NEW YORK & MANILA, Philippines--(BUSINESS WIRE)--Leading international money transfer service WorldRemit has launched in New York, connecting the state’s 113,000-strong Filipino diaspora to its fast, low cost service.
WorldRemit has been sending money to the Philippines since 2011. It is the company’s biggest receive market, amounting to almost 200,000 transactions each month.
That growth is set to accelerate with the launch of WorldRemit’s New York service, giving Filipinos there access to the company’s convenient, lower-cost money transfers.
On average our Filipino consumers saved $110 in sending costs versus Western Union in 2017 when sending money from the United States. Using WorldRemit’s app or website, users can easily complete international transfers to the Philippines without the inconvenience of visiting a bricks and mortar agent.
Ismail Ahmed, founder and CEO of WorldRemit comments: “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.”
Michael Liu, Regional Director for APAC at WorldRemit added: “The Philippines has been WorldRemit’s number one receive market since the company launched its service in 2011. We have been working hard to connect the large Filipino diaspora in New York to our service and are delighted to be launching this new service, ensuring family and friends can remain connected continents apart.”
The Philippines Central Bank reported recently that remittances to the Philippines in 2017 reached a high of $28 billion a year.
WorldRemit handles a growing share of the global $600 billion remittance market. Founded by entrepreneur Ismail Ahmed in 2010, WorldRemit has secured $220 million in funding including from Accel and TCV - early investors in Facebook, Spotify, Netflix and Slack.
The company started its money transfer operations in the US in 2014.
Visit WorldRemit for more information on how to send money to the Philippines.
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The savings were calculated based on WorldRemit’s US customers’ annual sending habits using a comparison to a weighted average of pay-in and pay-out methods for Western Union vs. sending with WorldRemit.
WorldRemit is changing the way people send money.
It’s easy – just open the app or visit the website – no more agents.
- Transfers are fast and convenient.
- More ways to receive (mobile money, bank transfer, cash pickup).
- Available in over 50 countries and 147 destinations.
- Backed by Leapfrog Investments as well as Accel Partners and TCV, investors in Facebook, Spotify, Netflix and Slack.
WorldRemit’s global headquarters are in London, UK with the US HQ in Denver as well as regional offices in Canada, South Africa, the Philippines, Japan, Australia and New Zealand.