Beacon Launches First-Of-Its-Kind Money Transfer Product, Supporting the Immigrant Journey to Canada

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Now available in the Beacon Super App, Beacon Remit offers the only all-in-one app solution for money transfers from India, empowering Canadian immigrants to settle confidently.

TORONTO, September 10, 2024 --(BUSINESS WIRE)--Beacon, a purpose-built financial solutions company dedicated to easing the transition for immigrants relocating to Canada, is excited to announce the launch of its first financial product, Beacon Remit, within the Beacon Super App. This innovative product is the first-of-its-kind globally, offering a fully digital, end-to-end money transfer experience from India - all within a single app.

To support an influx of new immigrants, students, and work permit holders to Canada, particularly from India, the Beacon Super App delivers customized digital information, checklists, and relevant content to help new immigrants prepare for their move and settle confidently in Canada.

Unique Beacon Remit Features:

Single Platform: Enables immigrants to transfer money from India to Canada with ease using a single app on their smartphone.

Cost-Effective: International money transfers are about 50% cheaper than those processed through traditional banks in India.

RBI Approved: Beacon Remit uses a solution fully approved by the Reserve Bank of India (RBI), ensuring compliance and security.

No Paperwork or Branch Visits: A 100% digital experience eliminating the need for physical documentation or visiting a bank branch, making it incredibly convenient for users.

Centralized ID Technology: Utilizes cutting-edge technology to complete Aadhar identity verification in under 10 seconds, a feature unique to Beacon Remit in North America.

"As an international student from India, managing money transfers used to be a major headache and took precious time away from my studies," said Aman Rishu, an international student from India studying at George Brown College. "Using Beacon Remit is a game-changer. Previously, sending money from India was complicated, slow, and expensive. Now, it's quick and straightforward, letting me concentrate on my studies and adapting to life in Canada with less stress and a lot more money in my pocket."

"Beacon Remit makes moving money internationally cheap and easy," said Aditya Mhatre, Co-Founder and CPTO of Beacon. "I know firsthand how challenging it can be to transfer money from India into a Canadian bank account, so we created a solution that allows users to move their money from start to finish with just one app. Our mission is to empower immigrants by removing the traditional barriers and complexities of international finance, and Remit is the first of many financial solutions we are bringing to market to serve Canadian newcomers."

Story continues

Beacon Remit is now available to download through the My Beacon app. To learn more about this groundbreaking product and how it can benefit you or your family, visit www.mybeacon.ca.

About Beacon:

Beacon is a purpose-built financial solution designed to help immigrants in Canada settle with ease and build their futures with confidence. Based in Toronto and Montreal, Beacon was founded in 2023 by Stuart Szabo and Aditya Mhatre. The company is on a mission to simplify the path to a new life in Canada by delivering resources, guides, and financial products through its Super App, ensuring immigrants have all the tools needed to build their brightest possible future. To learn more, visit www.mybeacon.ca.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240910164285/en/

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Samantha Berdini Senior Account Manager, Category Communications samantha@categorycomms.com 647-238-5256

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Beacon Launches First-Of-Its-Kind Money Transfer Product, Supporting the Immigrant Journey to Canada

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