Beacon, the Canadian FinTech, has launched a digital wallet which enables immigrants to access financial services in the country.

Beacon Money, which will launch in January next year, allows immigrants from around the world to transfer money into its app prior to their arrival to use for their daily spending needs when they arrive in Canada.

The FinTech said that the service is designed for the unique needs of immigrants and requires no branch visits or Canadian-specific documents such as an insurance number, local address, or credit history.

The digital wallet includes a Visa card and is available up to six months before a person intends to arrive in Canada.

Users moving from India to Canada for work or study can also pair Beacon Money with Beacon Remit, which Beacon claims is the first single app for money transfers out of India.

Through the app, users can transfer money into any Canadian bank account before leaving India. Additionally, students and their families can use Beacon to fund tuition payments.

“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."

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