A closer look at the RemitBee business account in Canada
Read on to understand everything you need to know before signing up for a RemitBee business account in Canada
Western Union, now operating its business services under the Convera brand, has long been a go-to option for Canadian companies sending payments around the world. With a global network and broad currency support, it enables international wire transfers to business accounts in over 200 countries and territories.1.
However, while the platform offers convenience, fees and exchange rate markups can impact your bottom line. We explore how to send business payments with Western Union/Convera and why Wise might be a more transparent and cost-effective alternative.
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Western Union Business Solutions has officially rebranded as Convera, a dedicated B2B cross-border payments platform focused on serving businesses, educational institutions, and financial organizations. While it retains the global infrastructure and international reach of Western Union, Convera operates independently to offer more specialized services tailored to the needs of businesses.
With Convera, Canadian entrepreneurs can send and receive wire transfers in over 140 currencies across 200+ countries and territories. Its platform supports mass payments, FX risk management tools, and real-time tracking for complex international transactions.
Key features and services2 include:
Convera has a range of tools to help Canadian businesses send cross-border wire transfers. Designed to support business needs with security, speed, and flexibility, customers can use the Convera platform to make and receive global payments3 or access services via a participating bank.
To make a business wire transfer using Convera, businesses will first need to register for a Convera account.
Once onboarded, users can log in to Convera’s global payments platform to initiate a transfer by inputting recipient banking details, selecting currencies and payment amounts, and viewing exchange rates and applicable fees before submitting the payment.
Western Union also partners with several Canadian financial institutions and retail agents⁴, giving businesses another way to send international wire transfers. These include:
To send a wire transfer through a partner:
When sending international payments with Convera, as a business, it’s always good to know how pricing and processing timelines work. Convera does not publicly disclose its fees.. Instead, business clients receive a detailed fee schedule upon registration or by request, with costs likely varying based on factors such as the destination country, currency, and your payment method.
Western Union / Convera business-wire overview
Feature | Western Union Business/Convera |
---|---|
Outgoing wire fee | Fees likely vary by currency, destination, and method (Wire/EFT fee). Business clients receive a detailed fee schedule upon registration or via request. |
Exchange rate | Convera applies a margin to the mid-market rate. The final rate is quoted at the time of transaction5. |
Intermediary bank fees | Additional fees may be charged by intermediary/correspondent banks involved in the transaction, which are outside of Convera’s direct control. |
Delivery speed | Within 3–4 business days, depending on the destination country, currency, and banking network6. |
Compliance / formatting | Payments must meet country-specific formatting and compliance standards, including valid SWIFT/BIC codes and IBANs7. |
Tracking & support | TTracking is available through Convera’s platform, with additional support from its partners. |
On the surface, Convera promises a streamlined way to send international payments. But once you get into the details, businesses may run into unexpected roadblocks:
While Convera offers a traditional and widely-used infrastructure for international B2B payments, Wise has emerged as a leading digital-first alternative. Wise Business is built for modern companies that prioritize cost transparency, speed, and control. Below is a side-by-side breakdown of how these services compare for Canadian businesses.
Wise vs. Western Union / Convera
Feature | Western Union / Convera | Wise Business |
---|---|---|
Transfer fee | The full fee schedule is not publicly disclosed and is usually shared only upon registration or contact. Additional fees may also apply for intermediary banks and partner institutions. | Low, transparent fees starting from 0.48%8 based on the amount, currency, and destination that are always shown upfront before you confirm. |
FX rate markup | Includes an undisclosed margin on the exchange rate over mid-market. | Uses the mid-market rate with no markup. |
Hidden intermediary fees | Yes. Payments routed via the SWIFT network may incur unpredictable intermediary bank fees deducted from the transfer amount. | No hidden fees - Wise uses local payment networks where possible, which avoids these fees and ensures recipients receive the full amount. |
Delivery time | Typically 3–4 business days depending on the currency, bank partners involved, and compliance checks. | 50% of payments are instant or arrive in an hour but can take up to 1-2 days. Delivery estimates are provided before sending and can be tracked from the app |
Transparency | Fee breakdowns may be spread across service providers and FX margins are not always clear. Tracking is available but might not be detailed. | You see exactly what you're paying for, the real exchange rate, estimated delivery time, and transfer progress updates. |
Currencies supported | Over 140 currencies supported across 200+ countries. | Over 40+ currencies to more than 160 countries. |
Best suited for | Larger corporations, institutions, or businesses with high-volume cross-border payments and established banking relationships. | SMEs, startups, freelancers, and global remote teams looking for low-cost, fast, and transparent international business payments. |
Western Union (now Convera) provides extensive global coverage and established infrastructure for cross-border business payments. Through its partnerships with major Canadian banks and financial institutions, it offers convenient access for companies of all sizes. However, this convenience often comes with limited fee transparency, higher FX margins, and possible intermediary charges that can increase overall costs.
For businesses seeking a more cost-effective approach, Wise Business offers a compelling alternative.With mid-market exchange rates, upfront pricing, and no hidden fees, Wise is well-suited to businesses that value speed, simplicity, and transparency in their international payments.
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*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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