Dinosaur Merchant Bank launches remittance service

Dinosaur Merchant Bank launches remittance service

Investment firm Dinosaur Merchant Bank has partnered with Rational FX to offer web and app-based money transfer services.

DinoRemit will be tapping into a lucrative industry. World Bank data reveals that £6.8 billion left the UK in remittances in 2020 - 0.3% of the country’s GDP.

Further, with over 9.5 million migrants residing in the UK and utilising international remittances, consumers need a better solution than that provided by traditional lenders that typically charge between 3-4% on each transfer.

With Dinosaur Merchant Bank, customers can use encrypted mobile wallets to transfer to over 100 countries in minutes with costs as low as £2.99, or equivalent.

Glenn Grossman, CEO, Dinosaur Merchant Bank said: “The ever growing migrant population of the UK and Europe presents a large potential for cross border money transfers. Remittances contribute immensely to the growth of the receiving countries.

“Thus this industry not only enables fulfilment of personal dreams but also helps in the growth of economies. The pandemic has further resulted in an exponential adaptation of digital platforms. We at DMBL feel that with our vast experience in managing money, we can contribute positively to the payments space. DinoRemit will be the dependable money transfer partner for the migrant community.”

Tenette Abanilla, COO, Dinosaur Merchant Bank added: “As a growing investment firm, we have always been looking at diversifying our business. We believe that the post pandemic digital economy offers great opportunities to strengthen our position in the payments industry.

“Individuals along with small and medium enterprises in the UK and Europe will benefit from the secure and speedy money transfers using DinoRemit. The robust technology and strong compliance framework will ensure that the process is seamless.”

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