We are excited to announce a new feature for converting funds from CAD to USD and USD to CAD whenever you wish. You can convert these funds between your Ledger balances in different currencies.
REMITR enables you to transact in different currencies like Canadian Dollar (CAD), US Dollar (USD) and Euro (EUR). You can instantly convert between these currencies in two ways:
- When you have funds in your bank account and wish to convert USD to CAD or vice versa.
- When you have funds in your REMITR Ledger and wish to convert from one currency to another before withdrawing funds or using them for payments to suppliers.
Read on below for two easy ways in which you can convert between currencies without paying hefty bank fees.
Convert funds in your USD bank account to CAD or from your CAD bank account to USD
Converting funds in your bank account from USD to CAD or CAD to USD is a simple process. Simply go to Ledgers screen, select Add Funds and provide the amount you wish to convert.
Once the funds are seen in Available Clear Balance on REMITR, you can convert between USD and CAD within your Ledger (see Inter-ledger conversion details further in this article).
Once you have converted between the two currencies, choose the option to “Withdraw Funds” to your bank account in the new currency that you converted to.
Converting existing funds in Ledger from USD to CAD
In the image below you will see the user has both a CAD and USD Canadian ledger. We will use these ledgers as an example to show you how this new feature works.
To carry out an inter-ledger conversion, users must select
- The ledger they wish to send funds from
- The ledger they wish to send funds to
Once they have done this, they must then enter the amount they wish to transfer and click the ‘Next” button. (See below)
Once you have clicked on “Next”, you will be shown the fee you will be charged to move funds between the ledgers (which often times is Zero), as well as the exchange rate. REMITR always offers the best live FX rate, so you don’t lose any money.
REMITR allows your business to pay clients and freelancers worldwide without the stress of bank wire transfers.
Our service allows you to send money to over 150 countries – all within 1 business day, and for just $5 per transfer!*
With REMITR’s 24/7 service, you get the best live foreign exchange rate – regardless of banking hours.
If you need to send money, but also want to save money, get in touch with REMITR today.
* Payments are sent within 1 day after receipt of clear funds from your bank