SMEs in the UK can now quickly and securely transfer money to pay employees and contractors across emerging markets through the WorldRemit app and website.
Leading digital money transfer company WorldRemit has launched WorldRemit for Business, a new service that enables small and medium-sized business owners to quickly pay their employees and contractors in 140 countries worldwide, including fast-growing emerging markets such as Ghana, Nigeria, Kenya, and South Africa. The platform will first be available to U.K.-registered businesses.
WorldRemit’s low fees and exchange rates are shown up-front and customers can send money in a few taps directly from their phones. By extending its money transfer service to businesses, WorldRemit will reduce the cost and complexity of moving money across borders.
The Global Trade Review estimates that 30% of UK business trade internationally, but the speed and cost of transfers are a frustration for many SMEs – especially those sending money to regions with limited transfer options such as Africa and Southeast Asia. While some banks can take up to one week to process payments, over 90% of WorldRemit transfers are paid out within minutes.
Businesses can benefit from the company’s diverse pay-out methods when sending money abroad, including options for mobile-to-mobile services in 27 countries. Customers sending abroad can easily track their transfer in real-time and opt-in to receive daily exchange notifications to decide the optimal time to send money abroad.
Ismail Ahmed, Founder and Chairman at WorldRemit, comments: “When I first started WorldRemit, I was frustrated with the high charges and long delays in sending money abroad both as a business owner and consumer. Over the past 9 years, we’ve made it easier for 4 million people around the globe to send and receive money.
Today, we’re pleased to extend that service offering to businesses, and put an end to the steep fees that many pay, especially when sending to Africa. We’re committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business.”
Shane Lennox, Senior Product Manager for Business, comments: “With more people moving and settling across borders, the nature of business is becoming increasingly global. This new product offering is catering for those in need of a digital service that solves a number of pain points faced by SMEs with international staff and contractors.
This new product launch will bring UK business closer to the rest of the world, and enable millions of SMEs to benefit from our award-winning convenient service.”
WorldRemit customers complete over 1.4 million transfers every month from over 50 countries to over 140 destinations using its app or website.
Visit the WorldRemit website for more information on how to send Business payments.
WorldRemit is the leading digital money transfer service that makes sending money as easy as sending an instant message. We are leading the shift to online and mobile money transfers and improving speed and convenience for users. On the sending side, WorldRemit is 100% digital. For those receiving money, the company offers a wide range of options including bank deposit, cash collection and mobile airtime top-up, and mobile money. Backed by Accel, TCV and Leapfrog – early investors in Facebook, Netflix and Slack – WorldRemit’s headquarters are in London, UK, with a global presence including offices in the United States, the Philippines, Poland, Colombia, Uganda and South Africa.