WorldRemit Starts an International Transfer Operation

March 5, 2018         By: Steven Anderson

WorldRemit, over the last few months, has made quite some impressive strides. While nowhere near the household name that Apple Pay or Western Union is, WorldRemit has still covered a lot of ground. Now, it’s stepping up its game further and launching a new international money transfer service that should allow for fast, low-cost service to one big slug of its new stomping grounds in New York.

For those not already familiar with conditions in New York, it turns out the state has around 4.5 million immigrants living therein from a variety of countries. Since WorldRemit’s service works with 147 different countries, it offers opportunity to readily remit money to most of them. Better yet, the service can be used from a smartphone or a regular PC.

WorldRemit’s move to branch into the United States was reflective of one major point: the US is expected to make up 40 percent of WorldRemit’s total revenue worldwide over the next few years. Currently, it’s about 15 percent, which is still impressive, but with a hike in demand clearly on the table, it’s no wonder WorldRemit stepped in.

Ismail Ahmed, WorldRemit’s founder and CEO, noted  “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.”

Leave aside the altruistic sentiments Ahmed put out for a minute and realize that WorldRemit’s latest move is poised to reach 4.5 million people. If even just a tenth of them represented $100 a year in annual revenue, that would be $45 million in annual revenue. No business would willingly turn down access to that kind of revenue, so branching out into the United States is just a natural idea. Since this isn’t likely to be the end of WorldRemit’s American ambitions, we’ll likely see more states getting in on the action before too much longer.

With unemployment rates down and a lot of people finding work, some of that money may well be heading over the border. WorldRemit making it that much easier only helps matters, and gives them a percentage of that gain besides.