Why is the Currency Exchange rate different from the International Money Transfer rate?
That's a valid observation. Let's break down why the exchange rates might differ for these services even though the currency pair is the same.
Firstly, International Money Transfers and Currency Exchange are two different services. The first involves multiple third parties and financial institutions across multiple countries, while Currency Exchange is facilitated within Canada, involving only RemitBee and your bank.
Factors affecting exchange rates
- International Money Transfers:
To send funds to different countries, we need to pay network fees and commissions to our partners in those countries. These fees and commissions can vary based on the country, partner, and network used to facilitate the transaction.
- Currency Exchange:
Since the Currency Exchange is conducted within Canada, the funds are moved between Canadian financial institutions using the domestic EFT network. This involves lower costs, allowing us to offer higher exchange rates to benefit our users.
Our commitment
The RemitBee team works hard to improve the network, speed, and cost of all transactions for our users. We continuously strive to provide the best rates and services possible.