VoPay is an online marketplace that lets you trade currencies with people around the world. Here’s our VoPay review.
What Is VoPay?
VoPay, found at VoPay.com, is a currency exchange platform based in Vancouver, Canada. The company launched its international money transfer service in January 2017. Using VoPay, Canadians can transfer money to 100 countries worldwide.
VoPay also has an upcoming platform called the VoPay Marketplace, which will be available to international users. It will offer similar money transfer services as well as a prepaid Mastercard that can be loaded with multiple international currencies.
The goal of VoPay is simple: make it easier and cheaper for Canadians to transfer money worldwide. To do that, VoPay leverages mid-market rates for international exchange. The mid-market rate is the “true” exchange rate listed in real time. Unlike traditional money transfers with banks, there are no added exchange fees.
Ultimately, that means users can transfer up to $1000 CAD with fees as low as 0.5%. Transfers were initially available to 50 countries. Today, VoPay has over 100 countries in its network.
Consumers can transfer money online using mobile devices, or they can visit VoPay retail locations found at Canada Post and Esso, among other retailers. You can purchase vouchers online at these locations, then redeem them online or at participating locations in your targeted country.
VoPay initially catered its services to Canadians. Today, however, the company has an international website where users around the world can transfer currencies using the VoPay platform. That platform is not yet ready to launch, but appears to be preparing to launch before the end of 2017.
How Does VoPay Work?
One of the core VoPay services is a digital wallet. You can store multiple currencies on your wallet, then send money to other VoPay users around the world at no cost. Transfers cost you about 0.5%, or as little as $1 on some transfers.
Another key feature of VoPay is the company’s Cash Passport, described as “our smart alternative to a pocket full of cash”. It’s a prepaid, travel Mastercard that can be loaded with multiple currencies. You can use the VoPay card around the world, or withdraw local currencies from any ATMs – all while enjoying better exchange rates.
Overall, these features are described as the VoPay Marketplace. According to the VoPay Marketplace website, it’s “the biggest thing to happen to currency since the invention of the calculator”. You can trade your currency directly to other users with no banks needed.
The marketplace is not yet ready for launch. The apps – which will be available for iOS and Android – are listed as “coming soon”.
How To Use VoPay
Using VoPay is straightforward. Here’s how VoPay’s money transfer service (not the Marketplace) works:
Step 1) Create an account at VoPay.com. You’ll need to provide your email address and choose a password. After you’ve done that, you’ll immediately have access to VoPay services. As soon as you’re ready, you can send your first bank-to-bank money transfer in four more steps.
Step 2) Choose the amount you want to send from your bank account in Canadian dollars. VoPay will give you information like the exact real exchange as of the minute you’re completing your current transaction.
You’ll also see the approximate amount that will be deposited into the recipient’s bank account, including the estimated time of arrival for the transfer, the fee you’ll be charged by VoPay, and the total amount to be paid (including the fee).
Step 3) Enter your recipient’s name, their bank account details, and the reason for your transfer. You’ll need to enter their bank name, account number, and IBAN/routing number, along with a cell phone and email address for the recipient.
Step 4) Complete your personal details. VoPay requires some personal details to complete your money transfer. You’ll need to enter your name, address, date of birth, and phone number. In the future, VoPay may ask for a government-issued photo ID, or a statement from your bank or utility company.
Step 5) Enter your bank account details and complete the transfer. You can securely store your bank account details within your VoPay account. Once you’ve entered your details, just click “Confirm & Pay”.
At the time of writing, VoPay supports over 100 countries around the world. You can view the list of supported countries on their website. More details about the VoPay Marketplace will be released in the future. However, you can expect that it will work in a similar way to VoPay’s cash transfer service for Canadians.
VoPay consists of two core platforms: there’s the VoPay money transfer service, which allows Canadians to easily and cheaply transfer money worldwide. Then there’s the VoPay Marketplace, which is available to international users who wish to transfer their money between currencies, or use the Cash Passport prepaid Mastercard for travel purchases.
VoPay is based at the following address in North Vancouver:
102-788 Copping St.
North Vancouver, BC
Canada V7M 3G6
You can contact the company by email at firstname.lastname@example.org.
VoPay was founded by Hamed Arbabioon (CEO). Other key members of the team include Moe Niknami (CFO), Nick Oostveen (CTO), and Jenn Lowther (Chief Marketing Officer).
VoPay launched as a simple, cheap money transfer service for Canadians. The core VoPay service allows Canadians to efficiently transfer money (in CAD) to over 100 countries around the world. Your recipient receives your transfer in their own local currency based on a cheaper exchange rate than what’s offered by your bank.
An upcoming VoPay service, however, is called the VoPay Marketplace. That service is available to international customers, and includes a money transfer service for users around the world. There will also be a prepaid Mastercard available as part of that Marketplace. The prepaid Mastercard can be topped up using multiple currencies.
Stay tuned for more information about Vancouver’s VoPay as the platform continues to roll out.