Today from Money20/20, Remitly, the largest independent digital remittance company in the U.S., announced the expansion of its mobile money transfer service into Mexico, the world’s single largest corridor for international money transfers.
Remitly’s safe and secure network includes most major banks and more than 11,000 cash pickup locations in Mexico. Remitly continues to enhance its mobile-first product, today introducing new user interface elements and access to real-time information about transactions processing.
The U.S. to Mexico corridor is the largest remittance corridor in the world, with more than $24 billion transferred annually. Historically the process has been arduous and costly, with consumers incurring a 7.9 percent fee on average to send remittances globally. Remitly is redefining the money transfer process, enabling customers to send money seamlessly and affordably, and only charges one quarter of the fees of its competitors. Remitly offers among the industry’s most competitive foreign exchange rates and provides complete transparency in every interaction with customers about fees, rates and delivery times.
“We’ve built the best mobile product in the world for money transfers. We’ve strategically focused on the world’s largest remittance corridors first and are excited to bring our mobile app and advanced fraud detection system to people sending money home to Mexico,” said Matt Oppenheimer, CEO, Remitly.
The expansion comes amidst rapid company growth – Remitly announced in September its customers are sending more than $500 million annually and the company recently processed its one millionth money transfer transaction.