BetaKit: Beacon launches remittance solution to help Canadian newcomers receive money from India

Toronto and Montréal-based FinTech startup Beacon has launched its first financial product, a remittance tool designed to help newcomers to Canada receive money from India.

The startup, which emerged from stealth in May, plans to eventually build a “super app” specifically for immigrants in Canada.

According to a statement, the new remittance product, called Beacon Remit, allows users to remit money for their education from India to any Canadian bank.

The goal of the service is to ensure newcomers to the country from India, such as students, immigrants, and work permit holders are prepared to settle in Canada.

The startup claims the product is 50 percent cheaper than processing transfers through traditional banks in India, and its exchange rate is “optimized” in order to minimize the total cost of each transaction.

Transfers made from the platform are also approved by the Reserve Bank of India (RBI), Beacon said in a statement. RBI is India’s central bank and banking regulator.

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