Canada is the fourth largest sender of remittance around the world after the USA, UK and UAE. In 2016, an estimate of $23.3 billion was sent from Canada to other countries. With a growing immigrant population in Canada, there has been an increase in the remittance outflow from Canada. According to a 2016 census report, the immigrant population is over 7.5 million accounting to nearly 20% of Canada’s total population. The immigrant population consists of high-income individuals who send money to low- and middle-income countries. (Source: Pew Research Center)
The top three countries that receive remittances from Canada are China ($3.9 billion), India ($2.6 billion) and the Philippines ($2.2 billion). After China, India and the Philippines, the countries receiving the most Canadian remittances are Britain, France, Lebanon, Vietnam, Germany, Italy, and South Korea.
In Canada, the stability of the financial system is a shared responsibility by the Department of Finance along with other federal regulatory authorities like the Office of the Superintendent of Financial Institutions (OSFI) and the Canada Deposit Insurance Corporation (CDIC), Financial Consumer Agency of Canada (FCAC) and the Bank of Canada. The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government that supervises and regulates the financial institutions like the banks, credit unions, securities firms, debt collectors, lenders, and other financial companies. The Financial Consumer Agency of Canada (FCAC) is responsible for ensuring the financial entities follow the rules and regulations to protect the consumer.The Canada Deposit Insurance Corporation (CDIC) is a regulatory authority that offers deposit insurance for all the financial institutions in Canada. The other independent agency that reports to the Department of Finance is Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), FINTRAC aids in detection, prevention and deterrence of money laundering and the financing of terrorist activities.
Helps remittance users to find the best way to send money abroad to their loved ones, friends and family
Makes it easier & more profitable for businesses to make international payments & global transfer
Creates a marketplace for money transfer providers to reach out to a highly valuable remittance audience
CompareRemit is changing the way that people all across the world send money online. We partner with trusted remittance companies to allow you to compare your options every time you send money internationally. Factors are always changing when it comes to international money transfers, especially exchange rates. We provide you with real-time exchange rates from the top remittance providers in the industry so you can compare and choose the best current exchange rate offering for your desired transfer destination.
CompareRemit also enables you to compare transaction fees, transfer speed, and special offers so that you can make the best decision when choosing a provider to transfer money abroad to your friends and family. We proudly support providers offering online money transfers to India, Sri Lanka, Pakistan, Bangladesh, Nepal, Philippines and Mexico. Send money overseas using CompareRemit today!
CompareRemit is a really nice app and website, where I am able to compare all the remittance rates with all the competitors. CompareRemit highlights the highest-rate provider on the top of the page which easily helps me decide which one to choose to transfer money for my needs in a short time. I would love to continue using CompareRemit as a steady reference for my money transfer.
Syam
CompareRemit service is very essential for anyone who is out of their home country for work., because they all need to send their hardly earned money to their country. For that, there many vendors are available in market but their prices are keep on changing. The best way to know which vendor is offering a good transfer rate and all of their pros and cons, is CompareRemit. A great deal of time and research is involved in the remittance process, but CompareRemit will provide all the necessary services for you.
Naresh Babu Selvarajulu
CompareRemit provides a unique platform for remittance service providers and customers and brings them together. It offers great value to customers, while bringing greater opportunity for service providers to remain in front of the customers.
Roshan Polepalli, Director, Business Development 
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