London, United Kingdom (PRWEB UK) 14 August 2014
WorldRemit, the online money transfer service, announces its launch across seven countries in Central & Eastern Europe.
Customers in Bulgaria, the Czech Republic, Hungary, Latvia, Lithuania, Poland and Romania will now be able to able to send money to friends and family in more than 100 countries.
The addition of seven CEE countries is WorldRemit’s single biggest expansion since receiving a $40 million investment from Accel Partners in March 2014. The Series A funding round was one of the largest ever in Europe, placing WorldRemit at the forefront of the burgeoning Financial Tech (FinTech) sector.
Ismail Ahmed, WorldRemit’s Founder and CEO said: “People in Central and Eastern Europe send a huge amount of money overseas and, like everyone else, they want a fast, convenient, low-cost way of doing that. I am delighted that WorldRemit is able to fulfil that need.
“These countries have traditionally been seen as places that migrant workers leave then send money back to. However, the region’s increasing economic prosperity means that people who live here are also transferring money all over the world.”
Outbound remittances from the seven CEE countries increased by 350% between 2002 and 2012, and now total $6.3 billion annually, according to the World Bank. 1
The Czech Republic alone sends more than $2 billion annually, on a par with the United Kingdom.
WorldRemit customers in CEE will be able to send money to the Americas, Africa, Asia and Europe from anywhere at any time using a computer, smartphone or tablet. Payment is made using a credit or debit card.
Receiving options vary by country, with many offering a choice of bank deposit, cash pickup, Mobile Money account and mobile airtime top-up.
Table 1 (Source: World Bank)
Annual Remittance Outflow 2012
Bulgaria - $27m
Czech Republic - $2.0bn
Hungary - $1.17bn
Latvia - $68m
Lithuania - $1.14bn
Poland - $1.63bn
Romania - $339m
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 $40m funding from Accel Partners.
WorldRemit’s global headquarters are in London, UK with regional offices in USA, Canada, Australia, New Zealand and Hong Kong.