the UK and Europe, offering money transfer services to the Philippines from there as well.
Asenso Remit also offers bill payment for your Philippine bills. There is a fee, just as there is for money transfers.
Asenso Remit provides a fairly competitive service for sending to the Philippines from Canada. However, it does have its negatives, such as a complicated fee structure and the possibility to only send small amounts at a time. In order to find the best international money transfer service for you, it’s good to shop around. Read more reviews of money transfer companies on the Remitbee blog.