Digital money transfer company WorldRemit has launched WorldRemit for Business, a new service that enables small and medium-sized business owners to pay their employees and contractors in 140 countries worldwide, including fast-growing markets such as Ghana, Kenya, and South Africa. The platform will first be available to U.K.-registered businesses.
WorldRemit’s low fees and exchange rates are shown up-front and customers can send money easily via the company’s website and app. By extending its money transfer service to SMEs, WorldRemit will save businesses time and money when they make international payments.
Each year, the UK imports $5.6 billion in goods and services from South Africa where SMEs are estimated to make up 90% of formal businesses and provide 60 per cent of employment. WorldRemit for Business will make it easier for local enterprises to receive payment by UK-based partners by offering via bank account and cash pick-up. While some banks can take up to one week to process payments, WorldRemit transfers to South Africa are processed within 24 hours or less.
Customers sending funds abroad can easily track their transfers in real-time on the WorldRemit app and opt-in to receive daily exchange notifications to send money abroad at the optimal time.
Andrew Stewart, Managing Director for Middle East and Africa at WorldRemit, comments: “Over the past 9 years, WorldRemit has made it easier for 4 million people around the globe to send and receive money. Today, we’re pleased to extend that service offering from consumers to businesses and put an end to the steep fees that many have to pay, especially when sending to South Africa. We’re committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business.”
Shane Lennox, Senior Product Manager for Business, comments: “With more people moving and settling across borders, the nature of business is becoming increasingly global. This new product offering is catering for those in need of a digital service that solves a number of pain points faced by SMEs with international staff and contractors. This new product launch will enable millions of SMEs to benefit from our award-winning convenient service.”
WorldRemit customers complete over 1.4 million transfers every month from over 50 countries to over 140 destinations using its app or website and remains committed to providing innovative solutions to meet money transfer needs across the world.