With this Pandemic around, there is a massive demand for Online Money Transfer apps. Even our Facebook newsfeeds were flooded with ads of these apps. But choosing the best money transfer app in the market is hard because, there are too many big players who are spending millions to fill the google and social media with their ads.
We are writing this review to let you know about Remitbee, the online money transfer app with the highest conversion rate.
While choosing the app to transfer money to another country, you should consider the app’s exchange rate, fees, and trustworthy. In this remitbee review, we will share the experience that we had with Remitbee. As we have the policy of not reviewing anything without trying for ourselves, we transferred money from Canada to Sri Lanka using remitbee.
How does Remitbee work?
Remitbee has done an excellent job of making it easy to sign up. You can use Remitbee mobile app, which is available for both android and ios or their site to get started. Like other services, they will ask for a few personal details, documents for ID and address verification. You might also get a call from one of their representatives for additional verification. You can start sending money abroad using Remitbee by following the below steps:
- Create your free account.
- Verify your account. (They will take few hours to verify your account)
- Add recipient
- Choose a payment method and pay.
- There are no additional steps, from the 4th step, Remitbee handles everything with care to make sure that the recipient gets the money.
How fast is Remitbee?
Their quick money transfers can take as little as 5 minutes or up to 1 business day depends on the country. They are also provided 36hrs transfer options, which will give a much higher exchange rate than the quick transfers.
Is your money safe with Remitbee?
Yes, Of course. They are operating based in Toronto, Canada and comply with every country’s law where they are performing. Also, Remitbee is accredited by the Better Business Bureau, and they offer a money back guarantee if anything were to go wrong with your transfer!
How do I track my Remitbee Transfer?
You can always check the status of your transfer by visiting transactions page after login into your account.
Once the recipient receives your transfer, Remitbee emails you confirmation, and you’ll see your transfer marked Completed in the app’s transaction tab.
What is Remitbee Wallet?
Don’t have a debit card? Don’t worry; you can still send money through the Remitbee using their wallet. Once you signed up for remitbee, you will get a personalized wallet for yourself. All you have to do is top up your wallet using ETF or R-Transfer before sending money. And funding your wallet is absolutely free!
Remitbee Fees
Remitbee’s fees and exchange rates vary based on the receiver’s country but typically depend on the following:
- Amount – The amount you send may change the fee you are charged.
- Payment – Paying with their wallet is the cheapest option.
- Speed – Remitbee offers two transfer speeds: Instant and Regular.
Check out their fees page for detailed information.
How much can I send with Remitbee?
Remitbee’s transfer limits are based on the level you’re approved for. To progress through Remitbee’s levels to higher maximums, you need to provide more personal information and an ID:
How much can I send with Remitbee?
Remitbee’s transfer limits are based on the level you’re approved for. To progress through Remitbee’s levels to higher maximums, you need to provide more personal information and an ID:
| Level | Daily Limit | Monthly Limit |
|---|---|---|
| Level 1 | 50 CAD | 500 CAD |
| Level 2 | 3000 CAD | 25000 CAD |
| Level 3 | 9000 CAD | 90000 CAD |
Increasing the level with Remitbee will require the following documentation and information:
| Information needed | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| Personal Information | ✔ | ✔ | ✔ |
| Phone Number Verification | ✔ | ✔ | ✔ |
| Proof of Bank Account | ✔ | ✔ | |
| Photo of your ID | ✔ | ✔ | |
| Security code to Address | ✔ | ||
| Selfie with ID | ✔ |
Compare Remitbee to the competition
We compared the services that we tried to transfer money to Sri Lanka from Canada. And this comparison table is based on the fees and exchange rates to send CAD 100 to Sri Lanka.
| Service | Min Transfer | Transfer Speed | Exchange Rate (19th of Jan 2021) | Fee |
|---|---|---|---|---|
| Remitbee | 10 CAD | Instant / Regular (Upto 36hrs) | Instant - 1 CAD = 151 LKR Regular - 1 CAD = 160 LKR | 2.99 CAD |
| Remitly | 10 CAD | Instant | 1 CAD = 150.12 LKR | 4.99 CAD |
| Sendwave | _ | Instant | 1 CAD = 148.58 LKR | FREE |
Remitbee Offers & Discounts
Remitbee doesn’t offer any discounts or offers, but you are entitled to get $10 for FREE towards your rewards balance if you are a new user. Once you Sign up, you will get a unique promo code to redeem.
Conclusion
We have tried Remitly, Sendwave along with Remitbee. All of them are excellent for different reasons, but overall we found that Remitbee offers lower fees and stronger exchange rates. If Remitbee supports the recipient country, it is worth checking out. However, if you know any other online remittance provider, feel free to let us know in the comments.
Remitbee
Pros
- Send money abroad for almost 0 fees
- Great exchange rates
- Money sent in a matter of minutes
- Multiple tiers based on your need
- Multiple receiving methods
Cons
- They will 2-3 hours to load money to your wallet after the interac tranfer.