WorldRemit expands operations in Central and Eastern Europe

Thursday 14 August 2014 13:45 CET | News

WorldRemit, an online money transfer service, has tapped into 7 new countries in Central and Eastern Europe.

Customers in Bulgaria, the Czech Republic, Hungary, Latvia, Lithuania, Poland and Romania will now be able to able to send money to friends and family in more than 100 countries.

According to data from the World Bank, outbound remittances from the 7 new markets increased by 350% between 2002 and 2012, whereas now they yield USD 6.3 billion annually.

Additionally, the Czech Republic alone sends more than USD 2 billion annually, on a par with the UK. WorldRemit customers in CEE will be able to send money to the Americas, Africa, Asia and Europe from anywhere at any time using a computer, smartphone or tablet. Payment is made using a credit or debit card.

Receiving options vary by country, with many offering a choice of bank deposit, cash pickup, Mobile Money account and mobile airtime top-up.

In March 2014, the company received a USD 40 million in a series A investment round from Accel Partners.

WorldRemit is an online service that lets people send money to friends and family in other countries. Customers can use WorldRemit anywhere, anytime on their computer, smartphone or tablet.

For those receiving money, WorldRemit offers a range of options including bank deposit, cash collection, Mobile Money, and mobile airtime top-up. The service is available in 50 countries and sends to more than 100 destinations.

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Keywords: World Remit, Central Europe, Eastern Europe, online payments, remittance, money transfers, Customers
Categories: Payments & Commerce
Countries: World
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