Getting money out of India is quite difficult. It involves long wait times, expensive fees, and complex regulatory requirements.
With an influx of new permanent residents to Canada over the next several years, many of them from India, this system needs a serious reboot.
The solution: Beacon Remit.
Beacon Remit, part of the Beacon Super App, is the first product available across the world that offers a single app, end-to-end remittance service for Canadian immigrants looking to move money out of India.
Beacon is a purpose-built fintech startup dedicated to easing the transition for immigrants relocating to Canada.
To support an influx of new immigrants, students, and work permit holders to Canada, many coming from India, the Beacon Super App also provides customized digital information, checklists, and relevant content to help new immigrants prepare for their move and settle confidently in Canada.
Beacon Remit uses a solution fully approved by the Reserve Bank of India (RBI), ensuring compliance and security and, according to Beacon, International money transfers are about 50% cheaper than those processed through traditional banks in India.
“As an international student from India, managing money transfers used to be a major headache and took precious time away from my studies,” said Aman Rishu, an international student from India studying at George Brown College.
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“Using Beacon Remit is a game-changer. Previously, sending money from India was complicated, slow, and expensive. Now, it’s quick and straightforward, letting me concentrate on my studies and adapting to life in Canada with a lot less stress and a lot more money in my pocket.”
Based in Toronto and Montreal, Beacon was founded in 2023 by Stuart Szabo and Aditya Mhatre. Earlier this year Beacon raised a $5.25 million seed round to support their launch in Canada.
“Beacon Remit makes moving money internationally cheap and easy. I know firsthand how challenging it can be to transfer money from India into a Canadian bank account, so we created a solution that allows users to move their money from start to finish with just one app,” said Aditya Mhatre, Co-Founder and CPTO of Beacon.
“Our mission is to empower immigrants by removing the traditional barriers and complexities of international finance, and Remit is the first of many financial solutions we are bringing to market to serve Canadian newcomers.”
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