Expedier Review 2024: Is It Worth It For New Immigrants?
Expedier Review Rating: 4.5/5
One of the common challenges immigrants face when they first arrive in Canada is how to navigate the financial environment.
Due to the absence of credit history, we are restricted by default from accessing essential financial services from the time we arrive in the country.
Even though all the five big banks offer special newcomer programs as do other institutions, there are limits to how all of this can smooth your transition financially.
So when I learned about Expedier on CBC News, I was curious to know how the app seeks to address this common problem.
After navigating the app and contacting the founder for more insights, I decided to write this review to share my thoughts with you.
In this Expedier review, you will learn what the app entails, how it works, its key features, pros and cons and more.
What is Expedier?
Expedier is an all-in-one Fintech app that offers tailored financial services to immigrants by partnership with leading institutions.
The Hamilton-based company seeks to help new immigrants navigate and establish a credit history while accessing various financial services that they may not otherwise be eligible for.
From building credit history, and transferring funds overseas, to accessing financial solutions such as mortgage, insurance and tax filing — Expedier is on a mission to “guarantee a working financial system for immigrants in diaspora”.
Launched in November 2022, Expedier prides itself as the 1st Black-led BIPOC focused Global Bank that allows immigrants to:
- Make deposits and payouts
- Create multiple currency accounts
- Swap currencies
- Make bill payments
- Access mortgage
- Manage finances
- And more
Interestingly, the company offers all these services for free, making it a cost-effective tool for money management.
Who is the Founder of Expedier?
Kingsley Madu, a Nigerian-Canadian is the founder and CEO of Expedier.
He built the app based on his personal experience with the Canadian financial system when he first arrived in the country in 2019.
Below is how Madu described the motivation behind Expedier in an interview with Google:
“Expedier was born from my personal experience and pain. When I came to North America, I was financially stranded from the second I landed in the airport. I didn’t have a credit card so I couldn’t get a rideshare, rent a car or book a hotel. Every landlord required six months of credit history before they would let me lease a property, but the banks required a home address before I could open a checking account or apply for a credit card. The banking system was not built for me or Canada’s 8 million immigrants.”
Indeed Madu’s experience is common among many immigrants in Canada. What is uncommon is that Madu dedicates himself to solving the problem by developing a digital app known as Expedier.
How Does Expedier Work?
Expedier works in three simple steps as explained below:
- Step 1: Download and install the app for free through Google PlayStore or App Store depending on your device.
- Step 2: Open the app and sign up by following the prompts. Use my referral code HOPE2270 to get a $10 bonus after transacting a minimum of $100.
- Step 3: Verify your account to start transactions and access other features of the app instantly.
That’s it! The app is easy to use by anyone who can operate a smartphone.
Expedier Key Features
Below are the key features of Expedier that make it an alternative app for immigrants:
1. All-in-One Platform
The app has everything you need to manage your finances, ranging from:
- Deposit
- Transfers
- Mortgage
- Insurance
- Tax filing
- Soft loans and credit
By allowing you to manage your finances in one place, Expedier takes away the stress and costs of handling multiple apps.
2. Credit Building
Without a good credit score, you’re limited from accessing several financial services in Canada.
But with Expedier, your transactions will be reported to a credit bureau, which will help improve your credit score.
3. Multiple Currency Accounts
You can create CAD, USD and Naira accounts on Expedier app under one account.
This makes it easier to make multi-currency transactions and swap currencies seamlessly.
4. Free Virtual Card
Once you verified your account, you can get access to a free virtual card on the app.
You can use this card to execute online transactions online as you would with your credit or debit card.
5. Real-Time Exchange Rates
You can see real-time exchange rates between the supported currencies on the Expedier app.
This helps you to take advantage of favourable currency fluctuations.
6. Multiple Payment Options
Expedier allows you to make payments through bank-to-bank transfer, pre-authorized deposit, Interac, credit card, debit card, and PayPal,
With more funding options coming, the app provides a flexible transaction experience.
7. Free Access
Expedier doesn’t charge you monthly fees for account maintenance. There’s also no account opening fee, no inactivity fee, or other common banking fees.
You will be only charged for some transactions and payment methods.
Overall, the free platform access means more control of your finances.
Is Expedier Safe?
Expedier is safe and legit as per industry standards.
Firstly, Expedier is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) with the number M20700186.
Its website & app are secured with a 256-bit industry-level encryption. As a result, Expedier guarantees the security of your data and information on its platform.
The company is also backed by credible institutions including the Digital Commerce Bank in Calgary.
As one of the companies selected for Google for Startups Accelerator: Black Founders in 2023, you can be sure you’re dealing with a legitimate company.
Expedier Transaction Limits
The transaction and funding limit varies per currency and account status.
The following are the external transfer and funding limits on unverified accounts.
| Category | CAD | USD | NGN |
| Maximum daily transfer limit | $900 | $900 | N1,000 |
| Maximum weekly transfer limit | $1,800 | $900 | N1,000 |
| Maximum monthly transfer limit | $2,500 | $900 | N1,000 |
| Minimum funding limit | $100 | $900 | N1,000 |
| Maximum funding limit | $900 | $900 | N400,000 |
You can increase the limits by verifying your account on the app. To verify your Expedier account, all you need is to provide your:
- Phone number
- Profile details
- Government-issued ID
Expedier Pros and Cons
From the above review and my findings on Expedier, I can identify the following pros and cons:
Pros
- Tailored solutions: The app provides customized solutions to immigrants that can help them hit the ground running the first time they arrive in Canada.
- Cost-effective: With no monthly fees, inactive fees and other common banking fees, Expedier is committed to helping immigrants save costs while accessing essential financial services.
- Fast transactions: The company processes transactions faster than other apps.
- Security guarantee: Not every Fintech company guarantees the security of your data. Expedier is one of the few exceptions.
- 24-7 support: The company guarantees 24/7 support to address any issue you have using their app.
Cons
- Limited currencies: At the moment, Expedier supports only three currencies, namely CAD, USD, and NGN. Although you can email them at [email protected] for transactions in other currencies.
- Limited functionalities: The app is still in its development stage; some of its key features are not yet accessible.
Expedier Referral Program
As noted earlier, you will get a $10 welcome bonus when you use my referral code HOPE2270 to sign up on Expedier and make a minimum of $100 transaction.
When you join them, you will be assigned your unique referral code that you can use to invite others.
You will earn $10 for each person that uses your referral code to sign up with Expedier and make the minimum transaction of $100. Similarly, the person will get a $10 bonus.
However, you must complete your profile and verify your account before your referral bonus will reflect on your account.
Expedier Review Rating Methodology
I rate Expedier 4.5 out of 5 stars based on comparative analysis and the total rating of the following features:
Rating Methodology
Overall Rating
Overall, my Expedier review is positive. I recommend the app to new immigrants looking to establish and improve their credit scores in Canada.
Some FAQs on Expedier Reviews
How much fees does Expedier charge?
Expedier doesn’t charge monthly fees, inactivity fees or other common banking fees. They only charge you for some transactions and payment methods.
Why is my CAD account funding delayed at Expedier?
If you use the Interac funding method and you experience delays with funding CAD, it’s probably because you didn’t register your Interac email under your profile.
Follow the steps below to register your Interac email:
- Open the Expedier app
- Click on “Menu” at the bottom right side of the homepage
- Click on “Manage my Interac Emails”
- Click on “Add a new Recipient” at the bottom right side of the page to add your email
- Follow the prompts to complete the process
If your funds didn’t appear immediately after completing the above process, contact Expedier.
You should also contact Expedier if you’re experiencing a delay through a different funding method.
What currencies do Expedier support?
Expedier supports three currencies at the moment — Canadian Dollar (CAD), United States Dollar (USD) and Nigerian Naira (NGN). You can email them at [email protected] to arrange transactions in other currencies.
What payment options do Expedier support?
Expedier supports payment through bank-to-bank transfer, pre-authorized deposit, Interac, credit card, debit card, and PayPal.
How to contact Expedier?
In case you encounter any challenges registering or operating the Expedier app, you can contact them through any of the following channels:
- Phone: +1 647-250-0238
- Email: [email protected]
- Mailing Address: 155-2 King Street West, Unit #152, Hamilton, ON L8P 4S0
Expedier support team is available 24/7 to respond to your queries.
Verdict on Expedier Review
That’s all I have to share with you about Expedier for now. As the app develops, I will update this review to reflect its current profile.
Hopefully, now you understand how Expedier can help improve your credit score and finances as a new immigrant.
The cost-effectiveness of the app and its all-in-one solutions make it a worthy alternative to other apps out there.
I hereby invite you to give Expedier a try today!
After trying, you may come back here to share your experience in the comments section to help others make informed decisions.
Before leaving, navigate to our blog for more relevant information that can help improve your finances in Canada.
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• Proven Passive Income Ideas in Canada
• Best Bank Accounts for Newcomers to Canada (External site)
• How Interac e-Transfer Works (External site)
• Find Free Newcomer Services Near You (External site)
• Personal Finance For Newcomers To Canada: The Ultimate Checklist (External Site)
• How to Improve Your Credit Score (External site)
• New Immigrants to Canada Benefits & Credits (External site)
Expedier Review
Summary
I recommend Expedier to new immigrants looking to establish and improve their credit scores in Canada.
