While the holidays are known to many as the “most wonderful time of the year,” the financial stress of the season is difficult for many families. This is especially true for those of us in Canada who support relatives overseas.
While sending away a portion of your income can be challenging, costly transaction fees charged by remittance centres and banks don’t help. For example, sending money to the Philippines can cost anywhere from $8 to $20, which can include exchange rate premiums, taxes, and other hidden fees.
We send emails, pictures and videos to our overseas relatives instantly and for (almost) free. So, in an age where technology seems limitless, why are money transfers so slow and expensive?
Vancouver technology start-up, nTrust, has been asking this question for years. That’s why for the month of December, nTrust is giving the gift of free overseas remittance to Canadian residents.
Using the company’s website or mobile app, you can sign up for free, and send money abroad at no charge during December. Members also have the option to send money directly to a bank account.
“Sending financial support to relatives overseas is a huge part of life for many families in Canada,” said nTrust CXO Rod Hsu. “A family friend of mine sends money overseas to relatives in the Philippines, and before I introduced her to nTrust, it was frustrating to see how much she spent on high transaction fees. It’s really something special to see a technology built here in Vancouver help the people in our own daily lives.”
This promotion is limited to the month of December, but you can send money abroad all year long with nTrust for a flat rate of $4.99, or direct to a bank account for $7.99.
The company introduced this lower rate in 2014 in line with the World Bank’s “5X5” Objective. This objective aims to lower the cost of overseas remittance fees from 10% to 5% and put up to $16 billion back in the pockets of families sending money overseas.
“There are so few options for people to send money abroad easily and cheaply, even though the technology exists to do so,” said Hsu. “This is actually one of the reasons nTrust first came into being – to help solve this inequity.”
Note: You must be 18 years of age to sign up for a free nTrust Cloud account – sorry kids.
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