WorldRemit partners with Bancomer Transfer Services to offer money transfers to Latin America
London, November 6th, 2014: Worldremit has announced its partnership with Bancomer Transfer Services, Inc. to offer money transfers to Latin America.
The agreement adds 15 countries to WorldRemit’s list of receiving markets, the company’s biggest single expansion to date.
Bancomer Transfer Services’ extensive network of affiliated financial institutions and retail networks will enable bank deposits and cash collection in Argentina, Bolivia, Brazil, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru and Uruguay.
“Bancomer Transfer Services is known and respected across the Americas and they are the perfect partner for WorldRemit to enter this market of more than 300 million people,” WorldRemit’s founder and CEO Ismail Ahmed said. “These 15 countries account for almost 10 percent of the world’s remittances and it is high time that the people sending money there are able to benefit from the low fees, speed and convenience that WorldRemit’s online service offers.”
“Bancomer Transfer Services continues to deliver digital solutions in the financial services space. Our constant digital evolution gains even more momentum by partnering with a company like WorldRemit”, said Moises Jaimes, CEO of Bancomer Transfer Services.
The 15 countries covered by the partnership between Bancomer Transfer Services and WorldRemit received more than $50 billion in 2013, according to estimates from the World Bank. Globally, remittances reached an estimated $541 billion in 2013.
WorldRemit is an online service that lets people send money to friends and family in other countries. Customers can use WorldRemit anywhere, anytime on their computer, smartphone or tablet.
For those receiving money, WorldRemit offers a range of options including bank deposit, cash collection, Mobile Money, and mobile airtime top‐up. With low fees and guaranteed exchange rates, WorldRemit is bringing fair, transparent pricing to the money transfer industry.
The service is available in 50 countries and sends to more than 100 destinations. In March 2014, WorldRemit received $40 million funding from Accel Partners. WorldRemit’s global headquarters are in London, UK with regional offices in USA, Canada, Australia, New Zealand and Hong Kong.
About Bancomer Transfer Services
Based in Houston, Bancomer Transfer Services is an affiliate of BBVA USA, which is part of the BBVA Group (NYSE: BBVA) (MAD: BBVA), a multinational financial service group that operates in more than 30 countries. Bancomer Transfer Services has provided money transfer services to Mexico since 1995 and expanded to other key Latin American markets in 2002. Today, Bancomer Transfer Services offers consumer money transfer services to 26 countries with more than 40,000 payment locations. With this strong foundation, Bancomer Transfer Services continues expanding the service in Europe and Asia. The strength of the BBVA global brand, coupled with technology and compliance capabilities, makes Bancomer Transfer Services an attractive proposition for financial institutions and customers around the world that require money transfer services.