How has technology made money transfers cheaper and faster? Financial Technology—or simply FinTech—is the main reason for the decreasing costs and increasing speed of sending money to your loved ones. FinTech includes all types of innovation that help improve your experience in dealing with your finances, including saving, spending, and remitting.
WorldRemit is a FinTech company that has been recently named as the ‘Best for International Transfers’ at the ‘Best Money Transfer Apps of 2021’ award by Investopedia. Headquartered in London, this company was founded by Ismail Ahmed in 2010 who experienced long journeys to the agent to transfer money to his family in East Africa. With the vision to make money transfers easier, WorldRemit used technology to make it happen.
Over the last 10 years, WorldRemit has grown to serve 5.7 million customers, using 70 different currencies, across 130 countries worldwideWith over 90% of WorldRemit transfers authorised within minutes, your loved ones can receive money quickly via cash pickup, mobile money, bank transfer or airtime top up. On the send-side, WorldRemit is 100% cashless, and you can pay for your transfer using debit or credit card and a range of other methods (like Poli in Australia).
WorldRemit’s innovations through financial technology truly has made it easier, faster and lower cost. banks. The features of their services below can help you send money quickly and securely on their app and website:
- Pricing Calculator: You can calculate the total cost of sending with WorldRemit before submitting a transfer. All fees and exchange rates are clearly shown up front.
- Transfer history: At all times, you can view all ongoing and completed transfers and download receipts
- Transfer status: Check on the whereabouts of your money transfer. In your account settings, you can also choose to opt-in for WhatsApp updates on your transfer status
- Resend transfer: Why should you input the same details again and again? Skip unnecessary steps and simply create your next transfer using saved details.
- Edit or cancel transfers: If your transfer is available for edits or cancellation, you can do this directly via mobile app or website
- Exchange rates notifications: Find out the best times to send money with the exchange rate of your choice via FX updates (App only)
- Promo notifications: In your WorldRemit account section, opt-in for the latest promotions and deals (App only)
- Register for a WorldRemit account online or via the mobile app.
- Select the destination country, amount, and delivery method.
- Check the fees and exchange rate, the amount the recipient will get in the destination currency, and the total cost to you.
- Provide the recipient’s information (e.g. legal name, bank account details, agency selected for cash pick-up, or mobile money account number).
- Pay the total cost using your debit or credit card, bank transfer or Apple Pay or Google Pay. Methods vary by send country.
Article by Malorie Manaois, Financial literacy and remittances