WorldRemit has launched WorldRemit for Business, a new service that enables small and medium-sized business owners to pay their employees or contractors in 140 countries worldwide, including fast-growing emerging markets such as Ghana, Nigeria, Kenya, and South Africa.
The platform will first be available to U.K.-registered businesses and is promising low fees and exchange rates for its UK users.
The Global Trade Review estimates that 30% of UK business trade internationally, but the speed and cost of transfers are a frustration for many SMEs – especially those sending money to regions with limited transfer options such as Africa and Southeast Asia. While some banks can take up to one week to process payments, over 90% of WorldRemit transfers are paid out within minutes.
Businesses can benefit from the company’s diverse pay-out methods when sending money abroad, including options for mobile-to-mobile services in 27 countries. Customers sending abroad can easily track their transfer in real-time and opt-in to receive daily exchange notifications to decide the optimal time to send money abroad.
Ismail Ahmed, Founder and Chairman at WorldRemit, comments: “When I first started WorldRemit, I was frustrated with the high charges and long delays in sending money abroad both as a business owner and consumer. Over the past 9 years, we’ve made it easier for 4 million people around the globe to send and receive money.
Today, we’re pleased to extend that service offering to businesses, and put an end to the steep fees that many pay, especially when sending to Africa. We’re committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business.”
Shane Lennox, Senior Product Manager for Business, comments: “With more people moving and settling across borders, the nature of business is becoming increasingly global. This new product offering is catering for those in need of a digital service that solves a number of pain points faced by SMEs with international staff and contractors.
This new product launch will bring UK business closer to the rest of the world, and enable millions of SMEs to benefit from our award-winning convenient service.”
WorldRemit customers complete over 1.4 million transfers every month from over 50 countries to over 140 destinations using its app or website.