TORONTO, June 16, 2020 /CNW/ – Remitr, the Toronto-based business payments platform, today announced Global Business Accounts, the first Canadian fintech solution for international banking. Remitr GBA replaces the hassle of cheques and wire transfers or the need to set up a foreign account. With small businesses’ need for increased cash flow and digital payments, Remitr’s Global Business Accounts enables Canadian businesses to pay and get paid internationally like a local business.
Remitr Global Business Account (GBA) offers Canadian businesses unique, instant USD, GBP, and EUR accounts and routing numbers to reduce the friction and costs of doing business internationally. GBA is ideal for eCommerce stores, exporters, and SaaS companies that frequently make or receive payments abroad. Remitr customers can receive and hold funds in three currencies until they need to deposit to their Canadian bank account or transfer to one of the 150+ countries Remitr serves.
About Remitr GBA
– Open instant accounts to pay and get paid like a local business in the US, the UK and Europe
– Receive payments without incurring bank fees
– Get paid faster: Remitr payments arrive in 1 day compared to 3-7 days with banks
– Hold currencies to avoid unnecessary currency conversion costs
– Save money with no setup or maintenance fees
– Streamline billing without managing an international entity
– Avoid poor exchange rates when you decide to convert funds
– Use Remitr’s exchange rate with a flat transfer fee of $5
Kanchan Kumar, Co-founder and CEO of Remitr said: “GBA provides an end-to-end solution to the payment problems small businesses face, starting with their ability to pay and get paid. Not only does GBA replace untimely and inconvenient cheques, it also cuts out the fragmentation of using one provider to collect payments and another to convert it back to the business’s Canadian account. At a time where cash flow is king and more and more businesses are moving to digital payments, we’re dedicated to providing a more seamless banking experience where multi-provider friction is a thing of the past.”
The Remitr Difference
Ecommerce companies selling internationally have a three per cent charge on card payments. When transferring this back to Canada, they are hit with another three per cent charge for bank currency conversion charges (FX).
– Sales of $100,000 would on average be net sales of $94,000.
– Up to $6000 or six per cent is lost in payment processing costs.
With Remitr, businesses can avoid exorbitant bank fees.
– Sales of $100,000 would be net sales of $96,550.
– Money is received nearly 3 days faster with Remitr.
Samir Al-Battran, Founder of Tweepsmap Inc said, “Having a global footprint, Tweepsmap receives funds from different payment solutions and pays international vendors, which often resulted in delays and unwanted currency exchange. Remitr’s Global Business Accounts helps us consolidate all our international transactions in one place, saving us both time and unnecessary currency exchange fees.”
Sandeep Todi, Co-founder and CBO of Remitr said: “Representing almost 98 per cent of all businesses, small businesses are the backbone of the economy – from eCommerce, the developing technology ecosystem to importers and exporters. With the effects of COVID-19, liquidity, savings, and the ease of doing business are more important than ever. Losing up to six per cent in bank fees is something most small businesses cannot afford. We are committed to championing small businesses, giving them more freedom and control over their finances.”
Remitr is a Toronto-based fintech startup for business payments that offers an alternative to wire transfers, cheque payments and bank visits. The established Remitr Global Network allows businesses to make fast—often one day—payments across Canada and in over 150 countries. The platform also offers free-of-cost deposit accounts in USD, GBP and EUR, removing the exorbitant banking fees of receiving international payments. Co-founded by Kanchan Kumar and Sandeep Todi in 2016, Remitr now processes hundreds of millions of dollars annually and is backed by global investors such as Roots VC, Smart Start Fund, Venture Highway, Whiteboard Capital and Vijay Shekhar Sharma.
For further information:
PR Contact: Christina MacDonald Sikand.
View press release on Newswire here.