Exchanging currency online in 2024

According to the Canadian Payment Methods and Trends Report 2023, the average number of Canadian international payments increased year-over-year to 6.6 from 5.3. The trend is highly influenced by Canada’s growing multicultural population, a large proportion of which regularly send remittances back home. This growing need has fed into the growing popularity of online payment methods and exchange services, known for their speed, convenience and accessibility in a niche previously serviced by established banks and credit unions.

The same report had 33% of Canadians sending money internationally via online or mobile banking services (25%) or visiting their bank branch (8%). The usage rate of payment services like PayPal and Western Union followed closely at 22% and 16%, respectively.

Overall, Online transfers as a payment method experienced growth in transaction volume (11%) and value (19%) in 2022 on a year-over-year basis.

With these stats in mind, the increasing adoption of online currency exchanges is not an accident -with many advantages and minimal downside. The article will look into its benefits and why you should consider using it in 2024.

What are Online money exchange services?

An Online money exchange service is an internet-based platform that facilitates the exchange and transfer of currency online. They offer a more personal and convenient solution to traditional financial institutions and have been growing in popularity with the increasing adoption of the Internet.

Some popular examples of online exchange services in Canada include Remitbee, Western Union and Wise.

Reasons to shift to Online Currency exchanges in 2024

There are obvious benefits to using online currency exchanges tailored to customer needs, the first being their speed and efficiency.

Fast and Efficient

Online currency exchange services are usually faster and more efficient than traditional financial institutions. The process is simple and efficient. Once registered to a service, you can accomplish currency exchanges with only an app on your phone.

Lower Fees

Online currency exchange services also charge less in fees than a regular bank. They can be a more economical choice, especially for frequent exchanges.

Transparency

Online currency exchange services also allow you to track your transactions in real-time and contact a customer services representative in case of irregularities.

Competitive Exchange rates

Competitive exchange rates are among the top reasons why online exchange services are getting a foothold in the market. Nowadays, most Online Currency exchange services also allow you to view the prevailing exchange rates live.

Currency Exchange with Remitbee

Remitbee is an online currency exchange and transfer platform that services more than 40 countries, including Canada, Sri Lanka and India.

The platform has been growing in popularity owing to its economical and efficient handling of remittances to and from Canada. Remitbee sets itself apart with:

• Convenience and Accessibility: With Remitbee, users can initiate transactions anytime, anywhere, using their computers, smartphones, or other internet-enabled devices.

• Speed and Efficiency: Funds can be transferred within seconds or minutes, allowing for quick settlements of bills, purchases, or remittances.

• Cost-Effectiveness: Remitbee offers some of the most competitive rates in the market in 2024.

• Cross-Border Transactions: Remitbee allows individuals and businesses to send and receive funds internationally. This is particularly beneficial for expatriates, freelancers, international businesses, and temporary workers who need to transfer money across different countries efficiently and cost-effectively.

Conclusion

Overall, online money exchange services are crucial in facilitating the digital economy by providing fast, secure, and convenient financial solutions to individuals and businesses worldwide. As technology continues to evolve, these services are set to play a major role in 2024 and the years to come.