Managing cross-border payments can be a challenge for any business. Remitly Business simplifies international transactions, letting you pay vendors, contractors, and employees around the world in their local currencies. This comprehensive guide will walk you through getting started, highlight the core advantages for Canadian businesses, and outline what you need to use Remitly efficiently.
Overview: Remitly Business for Canadian Companies
Remitly Business builds on Remitly’s reputation for secure, transparent money transfers. Designed with the needs of small and growing Canadian businesses in mind, the platform supports payments to over 170 countries, covering more than 100 currencies. Whether you’re managing global payroll or vendor relationships, Remitly offers straightforward solutions for your company’s cross-border payments.
Who Benefits from Remitly Business?
A variety of Canadian businesses can find value in Remitly’s business service, including:
- Entrepreneurs and Owners: Simplify paying overseas contractors and staff.
- Small Enterprises: Especially useful for newcomers to Canada who need dependable payment methods.
- Online Sellers: Facilitate timely payments to suppliers or partners worldwide.
- International Startups: Streamline payroll for decentralized teams.
Payment Scenarios with Remitly
Remitly Business can help you:
- Pay Overseas Freelancers: Seamlessly settle invoices with international professionals.
- Disburse Payroll: Ensure workers abroad receive funds in their home currency, reliably and on schedule.
- Clear Supplier Invoices: Send payments without unexpected fees.
- Issue One-Off Transfers: Flexibly send payments for bonuses, refunds, or unique business circumstances.
How to Get Your Remitly Business Account Ready
Setting up a Remitly Business profile is efficient and user-friendly. Here’s what you need to know to get started:
- If you’ve previously used Remitly for personal transfers, log out before beginning your business registration.
- Go to the Remitly Business site and choose “Create business account.”
- Input your business email and create a secure password, then select “Join now.”.
Tip: Use a different email address from your personal Remitly account.
- Share key company information, such as your legal business name and business structure.
- Complete the eligibility check and follow prompts to validate your business details.
Once your profile is created, you’ll gain access to fast, secure international payments for your business needs.
Eligibility: Who Can Register in Canada?
Remitly Business supports Canadian-based companies holding official registration as sole proprietorships, partnerships, or corporations. Always review the platform’s Business Account Agreement and Acceptable Use Policy beforehand to confirm your company qualifies and to understand any restrictions for your industry.
Required Information for Registration
Have these details available before starting your application:
Personal Details
- Full legal name and date of birth
- Government-approved photo identification
- Contact phone number and residential address
Business Details
- Registered business address and website, if you have one
- Nature of business, main customer types, and primary reasons for international payments
- Business Number (BN) issued by the Canada Revenue Agency, when relevant
- Size of workforce
Ownership Information
- Your role and ownership stake
- The same set of details for all owners and directors
Remitly may require further documentation for verification. If your company structure or information changes, update your Remitly profile to keep your account current.
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Why Choose Remitly for Your Canadian Business?
Here are the top advantages Canadian business owners highlight when using Remitly:
1. Simple Account Creation
You can open an account quickly, with minimal paperwork. Once your business account is active, sending payments takes just a few steps through an online dashboard.
2. Rapid Payment Delivery
Funds often reach international recipients within an hour, helping you meet deadlines, keep payroll running smoothly, and manage urgent obligations with confidence.
3. Transparent Cost Structure
No confusing fees. Remitly is upfront about its prices and offers competitive exchange rates for cross-border payments, reducing the risk of unpleasant surprises for your business.
4. Broad Choice of Delivery Methods
Recipients get to choose how they receive payments: bank deposit, mobile wallet, cash pickup, or even delivery to their door in supported locations. With a large global payout network, your team or suppliers can access funds in the way that’s most convenient for them.
5. Specialized Support for Businesses
Business operators get access to experienced support professionals who understand the demands of managing global payments. The Remitly team is available to help resolve questions or troubleshoot issues specific to Canadian companies.
Remitly Business in Canada: Frequently Asked Questions
Who is eligible to use Remitly Business payments in Canada?
Canadian business entities including sole proprietorships, partnerships, and corporations are welcome to open Remitly Business accounts. For details on which company types are supported and any industry restrictions, please review Remitly’s legal policies before registering.
Is there a cost to create a business account?
No, there is no charge to set up your Remitly business account.
What are the transfer limits?
Your ability to transfer funds depends on several factors, such as payment source, destination country, and payout option. Limits may be adjusted as your business relationship with Remitly develops.
How can recipients collect their payments?
Depending on local options, recipients may receive funds through:
- Cash pickup
- Mobile money accounts
- Home delivery (where available)
- Debit card deposits
- Direct deposit to their bank account
Senders must have a Remitly business profile. Recipients do not need a Remitly account to receive funds.