Beacon Money Account review

30-second take

• Consider the Beacon Money Account if you’re looking for an interim bank account while transitioning to Canada.

• While you can use your Beacon card to withdraw money at any ATM worldwide that accepts Visa, you’ll need to watch out for ATM operator fees. There’s also a $10 account opening fee.

• There are no ongoing monthly fees to worry about, and it’s easy to set up your account before you arrive in Canada.

How the Beacon Money Account works in Canada

The Beacon Money Account is managed through the My Beacon app, and you can open this digital account while still in your home country. The application and identity verification process is handled completely online, so there’s no need to visit a branch to activate your account.

Fund your account via money transfer, and use it to pay bills and transfer funds. You’ll get a virtual prepaid card when you arrive in Canada, and you can add your virtual card to your mobile wallet and use it to pay for purchases. You’ll also get a physical card within 10 business days to use for day-to-day transactions.

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 lives and navigate common challenges associated with moving to Canada. The app provides planning checklists to help new arrivals take care of essential tasks. It also offers a remittance service specifically for transfers from India to Canada.

The basics

• No monthly fee. You won’t need to pay a monthly fee for your Beacon Money Account.
• No Beacon ATM fees. Beacon doesn’t charge any fees when you withdraw money from your account at any Visa-enabled ATM around the world.
• Sign up online. You can sign up for a Beacon Money Account online in as little as 15 minutes.
• Visa powered. Beacon has partnered with Visa to provide its card, so the card is widely accepted across Canada and around the world.
• Day-to-day transactions. You can use your account to pay bills, send and receive e-Transfers, shop in-store and online and withdraw cash.
• Account safety. The funds in your Beacon Money Account are held at a Schedule 1 bank in Canada.

The perks

• Get it before you arrive in Canada. Beacon helps you hit the ground running financially when you relocate. You can open an account in your home country before arriving in Canada.
• No Social Insurance Number (SIN) required. You don’t need a Social Insurance Number to open an account.
• Virtual and physical cards. 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.
• No international transaction fees. You can use your card globally wherever Visa is accepted, and Beacon won’t charge you any international transaction fees. However, currency conversion costs and ATM operator fees apply.
• Accepts various types of applicants. You can sign up for an account if you’re a permanent resident, have a student visa or have a work permit.
• Special perks for immigrants from India. Beacon offers Beacon Remit, which allows people from India to set up scheduled money transfers out of India to pay for expenses in Canada before moving to the country. It also provides the Beacon India Bill Pay feature, allowing you to pay Indian bills with Canadian dollars.

What to watch out for

• $10 account opening fee. You’ll need to pay a one-time fee of $10 to open a Beacon Money Account.
• ATM withdrawal fees. You can use your Beacon card to withdraw money at any ATM worldwide that accepts Visa, but the ATM operator may charge a fee.
• No cash deposits. There’s no way to deposit cash directly into your Beacon Money Account.
• e-Transfer limits. You’re limited to 20 Interac e-Transfers per month with the Beacon Money Account, and the maximum amount you can send per e-Transfer is $3,000.

What should I know before applying?

You’ll need to be 16 or older to open a Beacon Money Account. You’ll also need to pay a $10 account opening fee and submit the following documents as part of the KYC process:

• If you’re a Canadian citizen or permanent resident, you’ll need to provide proof of ID (such as your Canadian passport or driver’s licence) and your Social Insurance Number (SIN).
• If you’re not a Canadian citizen or permanent resident, you will need to provide your passport as proof of ID, your Canadian visa status (stamped immigrant visa, work visa or student visa) and tax reporting information from your country of citizenship.

How to open a Beacon Money Account

Open an account by completing the following steps:

1. Download the Beacon app from the Apple App Store or Google Play.
2. Verify your email address.
3. In the app, tap Get a Money Account > Open a Beacon Money Account > Get Started.
4. Answer questions about your residency, citizenship and employment status and whether you are related to a Politically Exposed Person (PEP).
5. Verify your phone number.
6. Upload photos of your ID document, proof of address, your Canadian visa status (if you aren’t a Canadian citizen or permanent resident) and your SIN or tax ID.
7. Upload a selfie.
8. Submit your application.

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.
• India Bill Pay. This feature allows you to use your Canadian dollars to pay Indian bills. Offered in partnership with Yes Bank and Bharat Connect, it allows Indian expats to manage their financial affairs and provide financial assistance to loved ones in India.
• 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.

Compare other chequing accounts

Bottom line

The Beacon Money Account is worth a look if you’re searching for an easy way to sort out your finances when moving to Canada. It’s quick and easy to sign up online and manage your money, and there are no monthly fees to worry about. But you’ll need to compare the Beacon Money Account to other bank accounts for newcomers to Canada before deciding if it’s right for you.