The real cost of earning USD Dollars for Canadians

In the vibrant world of digital workspaces and globalized opportunities, more and more Canadians are drawing their salaries in US dollars. Whether you're a freelancer serving US-based clients, an executive at a multi-national company, or someone dabbling in US investments, there's a good chance you're no stranger to the complexities of currency exchange.

You'd think that in this modern age, exchanging your hard-earned US dollars to Canadian dollars would be straightforward. Yet, many are discovering a harsh reality: the true costs are more than just the numbers you see on the exchange rate ticker. Let’s explore this financial journey to help you save where it matters most.

Hidden Fees and Unfavourable Rates

Banks and mainstream financial institutions, for all their glitz and promise of convenience, often bite a large chunk off your earnings through unfavourable exchange rates and hidden fees. They're counting on customers to prioritize convenience over cost. These fees might seem negligible on smaller transactions. But when it’s your salary, on the line you're potentially losing out on a significant amount of money every single month.

Scenario 1: Traditional Banks

Mark’s conversion through one of Canada's major banks typically looked something like this:

USD to exchange: $5,000

Bank average exchange rate: 1.25 (reflecting their 3-5% margin over the market rate)

Received in CAD: $6,250

Bank processing fee: $30

Final amount in CAD: $6,220

Note: Giants like TD, BMO, RBC, CIBC, and Scotiabank often have a spread of 3-5% on the real market rate. Additionally, they might have associated service charges.

Scenario 2: RemitBee

When Mark tried RemitBee for the same amount:

USD to exchange: $5,000

RemitBee exchange rate: 1.264 (considering a minimal spread of 0.36% over the real-time market rate)

Received in CAD: $6,320

Final amount in CAD (no processing fee): $6,320

Comparison Results:

By choosing RemitBee, Mark bolstered his return by an extra $100 each month. Annually, this translates to an additional $1,200 – a sum that's hard to overlook!

The RemitBee Advantage

This platform is not just another currency exchange service—it's a game-changer for Canadians earning in USD. By offering a seamless online exchange experience, RemitBee stands out in the crowd in multiple ways:

-Incredible Savings: With exchange rates that promise up to 10x more savings than conventional banks, RemitBee champions the financial wellbeing of its users. When you see the difference in your savings account, you'll wonder why you ever stuck with your bank for so long.

• Convenience at Your Fingertips: Gone are the days of standing in bank queues or waiting for appointments with financial advisors. With RemitBee's intuitive app and online platform, you can exchange CAD and USD between your Canadian bank accounts without moving an inch. Coffee in hand, pajamas on, money transferred—all within moments.

-Uncompromised Security: In the realm of online transactions, security is paramount. RemitBee employs top-tier encryption and security protocols, ensuring your money—and peace of mind—are always safeguarded.

-Transparent Transactions: RemitBee believes in full transparency. No hidden charges, no last-minute surprises. You’ll know exactly how much you're sending, how much you'll receive, and any fees if any (which are minimal compared to banks) upfront.

-Making the Smart Choice

Exchanging money shouldn't feel like you're paying an additional tax on your earnings. Every cent counts, especially when it's your salary, your effort, and your time converting into that currency.