Visa Inc. (NYSE: V), the world's largest retail payments network, and Travelex, the world's largest international foreign exchange and international payments specialist, today announced the launch of the first Visa Money Transfer service in Australia.
Visa Money Transfer is a convenient, cost-effective and secure way for consumers to send funds directly to recipients' Visa cards, both domestically and internationally. Senders can initiate a Visa Money Transfer to make person-to-person payments, send funds to friends or family members, or make account transfers.
The service in Australia will give consumers the option to send money domestically and internationally via Travelex's Australian online portal, www.travelexvmt.com.au. Money is sent securely over the Visa network to the eligible Visa debit, credit or prepaid card and then the funds be used at more than 29 million merchants and 1.6 million Visa branded ATMs around the world.
Elizabeth Buse, Global Head of Product at Visa Inc. said the launch of the service in Australia illustrates the growing demand for new ways to transfer money securely and conveniently and builds on the most recent Visa Money Transfer launches in mainland China, Hong Kong and the United Arab Emirates.
"The expansion of Visa Money Transfer to enable remittances from Australia to eligible Visa accounts around the world is another milestone in the growth of Visa Money Transfer," Ms Buse said. "Travelex's participation in Visa Money Transfer is a great example of how Visa is expanding its business network to bring the convenience and security of Visa to more consumers in more places around the world."
According to the World Bank, cross-border remittances from Australia are estimated at US$3 billion annually.
According to Graham Perry, Global Sales and Strategic Relationships Director, Travelex, the agreement with Visa provides a significant opportunity for Travelex to expand into new areas of financial services.
"Travelex is pleased to partner with Visa to grow this innovative and convenient international payment method," Mr. Perry said. "Having already secured a strong foothold in the foreign currency market, our participation in Visa Money Transfer opens us up to an enntirely new segment - those consumers looking to transfer money conveniently from person to person," he said.
"Tapping into Visa's global network, which connects more than 1.7 billion cards, the Travelex Visa Money Transfer service will provide a competitive alternative for Australian consumers looking to send money overseas."
Following the new Travelex service Visa Money Transfer programs are now available through 51 sending institutions across 15 countries and territories worldwide, including, Hong Kong, Indonesia, Malaysia Mainland China, Russia, Singapore and the United Arab Emirates.