Paysend, the next-generation payment platform enabling customers all around the world to send money online anywhere, anyhow and in any currency, announced today that it is creating a more streamlined and inclusive money transfer experience for expats and foreign workers residing in Canada who hold Canadian Visas.
“There are currently more than 56 million expats living around the world, with Canada ranked as the best country to live in and work abroad”
Currently, Canadian Visas do not include a photo ID, creating challenges during the onboarding process when verifying an individual’s identity online. This forces users to complete the process manually, impacting the customer experience, whereas those with a Canadian photo ID simply provide their identification with a selfie to complete the process.
Paysend has significantly improved the onboarding process for expats, foreign workers and international students in Canada, empowering them to make transfers with ease. Users can now select “Canadian Visa” during onboarding, where they are then prompted to take a picture of their Canadian Visa as well as a picture of their Passport. The user is then directed to take a selfie.
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Once the selfie is taken, the data is processed to verify the individual’s identity and satisfy KYC (Know Your Customer) regulatory requirements. Paysend quickly matches the passport number from the Canadian Visa, and then matches the user’s selfie to the passport photo. If all information matches, the customer is automatically approved, delivering a quick and frictionless experience.
According to Ronald Millar, CEO, Paysend, “Consumers increasingly expect quick and easy onboarding experiences, especially when it comes to financial services, but this often isn’t the case for individuals with a Canadian Visa since it lacks a photo. As a result, sending funds to loved ones abroad is more challenging, especially for individuals like migrant workers who send record amounts of money home each year.”
Mr. Millar added, “Paysend is solving this challenge. Through our enhanced onboarding process, expats, foreign workers and international students can seamlessly set up accounts and send money within minutes. Our mission is to help our customers easily and conveniently send funds to friends and families back home, and this recent enhancement supports that.”
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After a quick and efficient onboarding process, Paysend allows Canadian immigrants, students, temporary workers and expats to send money internationally to over 120 countries. Trusted by millions of consumers across the globe, Paysend features fast transfers, competitive exchange rates and low and transparent fixed fees (only $3). Canadians can also receive more funds in their bank accounts, working with over 250 participating financial institutions with the ability to receive up to $10,000 CAD to a bank account in Canada.
“There are currently more than 56 million expats living around the world, with Canada ranked as the best country to live in and work abroad,” said Timur Shomansurov, Country Manager of Paysend in Canada. “As more individuals move to Canada, there is a growing need for better money transfer options, but the onboarding process shouldn’t be cumbersome and manual. By simplifying the verification of those with Canadian Visas, Paysend is helping expats, foreign workers and international students make transfers with minimal friction. We expect this to be incredibly valuable for many individuals.”
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