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Building Beacon Money: A journey from frustration to innovation

Building Beacon Money: A journey from frustration to innovation
By Aditya Mhatre, Co-Founder and CPTO, Beacon

What sparked the idea for Beacon Money you ask?

When I landed in Canada, excitement quickly turned into frustration. Setting up life here wasn’t easy – especially when it came to banking.

Back in India, opening an account was simple.
In Canada? A different story.

Walking into a bank full of hope, I was met with a laundry list of requirements I couldn’t fulfill. No proof of address? No Social Insurance Number? No account. If I, someone with fintech experience, found it overwhelming, I couldn’t help but imagine how tough it must be for other immigrants. One of the things I found unbelievable was that big banks limit the number of transactions in a month unless you pay a monthly fee. Sure, they waive the fees for the first year, but they start piling up soon after.

That’s what sparked the idea for Beacon. Together with my co-founder, Stuart Szabo, we set out to solve all such problems that immigrants face.

The challenges immigrants face

Banking for immigrants in Canada often feels like navigating a maze. Language barriers make it tough for many newcomers to understand complex financial jargon in English or French, leaving even basic decisions – like choosing an account type – fraught with anxiety. On top of that, unfamiliar banking norms (heard of NSF fees?), like understanding credit scores or knowing which financial products to choose, can leave anyone feeling lost.

There’s also the issue of documentation. Banks often require proof of address or a Social Insurance Number – documents that many newcomers don’t have right away. Without a Canadian credit history, gaining access to financial products can feel impossible, locking people into a frustrating catch-22. To make matters worse, scams and frauds are a common risk for those unfamiliar with local systems, adding another layer of stress.

Introducing Beacon Money: Made for immigrants, by immigrants

We built Beacon Money to make financial life easier, and we’ve designed it specifically for immigrants like us. It’s the companion I wish I’d had when I moved here. Beacon offers a fully digital onboarding experience, letting you open an account in under 10 minutes from anywhere – no branch visits or paperwork required. Even better, you don’t need a Social Insurance Number to get started, removing one of the biggest barriers newcomers face.

Beacon Money is designed to be transparent and stress-free. There are no monthly fees, so you don’t need to worry about hidden charges while navigating your new financial landscape. We’ve made onboarding as simple as possible. You can sign up online in just a few minutes and verify your identity using your passport and Canadian immigration documents.

Once you’re set-up, you’ll get an instant Visa card that you can add to your Apple, Google, or Samsung Wallet in under two minutes. If you prefer a physical card, it’ll be delivered to your Canadian address within 7-10 days. Depositing money into your Beacon Money account is just as easy. You can add money by depositing your salary (also known as “direct deposit” in Canada), Interac e-Transfer, or international transfers via Beacon Remit or SWIFT.

Beacon is Canada’s only digital financial service provider that can receive international wire transfers from anywhere in the world. Most payments in Canada are made using a card, but for those who need cash, we’ve got you covered too – withdraw funds from any Visa-enabled ATM across Canada, with three free withdrawals every month.

Why this matters

Moving is tough. I’ve experienced it multiple times, and Stu often says, “Moving is hard.” He’s right. We created Beacon Money to ensure the first steps of your journey here feel empowering, not daunting.

This is more than a product – it’s a promise. From paying your first bills to building a solid financial foundation, we’re here for you.

To all the newcomers: Welcome to Canada.
You’ve got this, and we’ve got you.