If you are short on time or finances or are looking for a hassle-free solution to all your money-transfer business problems, you have landed on the right platform. Our Remittance-as-a-Service Solution in Canada allows you to find the perfect sponsoring institution for your money-transfer organization – an institution that will handle all important aspects – like banking, licensing, and compliance – associated with the transfer of funds across borders.
What is the RaaS Solution in Canada?
After the successful launch of our white-label Remittance as a Service from the US, we are now offering the same from Canada. Most entrants have found that although the licensing in Canada may be relatively easy to obtain, access to banking in Canada for remittance businesses has become a nightmare. Our Remittance as a Service (RaaS) Canada solves both these problems. With our RaaS service, you can operate a cross-border remittance business as it allows you to sign up customers from anywhere in Canada.
Our Remittance-as-a-Service solution (or RaaS Solution) in Canada allows organizations to have all their money-transfer needs met through this white label solution. In particular, for businesses that are enthusiastic about joining the money-transfer industry without having to fret over banking, compliance, licensing, etc, Remittance-as-a-Service Solution in Canada is a perfect choice. It entails Software-as-a-Service, Compliance-as-a-Service, Licensing-as-a-Service, Banking-as-a-Service, and other services all under one white-label solution. We can also help you register your Money Services Business (MSB) with the Financial Transactions and Analysis Centre of Canada (FINTRAC).
How is RaaS Solution in Canada different from RaaS Solution in the US?
While the Remittance-as-a-Service Solution in Canada is a white-label service just as it is in the US, the differentiating factor between the two is the fact that, unlike the US, Canada does not require separate Money Transfer Licenses for each state. With just a single MSB license, you can carry out operations from any part of Canada except the state of Quebec as it requires a separate license in order for your business to operate.
However, for you to get started with your money transfer business in Canada, our RaaS Solution is a perfect choice. We can connect you with a sponsoring institution, under whose license you may carry out your operations. The sponsoring institution will help you set up an App and/or Web platform to carry out your operations. If your business already has an App/Web Platform, our sponsoring institution can provide you with an API to connect to your existing platforms.
Who needs the RaaS Solution in Canada?
Through our Professional Pricing Plan, we can ensure that the Remittance-as-a-Service (RaaS) Solution in Canada is tailored to cater to your needs perfectly.
Payout Countries Supported by our RaaS Canada Solution
The following payout countries are supported under the RaaS Solution in Canada:
- Ivory Coast
- Burkina Faso
- Guinea Bissau
- Sierra Leone
- South Africa
- Republic of Congo
Our pricing plan is catered to meet your specific needs. Whether your business requires an API for an already established web and app platform, or an API along with a web and/or app platform, or whether you need debit card processing, ACH payment processing or both, we have got you covered.
To help you understand how we have structured our pricing, attached below are some sample remittance calculations for your reference:
- Sample Calculations Where $250 is being remitted – RaaS Canada
- Sample Calculations Where $500 is being remitted – RaaS Canada
- Sample Calculations Where $1,000 is being remitted – RaaS Canada
Frequently Asked Questions about the RaaS Solution in Canada
While the process of signing up for a Remittance-as-a-Service (RaaS) Solution in Canada may seem daunting, it really is not. You may have tons of questions about the RaaS Solution Process in Canada, hence we have gathered a list of FAQs that should help you. It is imperative that you go through this list as it has been curated based on actual questions asked by potential clients.
Once you have made your decision to sign up for the RaaS Solution in Canada, you can follow these steps:
- Choose a pricing plan from the Price Matrix and note its Reference Code
- Select FIVE payout countries using this form. If you cannot find your desired country please let us know.
- Fill out the Regulatory Coverage Questionnaire
This page was last updated on February 2, 2022.