Interchange Financial vs. RemitBee
Planning to exchange currency online in Canada? We've compared Interchange Financial and RemitBee to guide you in choosing the service that offers the most competitive exchange rates, minimal fees, and the quickest processing times.
Intro
Comparing RemitBee and Interchange Financial: Which Service is Best for You?
In today's digital world, exchanging currency has never been easier or more convenient. Gone are the days of waiting in long lines at the bank or risking in-person transactions. Online currency exchange services provide a faster, more affordable, and secure way to manage your foreign currency needs.
In Canada, many people are turning to specialized currency exchange providers, moving away from traditional banks that often offer less competitive rates. Whether you're planning a vacation, making an international purchase, or simply sending money abroad, the right currency exchange service can save you time and money.
In this article, we’ll dive into a comparison of RemitBee and Interchange Financial, two top contenders in the online currency exchange market, to help you decide which service is best suited for your financial goals
Background
Interchange Financial, founded nearly two decades ago in Toronto, was created to address the gap in the Canadian market for a currency exchange company offering competitive rates beyond what traditional banks provide. The founder, frustrated by his bank’s lack of globally favorable exchange rates, saw a need for a service that catered to both individuals and businesses. Partnering with a currency specialist, Interchange Financial was established to deliver real-world financial solutions. Today, it offers a wide range of services, including cash and electronic currency exchange, international money transfers, and corporate solutions, with over 70 currencies available. The company, regulated by FINTRAC and holding an A+ BBB rating, has grown to serve customers across Canada both online and at retail locations.
RemitBee, a Canadian company founded by immigrants in 2015, initially focused on international money transfers but expanded its services to include currency exchange in late 2020. By partnering with some of the world’s leading banks, RemitBee has been able to provide secure and reliable services to Canadians. Currently, the company facilitates USD to CAD and CAD to USD exchanges, with plans to introduce more currencies in the future, further enhancing its offerings for its growing customer base.
Exchange rates
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.
Now let’s compare the two as of April 10, 2025:
the interbank rate for CAD/USD
1 CAD = 0.6905 USD
RemitBee’s exchange rate for CAD/USD is
1.00 CAD → 0.71 USD
According to these numbers, RemitBee is slightly closer to the mid-market exchange rate.
Exchange rate comparison
Fees
Interchange Financial offers fee-free currency exchange, making it an attractive option for customers looking to avoid additional charges. With competitive exchange rates and no fees, it provides a cost-effective solution for both individuals and businesses.
RemitBee offers fee-free currency exchange, making it an excellent choice for customers seeking a cost-effective solution. With competitive exchange rates and no hidden fees, RemitBee ensures that customers get the best value for their money.
Transparency
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 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.
Ease of use
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.
Customer reviews
Interchange Financial
RemitBee
Payment methods
Interchange Financial supports several payment methods, including:
Remitbee’s payment methods include:
Credibility and security
How secure is Interchange Financial? The Canadian monitoring body FINTRAC regulates the company, which means it must follow certain financial standards. 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.
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.
Service & Coverage
Interchange Financial has five locations in the Greater Toronto Area:
Address: 20 Dundas Street West, Toronto ON M5G 2C2
Address: 5617 Yonge Street, Toronto ON M2M 3S9
Address:3621 Highway 7 Unit 101, Markham ON L3R 0G6
Address: 10545 Bramalea Road, Brampton ON L6R 3P4
RemitBee operates entirely online through our website, www.remitbee.com, offering the convenience of currency exchange 24 hours a day, seven days a week.
Customer support
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.
Here are the numbers to call by province:
A lot of reviews say positive things about their customer support.
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). Call 1-647-689-2323 during customer service hours (10 am - 8 pm EST)
Remitbee has also received positive feedback via Google, Google Play, the Apple App Store, and Trust Pilot.
You can contact Remitbee in the following ways:
Promotions
Putting it all together
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. Disclaimer: All third-party trademarks (including logos) referenced by RemitBee Inc. in this article remain the property of their respective owners. Unless specifically identified as such, Remitbee's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between RemitBee and the owners of these trademarks. Any reference by RemitBee to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law. Furthermore, we are not responsible for any inaccuracies identified in the article's content, and that information can be verified by contacting the respective third parties directly mentioned in the article.