New kid on the block takes the remittance war direct to Western Union's heart
Cuts the instant remittance price in half - delivery in 2 minutes
WorldRemit, the leading online money transfer company, has launched a new online money transfer service to the Philippines from the United Kingdom and Canada offering a full range of pay-out options including instant cash pickup, bank deposits to any bank, nationwide door-to-door delivery and transfers to mobile accounts.
It is the instant cash service that will strike fear into Western Union.
The instant cash pickup service is now available at over 1,400 locations of their partner M. Lhuillier. The branches of M. Lhuillier are pursuing the principle of service excellence and total customer satisfaction and many of these locations are open 24/7. That's part of the promo blurb fron WorldRemit. What's of more interest to Pinoys in the UK and Canada is that the cost is half that of Western Union and MoneyGram. And in relation to Western Union, the exchange rate is the same as that of the standard remitters, not about 6/8 pesos off the mark.
The new WorldRemit service enables customers to
send money to the Philippines from the privacy and convenience of their own home using a variety of payment options including debit cards, credit cards and Interac Online.
"With fees as low as £2.99 in the UK ($5.99 in Canada) and the 24/7 service in both the send and receive countries, the new service offers unprecedented convenience and competitive pricing," said Ismail Ahmed, CEO of WorldRemit.
According to the World Bank, the Philippines is the fourth largest recipient of international remittances. In 2010 Filipino migrants sent back home an estimated $21.3 billion.
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About WorldRemit
WorldrRemit have been specializing in remittances to Africa and Europe and started to roll out services to Asia about a year ago.
They saw that the Philippines was a lucrative market that had the normal services of next and 2 day services, and that the instant remittance market was largely held by that of Western Union, and to a lesser extent, MoneyGram.
The headline rates of £2.99 and $5.99CDN are for smaller amounts, but even the larger amounts attract only £8 for instant collections. This undercuts Western Union and MoneyGram's £18 and £15 respectively. It also strikes at the traditional remitters when comparing their charges. Coupled with exchange rates that are the same, WorldRemit will certainly take a lot of business from the traditional next day remitters.
Dealings in PHL are with M. Lhuillier, RCBC, Banco de Oro and LBC, so the entire country is covered properly, even for far flung parts of Mindanao.
WorldRemit, regulated by the Financial Services Authority (FSA) for the provision of payment services, is an innovative online money transfer business enabling customers to send money to family and friends back home. WorldRemit now offers online money transfers to 38 countries.
WorldRemit has built a robust compliance system that eliminates common problems and risks associated with money laundering and card fraud in international money services. All website transactions are secured using the highest level of online security.
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