VoPay today announced the launch of Canada’s first international money transfer service leveraging mid-market rates to offer consumers the fastest and lowest-cost service to over 50 countries.
“Canadians are some of the most active participants in international money transfers in the world,” said Hamed Arbabioon, Founder of VoPay. “We send billions of dollars overseas annually, but until now, have been paying exceptionally high exchange and transfer fees, meaning not only is the sender paying more, but their recipient gets less. We believe consumers should be able to transfer money easily and affordably with transfer rates that reflect the real market value of those currencies.
”VoPay is the only Canadian company leveraging mid-market rates for international exchange. The mid-market rate is the “true” exchange rate listed in real time, without the added exchange fees traditionally associated with money transfers through banks and traditional transfer services. VoPay provides international transfers of up to $1000 CAD with fees as low as 0.5% to over 50 initial countries, with more expected in the coming months.
“Consumers have begun to demand more from their financial service providers with the incredible growth of fintech; consumers can now bank online, utilize alternative credit providers and invest with robo-advisors but one area that has remained untouched until now has been international money transferring. VoPay looks to fill that gap by offering a transparent and flexible service designed to simplify money transferring for all consumers.”
Through a omni-channel service, VoPay customers can transfer money online, through mobile devices or through thousands of retail locations in partnership with VoPay such as Canada Post and Esso. Vouchers purchased at these retail locations can be redeemed online or at other participating locations in the lending country.