Remitly’s Canadian customer base will be enabled to send funds to eligible recipients in over 100 countries around the globe. In addition to the already available pay out options such as pre-existing bank accounts, digital wallets, and cash, the payment option array will be broadened to include Visa cards.
Company representatives have stated that the newly implemented Visa Direct option follows their commitment to deliver to their customer locally relevant payment options, having in mind the knowledge that the remittances are global, whereas the customers are local.
Visa representatives have declared that the partnership with Remitly will unlock new opportunities to provide Canadians with diversity and flexibility when it comes to sending digital funds globally, with remittances representing a lifeline for 250 million migrant workers around the globe who rely on this service.
Beginning with March 2020, Remitly has started to expand its Visa collaboration, Remitly customers now having the option of sending money with Visa Direct from 18 countries to bank accounts in over 100 countries. Having integrated Visa Direct, Remitly lets their customers send money internationally, directly to bank accounts by providing the name and the 16-digit Visa debit card number of their recipient.
According to World Bank information cited by GlobeNewswire, personal remittances exceeding USD 6.5 billion are sent from Canada on an annual basis.
Remitly is a digital financial services provider for immigrants and their families in more than 170 countries around the world, helping them send money through a digitally native, cross-border remittance app, eliminating the complexities and fees associated with traditional remittance processes.
In August 2022, the company announced it was to acquire Israel-based Rewire, a financial services platform for migrant workers, for approximately USD 80 million, the transaction expected to close in the second half of 2022. With this acquisition, Remitly’s team is believed to have added additional capacity and expertise due to Rewire’s product development and engineering teams.
In March 2022, Remitly halted their money transfer services to Russia, following the economic sanctions received by the country amid its war on Ukraine.
In May 2021, Remitly received funding from Visa to further invest in its financial services products; additionally, the company announced the extension of a previous Visa partnership aimed at integrating Visa Direct for Remitly’s US based customers, thus continuing to expand cross-border transfer services.
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