What is Remittance as a Service in Canada?
It is essentially a White Label service, meaning that you do not need to be licensed as an MSB in Canada but are utilizing the Principle License Holders (PLH) license and Web and App platform. You can also bring your own web and App platform (something we do not recommend if you are just starting out and have not developed it yet) and in that case, you will be provided with the APIs. You will essentially be working as an ISO – Independent Sales Organisation / Marketing company. This means you will not be getting custody or handling the client’s funds.
In either case, (whether you choose to just use the API or the Web/App platform), the processing and compliance are handled by the principal license holder (PLH) that is sponsoring you.
After that visit this link to understand what will be your Setup and Monthly costs.
Sample Transaction Costs
We have provided sample calculations based on 1st-time customers registering as well as returning customers. The Samples highlight the transaction processing costs for different payment processing options and the appropriate formulas to better help you understand what it costs:
- Sample Calculation for a remittance originating in value for US$250
- Sample Calculation for a remittance originating in value for US$500
- Sample Calculation for a remittance originating in value for US$1000
After going through the costs, the most common question you have is what are the payout countries that are supported. This is the current list:
Benin, Senegal, Ivory Coast, Mali, Burkina Faso, Niger, Togo, Guinea Bissau, Sierra Leone, Ghana, Nigeria, Kenya, South Africa, Tanzania, Uganda, Philippines, India, SEPA, UK, USA, China, Indonesia, Singapore, Republic of Congo, Cameroon, Rwanda.
Frequently Asked Questions
Once you have gone through the above links, you will have perhaps a dozen or so questions on your mind. This is why, we’ve curated an FAQ (Frequently Asked Questions for Remittance-as-a-Service) based on actual questions asked by potential customers of ours.
Chances are, the question you are seeking an answer to, has already been answered. It is imperative that you please read through this FAQ section.