Beacon Money Account review

The basics

• Coming soon. As of November 2024, the Beacon Money Account is still listed as “coming soon” with a projected January 2025 launch date.
• No monthly fee. You won’t need to pay a monthly fee for your Beacon Money Account.
• 3 free ATM withdrawals. You can withdraw funds from your account fee-free at over 2,000 ATMs in Canada up to three times per month.
• Sign up online. You can sign up for a Beacon Money Account online in as little as 30 minutes.
• Visa powered. Beacon has partnered with Visa to provide its card.

How the Beacon Money Account works in Canada

The Beacon Money Account is managed through the My Beacon app. Though the account is still in the beta phase, it’s designed for new immigrants to Canada to open a digital account before they arrive in Canada.

The application and identity verification process is handled completely online, so there’s no need to visit a branch to activate your account. You can fund the account via money transfer, and you’ll get a virtual prepaid card when you arrive in Canada. Then add your virtual card to your mobile wallet and start using it to pay for purchases. You’ll also get a physical card within 10 business days.

Open an account and start using your digital wallet months before arriving in Canada. You’ll be able to use the account and virtual card to pay for day-to-day transactions, tuition or your employee’s salaries.

Related: How to open a bank account in Canada without proof of address

What is Beacon?

Beacon is run by MyBeacon Services Inc., a Canadian startup founded in 2023. Based in Toronto and Montreal, it focuses on providing services for immigrants to Canada.

The My Beacon app is designed to help newcomers to Canada start their new life and navigate common challenges associated with moving to Canada. The app provides planning checklists to help new arrivals take care of essential tasks plus a remittance service specifically for transfers from India to Canada.

The perks

• Get it before you arrive in Canada. You can open an account in your home country before arriving in Canada, helping you hit the ground running financially once you’ve relocated.
• No Social Insurance Number (SIN) required. You don’t need a Social Insurance Number to open an account.
• Virtual and physical card. You’ll receive a free virtual prepaid card when you arrive in Canada, allowing you to add the card to your Google or Apple Wallet and start using it. A physical card will be sent to your Canadian address within 7-10 business days.
• Accepts various types of applicants. You can sign up if you’re a permanent resident, have a student visa or have a work permit.
• Special perks for immigrants from India. The Beacon Money Account will pair with the Beacon Remit app, which will allow people from India to set up scheduled money transfers out of India to pay for expenses in Canada before moving to the country.

What to watch out for

• Beta phase. The Beacon Money Account is still in its beta testing phase and has not yet been fully developed and launched to the Canadian market. As of November 2024, you can only join the waitlist for the account.
• Limited information. At this early stage, there’s only minimal information available online about the features of the Beacon Money Account.
• ATM withdrawals. Some banks have larger ATM networks than the network you can access with the Beacon Money Account. If you need to make regular cash withdrawals, you may prefer an account that supports a larger number of free withdrawals per month.
• International ATM withdrawals coming soon. International ATM withdrawals from the Beacon Money Account are still listed as “coming soon.”

What should I know before applying?

You can’t yet apply for a Beacon Money Account as it is still being developed. There’s limited information available online about the account’s eligibility requirements, but Beacon does point out that you don’t need a Social Insurance Number to open an account.

How to join the waitlist for a Beacon Money Account

It’s not yet possible to open a Beacon Money Account, but you can join the waitlist for the account by completing the following steps:

1. Visit the Beacon website and select Join the waitlist.
2. Enter your email address and select Join waitlist.

What other services does Beacon offer?

Beacon also offers the following services for newcomers to Canada:

• Beacon Remit. This remittance service offers international money transfers from India to Canada to help newcomers fund their Canadian bank accounts. Beacon claims to offer rates that are up to 50% lower than other money transfer options.
• Planning lists. The My Beacon app provides over 20 planning lists to help guide newcomers through the key tasks they’ll need to complete when moving to Canada, including required landing documents, getting a driver’s licence and more.
• Learning resources. You can also find a range of educational resources on the Beacon website like guides on securing a rental property, finding employment and navigating the Canadian healthcare system.

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Bottom line

The Beacon Money Account is designed for new immigrants looking for an easy way to get their Canadian finances sorted before arriving in Canada. It’s currently still in the beta testing phase and is not yet available, so watch this space for a more comprehensive review once the account is officially launched.

Related: Explore the best banks for newcomers to Canada