WorldRemit Opens International Money Transfers in New York

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Global money transfer service WorldRemit is launching in New York, providing state users the ability to transfer funds to nearly 150 countries, the company announced yesterday.

There are 4.5 million immigrants in New York, according to WorldRemit, which the company is focused on: the service allows users to send money internationally without the need to visit a physical store or human agent.

WorldRemit, which sends about three-quarters of its remittance volumes to mobile money accounts (a growing substitute to traditional bank accounts in a number of countries), expects 40% of its revenue to come from the U.S. in the next few years.

Remittances from the U.S. have grown to $66 billion over the past five years, according to yesterday’s release. Ismail Ahmed, CEO for WorldRemit, said in the release:

Millions of customers around the globe send funds to family and friends back home with WorldRemit. New York is truly a melting pot of people and cultures and we are pleased that we can now bring the benefits of our lower-cost, convenient service to all the diverse communities of New York.

Read more at Finextra and CrowdfundInsider.

To learn all about remittances and international payments, please join us in San Francisco next week for Bank Innovation 2018. Register here.

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