Digital remittance company Remitly has expanded to the United Kingdom with two service options.
Express delivers money abroad within minutes thanks to Remitly’s direct integrations with banking and cash pickup partners. Money can be sent by credit or debit card for £3 or less. Economy uses the UK’s Faster Payments Scheme to transmit funds to recipients at competitive foreign exchange rates via participating banks.
At the beginning UK clients can send money to India and the Philippines. The combined funds reception total of the two countries is more than $4.1 billion.
“Europe is the second largest remittance market in the world,” Remitly CEO Matt Oppenheimer said. “Launching in the UK, where over £19 billion ($24 billion USD) in remittances are sent to other countries, is an important next step as we transform the global remittance business.”
Tony Zerucha is the managing editor of Bankless Times.
A two-time LendIt Journalist of the Year nominee, Tony has written more than 2,000 original articles on the blockchain, peer-to-peer lending, crowdfunding and emerging technologies over the past seven years, making him one of the senior writers in the alt-fi sector.
"The evolution of the crowdfunding and peer-to-peer lending scenes is absolutely fascinating to chronicle. It is a joy to be around people with such passion and vision."