Online remittance provider WorldRemit is now offering its service in 15 Latin American markets, saying it is the company's largest expansion to date.
Through a partnership with Bancomer Transfer Services Inc., London-based WorldRemit will operate through Bancomer's affiliated financial institutions and retail networks to offer money transfers to consumers.
With the Latin America expansion, WorldRemit now provides online money transfers, mobile money and mobile airtime top up in 50 countries with more than 100 destinations. The company has moved aggressively with expansion in an effort to compete with Western Union and MoneyGram after obtaining $40 million in funding from Accel Partners in March of 2014.
The WorldRemit service will allow consumers to make bank deposits and collect cash in Agentina, Bolivia, Brazil, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru and Uruguay.
Bancomer Transfer Services is known and respected across the Americas and they are the perfect partner for WorldRemit to enter this market of more than 300 million people, WorldRemits founder and CEO Ismail Ahmed stated in a Nov. 6 press release.
The new Latin American markets account for "almost 10 percent of the worlds remittances," making it the right time that the people sending money there are able to benefit from WorldRemits online services, Ahmed said.
WorldRemit operates under what it considers a low-risk model by "never touching cash" from the sender. Depending on the region, recipients may be able to pick up funds as cash, but the sender must use a bank account or a payment card linked to a bank account.