If you are looking for a digital currency exchange, you’re not alone. Many people have realised that there’s no need to join a line or put themselves at risk by trading currency in person.
Online currency exchange is a less expensive, more reliable, straightforward, and simple way to exchange money.
In Canada, banks are no longer the cheapest way to purchase foreign currency. There are numerous businesses that specialize exclusively in currency exchange, whether you need it for a holiday, a big purchase, or any other purpose.
This is why we've put together a series of articles that compare some of your digital currency exchange choices. Today, we'll see how Remitbee compares to Interchange Financial.
There are twelve things to consider when choosing a currency exchange service:
According to its website, Interchange Financial has been in business for two decades. The company’s founder was often disappointed that his Canadian bank did not deliver globally favorable rates on currency exchange transactions, and he discovered that this had an effect on his business plans. He could only find forex trading companies that were geared for electronic trading and speculation and were incapable of solving real business problems. He saw a need in Canada for a currency exchange company that could meet the needs of real people and real businesses.
Remitbee is a Canadian company, which was founded by immigrants. It was created in 2015. To provide its services to Canadians, the company formed partnerships with some of the world's leading banks. While its primary business was international money transfers, it started offering currency exchange services in late 2020. Currently serving customers who want to exchange USD to CAD and CAD to USD, Remitbee has announced plans to add more currencies in the future.
When comparing Interchange Financial and Remitbee, in general, Remitbee has a more favourable exchange rate. Typically, Canadian banks charge a percentage that is a higher premium over the interbank rate. This is the rate that appears when you check for the latest rate online. It is usually an average of the buy and sell exchange rates for large sums between banks. This rate is normally not available to the general public or small businesses.
As of 14 May 2021, the interbank rate was 1.00 USD → 1.2139 CAD. Here’s what the rate was for on both companies’ websites.
Interchange Financial’s exchange rate for CAD/USD
Account to account transfer: 1.00 USD → 1.220 CAD
Cash: 1.00 USD → 1.2407 CAD
Remitbee’s exchange rate for CAD/USD
1.00 USD → 1.204 CAD
So, between the two, Remitbee was closer to the mid-market rate, which means you, the consumer, got a better deal.
Let's dive deeper by comparing fees.
There are no fees to exchange with Interchange Financial.
There are no fees to exchange with Remitbee.
In this category it looks like both services are equally good as they offer a no-fee exchange. It’s important to note though, that your bank may charge you to send money, so check the terms of your account.
Currency trading websites have historically been rife with hidden fees and fine print. It has become less of an issue as digital transfer platforms gained prominence and people gained the ability to easily compare their options. Transparency should be a consideration when selecting a provider.
Let’s examine how transparent both services are.
Current exchange rates are available as quotes on the Interchange Financial website. The company says it charges no fees and clearly shows before a transaction what the amount is that the customer will receive.
With Remitbee, you have to do is visit the site www.remitbee.com and enter the sum you'd like to exchange. The most recent exchange rate and fee will be shown. There are no hidden fees or charges.
According to Interchange Financial, the pricing and rates you see are exactly what you get with their currency exchange. You book exchange rates at your leisure and complete the transaction in person or online at one of their locations. The price you book is the price you get. Reviews online mention their extended working hours at their branches as one of the highlights of their service. Interchange Financial also makes it simple to check a rate on the phone or online and to get it in person. For signup, it asks for identity information, as well as the source of your funds and the reason you want to exchange money.
Remitbee has excellent reviews for its currency exchange service, with many users liking the convenience of their website and apps for iPhone and Android. Remitbee's 3-part method for currency exchange includes these steps: The service process includes completing a sign up, a verification process, and then the actual exchange, which happens by transferring money to the Remitbee bank account. The choices they have include three different levels of verification. In practice, the minimum standard of verification takes no longer than 24 hours.
Review platforms such as Google show that Interchange has mostly favourable reviews from its customers. Many are repeat customers, showing that they trust the company to exchange their money more than one time. On Yelp, they are rated 3.5 out of 5 stars. On Trustpilot, they are rated a lower 2.9 out of 5 stars.
Remitbee is viewed as a highly reputable organization by its customers, as seen by its ratings on the BBB. On that site it has an overall rating of 4.89. The Remitbee apps are also highly rated. Remitbee’s applications have earned 4.7 stars in the Google Play Store and 4.6 stars in the iTunes Store.
In terms of reviews and scores, both companies seem to be tied. Both have had a lot of positive reviews.
Remitbee’s payment methods include:
How secure is Interchange Financial? The Canadian monitoring body FINTRAC regulates the company, which means it must follow certain financial standards. It enjoys a rating of A+ on the Better Business Bureau’s website. The company says it uses the latest encryption technology to ensure that any information submitted through its website is secure.
Remitbee also employs stringent security measures. To keep customers’ money safe, it collaborates with major trusted banks all over the world. Remitbee is also registered with and monitored by FINTRAC.
The Better Business Bureau's online reliability program has also accredited the company, demonstrating its trustworthiness. Remitbee hosts and manages customer data using cutting-edge protection tools to keep it safe. Amazon Web Services (AWS) and Microsoft Azure are two examples.
Both businesses look to be safe and secure enough to entrust your money with.
Interchange Financial has five locations in the Greater Toronto Area.
Toronto – Downtown
20 Dundas Street West
Toronto ON M5G 2C2
Toronto – Downtown
1 Yonge Street, Suite 109
Toronto ON M5E 1E5
Toronto – North York
5617 Yonge Street
Toronto ON M2M 3S9
3621 Highway 7 Unit 101
Markham ON L3R 0G6
10545 Bramalea Road
Brampton ON L6R 3P4
Remitbee operates solely online through their website www.remitbee.com. Currency exchange can be done 24 hours a day.
Among other things, reviews of Interchange Financial’s customer support say things like “ The staff have been very responsive over email and the service is easy to use. Lock in a quote, tell them the amount, and the money is transferred.”
Customer service is one of Remitbee's strongest assets. As a promise to their clients, they back up their customer service with a 100% Money Back Guarantee (including any fees paid).
Remitbee has also received positive feedback via Google, Google Play, the Apple App Store, the Better Business Bureau (BBB), and Trust Pilot.
You can contact Remitbee in the following ways:
While both Interchange Financial and Remitbee are trustworthy currency exchange services. Both have received a lot of positive reviews and received high ratings.
Overall, because of its competitive exchange rates, Remitbee is the superior service for online currency trading. If it is important to get cash or go in person to a branch, Interchange Financial is the better choice.
To check rates and get a quote, see Remitbee’s service for yourself, whether you’re exchanging CAD to USD or USD to CAD.
Best exchange rates, one-day delivery, free transfers over 500$ and amazing customer support! Too good to be true? How about a sweet 15$ bonus towards your first transfer? Just give us a shot!