TORONTO--(BUSINESS WIRE)--Beacon, a company reinventing financial services for immigrants to Canada, proudly announces the launch of Beacon Money.
With an open waitlist today and launching publicly in January 2025, Beacon Money allows immigrants from around the world to open, fund and use Beacon Money within the Beacon Super App prior to their arrival, and then for their daily payment and spending needs once they are living in Canada. Permanent residents, students, and work permit holders can all settle with confidence in Canada with Beacon.
People moving from India to Canada for work or studies can also pair Beacon Money with Beacon Remit, the first ever single app for money transfers out of India. They can pre-fund their living expenses into Beacon Money or any Canadian bank account before they leave India. Students from India and their families can also use Beacon to fund tuition payments and their GIC. Beacon Money and Beacon Remit work seamlessly to give immigrants functional wallets with integrated financial services for everyday spending and payments, months before they arrive in Canada.
Beacon Money in the MyBeacon App
Powered by Digital Commerce Group and Visa, Beacon Money moves forward the company’s mission to reinvent financial services in Canada.
Key Features of Beacon Money:
- Effortless Account Opening: Beacon Money’s user setup is crafted for immigrants’ unique needs, with no requirement for branch visits or Canadian-specific documents like a Social Insurance Number, Canadian ID, local address, or credit history.
- Ready Before Landing: The user profile is active and the associated wallet is functional up to six months before arrival, allowing users to start setting up their life in Canada well in advance.
- Ideal for Daily Financial Needs: Post-arrival, Beacon Money supports everyday financial needs, including salary disbursements, Interac e-Transfer®, bill payments, and a Visa card (both physical and virtual) for online, in-store, and ATM transactions.
- Easy Global Funding: Beacon Money can be funded globally via the SWIFT network, with Beacon Remit available specifically for users from India.
Signing up for Beacon Money is a simple, fully digital process:
- Download the MyBeacon app.
- Complete your identity verification online securely by scanning your passport and taking a selfie.
- Upload or scan your documentation (e.g. an immigration visa or student visa) showing your intention to move to Canada.
- Within minutes, you can fund your Beacon Money wallet and start using it from your home country. You can use Interac e-Transfer®, receive salary, and make bill payments, setting up your life in Canada even before landing.
- Upon arrival in Canada, you have immediate access to a Visa card, enabling you to use Beacon Money anywhere that accepts Visa online, offline and at ATMs
- Beacon is the ideal primary wallet for your daily financial needs including your Beacon Visa card, Interac e-Transfer®, bill payments, and receipt of salary.
“At Beacon, we empower immigrants. We are thrilled to partner with Digital Commerce Group and Visa to create Beacon Money, a game-changing wallet that gives our users a head start before they arrive in Canada and is also the ideal wallet for their daily needs after they arrive,” said Stuart Szabo, CEO and Co-Founder of Beacon.
“When I immigrated here in 2014 and again in 2021, it was very difficult to both move money out of India and to set up a functional bank account in Canada,” said Aditya Mhatre, Co-Founder and Chief Product & Technology Officer of Beacon. “Beacon Money and Beacon Remit solve these pain points before people land in Canada so our users can settle with confidence."
Beacon Teams Up with Digital Commerce Group and Visa
“Digital Commerce’s mission is to bring modern payments and financial services for everyone in Canada, including newcomers,” said Jeffrey Smith, CEO of Digital Commerce. “We believe that new technologies and approaches are needed to deliver the financial services that they need. We are proud to partner with Beacon to deliver on their mission.”
“Digital Commerce is an ideal partner for Beacon given our ability to support them with innovative financial and payments solutions. We look forward to working with the Beacon team to make their vision a reality,” said Pamela Draper, President of Digital Commerce Payments.
Using the Visa prepaid card, Beacon users can access their funds online, in-store and at ATM’s anywhere Visa is accepted worldwide.
“Visa’s mission is to connect more people to the global economy and uplift everyone everywhere by being the best way to pay and be paid,” said Chris Ferron, Vice President, Enablers, Merchants and Fintechs at Visa. “Beacon’s purpose aligns perfectly with Visa’s mission, and we are proud to enable their users with fast, secure, and seamless payments.”
About Beacon
Beacon is a purpose-built financial solution to help immigrants in Canada settle with ease, and build their future with confidence. Based in Toronto and Montreal, Beacon was founded in 2023 by Stuart Szabo and Aditya Mhatre. The organization 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 to ensure immigrants have all the tools needed to build their brightest possible future.
To learn more and to download the MyBeacon app, visit www.mybeacon.ca
About Digital Commerce Group
Whether you're a financial services provider or a fintech innovator, our tech-driven products are designed to elevate your business with modern solutions. In a world of evolving payment needs, DCGroup is your innovation partner. Our versatile platform and cutting-edge payments technology keep you ahead of the curve, empowering you to offer the latest in payment options.
Founded in 2007, our enterprise-grade payment and banking technology outpaces traditional financial services in speed, transparency, and cost. Our customers leverage our tech-forward solutions to access advanced payment technology, facilitate instant transactions, add fresh revenue streams, and connect with new audiences.
