Grey enables instant Canada transfers to cut remittance costs

Y Combinator-backed FinTech Grey has introduced instant Canadian dollar transfers to bank accounts in Canada, leveraging Interac to enable near real-time settlement. The move aims to streamline remittances and cross-border payments into one of the world’s most active diaspora corridors.

The new feature allows users to send funds directly to any Canadian bank account, with transfers delivered within minutes via Interac for a flat fee of $3.00, or by next business day bank transfer for $2.50. The pricing model eliminates percentage-based fees typically associated with international remittances.

The development addresses longstanding frictions in sending money to Canada, where traditional wire transfers can take several days and cost between $15 and $30 for a standard $500 transaction. By integrating with Interac, Grey bypasses conventional wire infrastructure, enabling transactions to be processed through domestic payment rails widely used by Canadian consumers.

“Canada kept coming up. From Lagos to Mumbai to Manila, our users had someone in Canada they needed to pay, but no good way to do so. Expensive wires, slow settlement, no certainty. We fixed that,” said Idorenyin Obong, CEO and co-founder of Grey.

Canada’s large and diverse immigrant population spanning regions such as Africa, South Asia, and Southeast Asia—has made it a significant destination for remittance flows. However, the corridor has remained dominated by legacy providers with limited pricing transparency and slower processing times. Grey’s entry reflects a broader trend among FinTechs to capture cross-border payment flows by offering faster settlement, lower costs, and improved user experience.

The service supports transfers from multiple currency balances, including USD, EUR, GBP, and NGN, into both personal and business accounts across all Canadian banks. Transaction limits are set at CAD 10,000 for individuals, while businesses can send up to CAD 100,000 via bank transfer.

Grey operates under a Money Services Business licence from Canada’s Financial Transactions and Reports Analysis Centre of Canada and the United States’ Financial Crimes Enforcement Network, positioning the firm within regulated cross-border payment frameworks.

The launch underscores increasing competition in international remittances, as FinTech providers seek to displace traditional wire services by embedding into local payment ecosystems and reducing settlement friction across key global corridors.