Asenso Remit Money Transfer Review

Exchange rates, Payment methods, How to, Transfer fees and much more

Asenso Remit Money Transfer Review

           

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.


Payment Methods Available With Asenso Remit

           

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.

How Much I Can Transfer With Asenso Remit?

           

The maximum you can send in a single transaction with Asenso Remit is different according to the method you use to fund the transfer.

  • Paying by debit card: maximum of $300 excluding fees
  • Paying by Interac e-transfer: maximum of $3,000 excluding fees
  • 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.



    How To Sign Up For An Account With Asenso Remit

               

    In order to register with Asenso Remit, you will need a few things.

  • Email address and password
  • First and Last Name
  • Date of Birth
  • Gender
  • Contact Details
  • Canadian address including province and post code
  • Mobile phone number
  • Occupation
  • 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.


    Asenso Remit Transfer Fees


    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.

  • Credit to bank account: from $3.99
  • Cash pickup: from $4.99
  • Door-to-door delivery: from $4.99
  • To encourage sign ups, Asenso Remit allows you to send the first transfer for no fee.

      Pros And Cons Of Using Asenso Remit


      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?

      You can send money using the Asenso Remit app, website, or by calling the company.

    • Start by logging into the Asenso Remit website or app
    • Enter your debit card details - they must match the name on your Asenso Remit account.
    • Enter the recipient details, including their name and address. It is important the name of the recipient matches their ID exactly, including any middle names.
    • For Interac e-transfers, you will need to complete the transfer via your bank’s online banking system. Asenso Remit will provide you with payment details to enter. Note that the transfer will not be complete until you pay through the Interac system.
    • Confirm all details and the money will be on its way.
    • There are three options for a recipient to get money.

    • Credit straight to their Philippine bank account, which will arrive in one hour.
    • Cash pickup at one of the associated branches in the Philippines, Luzon, Visayas or Mindanao.
    • Home delivery (not currently available). Note this takes 1 to 4 business days.
    • 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

    • Driving license
    • Residence card
    • Passport
    • Address

    • Bank statement, or credit card statement
    • Utility bill, such as a landline phone, gas, electric, or water bill
    • Other Money Transfer Providers

      Asenso Remit Exchange Rates


      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


      How Does Asenso Remit Make Money?


      Asenso Remit makes money both on their fees and on the exchange rate margin.

      Platforms Where Asenso Remit Is Available


      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.



      Is Asenso Remit Secure?


      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.

      What Countries Does Asenso Remit Allow You To Send Money To?


      Asenso Remit only sends money to the Philippines.


      With Asenso Remit You Can Send Money From The Following Countries

      Asenso Remit is available in Canada, however it is trading under the name Kabayan Remit in several other countries: Germany, Gibraltar, Ireland, The Netherlands, Norway, United Kingdom..

      Philippines_Image_1_03b8ecc82d

      How To Contact Asenso Remit

                 

      Email Support -

      info@asensoremit.com

      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

      https://asensoremit.com/customer-support/

      Asenso Remit Money Transfer Review

      Banks

      As an alternative to Asenso Remit, you may find banks are a good choice. However, Asenso Remit’s fees are lower. Banks take 1 to 3 business days to get money to your recipient. The recipient also doesn’t have the option to pick up the transfer in cash.

      01

      Online banks

      Another alternative is an online bank. Canada has a few choices for customers who want to bank with low fees and do all their banking online. These banks, such as Simplii Financial, do not have branches, however. And not all of them offer international money transfers to the Philippines.

      02

      Traditional Money Transfer Providers

      You may have seen companies such as MoneyGram, Western Union, and Ria in your neighborhood. These companies do money transfers as their main business and are located in convenient spots. They are a very expensive way to send however, as their exchange rates are bad and their fees are extremely high. However, they do offer cash pickup and it’s likely your receiver has a branch near to them.

      03

      Online Money transfer companies

      Online money transfer companies also focus on only one service, sending money internationally. The advantage of them is that they combine the convenience of an online bank and lower costs than banks and traditional money transfer companies. They have apps so you can send money on the go, and their fees and exchange rates are competitive. Some of these companies include WorldRemit, Remitly, Remitbee, and Transferwise.

      04

      Asenso Remit Frequently Asked Questions

      Here are some frequently asked questions about choosing Asenso Remit for your online money transfers:

      Asenso Remit is regulated in Canada by FINTRAC. The company also says that it uses bank-level security for its online services.

      This depends on the method you use to pay for the transfer and how your recipient receives it. For many methods, it will be with the recipient in 1 hour. The longest methods take up to 4 business days.

      Cash pickup has a limit of 100,000 Philippine Peso (PHP). Asenso Remit also has a limit of CAD 300 per transaction. In order to send more, you will need to contact the company and provide additional verification documents.

      History Of Asenso Remit


      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.

      Other Services Asenso Remit Offers


      Asenso Remit also offers bill payment for your Philippine bills. There is a fee, just as there is for money transfers.

      So What Is Asenso Remit In A Nutshell?


      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.

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