SAO PAULO & LONDON--(BUSINESS WIRE)--Leading digital money transfer service WorldRemit has increased its payout network for same day money transfers to include all Brazilian banks in an expansion of its service in the country.
The launch of this new service will allow WorldRemit customers to send money from countries around the world to all Brazilian bank accounts within hours, and supports the company’s plan to serve 10 million customers connected to emerging markets by 2020.
With a diaspora of close to two million people living in countries such as the US, Japan and Portugal, remittances play an important role in Brazil’s economy. The World Bank estimates that in 2017 alone Brazil received over $2.6 billion in remittances.
WorldRemit’s mobile-first, digital model allows the Brazilian diaspora around the world to send money in a few taps directly from their phones - without the inconvenience of visiting a bricks and mortar agent.
The partnership builds on WorldRemit’s rapid expansion across South America since launching its money transfer service to the region in 2014. WorldRemit customers currently make over half a million money transfers to South America each year, with this set to grow rapidly over the next few years as adoption of digital remittances continues to grow.
In response to the growing demand for transfers to LATAM, WorldRemit has hired a Head of South America, Gabriel Carvajalino, based in Colombia. Gabriel is actively working on expanding WorldRemit’s presence within the continent through partnerships with key institutions across the region.
Gabriel Carvajalino, Head of South America at WorldRemit, said: ‘The volume of remittances sent to Brazil is enormous, but still largely cash based and inefficient. At WorldRemit we want to change this. I’m pleased that we can now offer our customers the ability to transfer money back to their family and friends within hours of tapping a button - regardless of where they are in the world.’
To find out how to send money to Brazil please visit https://www.worldremit.com/en/brazil
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WorldRemit is changing the way people send money.
It’s easy – just open the app or visit the website – no more agents.
- Transfers to most countries are instant – send money like an instant message.
- More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).
- Available in over 50 countries and 145+ destinations.
- Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.
WorldRemit’s global headquarters are in London, UK with offices in the United States, Canada, South Africa, Singapore, the Philippines, Japan, Australia and New Zealand.