Toronto, ON: June 16, 2020: Remitr, a Toronto-based business payments platform, launches the Global Business Account – the first Canadian fintech solution for international banking.
The Remitr Global Business Account (GBA) offers Canadian businesses instant, unique USD, GBP and EUR accounts and routing numbers to reduce the friction and cost of doing business internationally. For Canadian businesses, it’s like having a local checking account wherever you do business.
Benefits of the Remitr Global Business Account:
- Receive from Amazon / PayPal / Shopify / Stripe without the delays.
- Receive and hold payments in USD, GBP and EUR.
- Transfer funds from Remitr GBA to Canadian bank account in 1 day.
- Save up to 2% on currency conversion costs.
GBA is ideal for eCommerce stores, Exporters and SaaS companies that are frequently making or receiving payments abroad. Now they can receive online sales payouts without the delays or the hefty bank fees.
Kanchan Kumar, CoFounder and CEO of Remitr said, “The current economy has left Canadian small businesses struggling to survive. The Remitr Global Business Account is built for Canadians who do business internationally. GBA takes away the pain of exorbitant fees and hidden charges, allowing cash-strapped businesses to receive more of their revenue faster.”
eCommerce Stores that get paid for their online sales via Amazon, PayPal, Shopify or Stripe, can route their payouts directly to their Remitr GBA. These funds can then be withdrawn to their Canadian bank account at conversion costs that are up to 2% lower.
Users control when they convert currencies. They can pay suppliers using the funds in their Remitr GBA, or convert their payouts to CAD exactly when they need to.
With Remitr GBA, Exporters can receive payments from US, UK and European customers directly into their local virtual bank account. They get notified via email every time a deposit is received.
The funds received into their Remitr GBA can be used to make supplier payments in USD, or converted to CAD and withdrawn to their Canadian bank as needed. Alternatively, these funds can be used to make supplier payments or converted between EUR, GBP or USD.
Users can say goodbye to high currency conversion fees – receiving funds into the Remitr GBA saves them up to 2% on conversion costs.
By giving users access to virtual bank accounts unique to them, the Remitr GBA eliminates the need to set up a foreign corporation just to streamline international client billing.
SaaS companies that get paid for software sales and subscription billing via Stripe, 2Checkout or another gateway, can simply route payouts directly to their Remitr GBA to withdraw funds. They can also withdraw to their Canadian bank account at any time and save up to 2% in currency conversion costs.
Users have the option to hold payouts in USD to pay employees and contractors. The Remitr GBA puts an end to the pain of double conversion fees when paying overseas employees.
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.
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