The digital money transfer service is serving a rapidly growing share of the $24.5bn Canadian remittance market
TORONTO, Nov. 18, 2019 /CNW/ - To meet increasing demand for its online money transfer service, WorldRemit has launched its first office in Canada in downtown Toronto, the country's largest technology hub.
Driven by a rising migrant population and increased demand for online remittance services, WorldRemit is serving an increasing share of the US$24.5bn Canadian remittance market.
October 2019 was a record month for WorldRemit transfers from Canada. Today, Canada is WorldRemit's fourth-largest market globally, with top recipient countries including The Philippines, Nigeria, Kenya, and Cameroon.
WorldRemit saves customers time and money as they do not have to travel to a money transfer agent and pay expensive fees to send money home. Instead, they can send funds to 150 countries worldwide straight from their smartphone, computer or tablet.
It is estimated that, in 2017, 37% of Canadians born in Official Development Assistance-eligible countries remitted money. The rise of immigration to Canada is expected to continue to fuel the booming remittance market, with the country predicted to welcome 350,000 immigrants to the country annually by 2021.
Corey Myckan, Country Director for Canada at WorldRemit, comments: "Canada has long been one of the most welcoming destinations for migrants, and today its cities are some of the most multi-cultural in the world. Our award-winning app enables customers from 150 countries to connect easily with their families across the globe, and make low-cost, fast and secure payments at the touch of a button.
"Our service from Canada is growing from strength to strength and, to encourage even more people to try us for themselves, we are currently offering new customers zero fees on their first three transfers if they use the code 3FREE when making payment."
John Tory, Mayor of Toronto, comments: "I am very pleased that WorldRemit has chosen to locate its new office in Toronto to take advantage of our growing tech talent pipeline and diverse marketplace. As one of the most multicultural cities in the world, Toronto is a natural fit for companies seeking both to serve diverse communities with global ties and leverage our talented workforce."
WorldRemit customers can choose from a wide variety of convenient pay-out options to suit their receiver, including bank transfer, cash pickup, mobile airtime top-up and mobile money. WorldRemit is a global leader in international transfers to mobile money accounts and is connected to over 190m accounts across 29 countries.
For more information on how to send money with WorldRemit, click here.
WorldRemit has disrupted an industry previously dominated by offline legacy players by taking international money transfers online - making them safer, faster and lower-cost. We currently send from 50 to 150 countries and operate in 6,500 money transfer corridors worldwide.
On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
Backed by Accel, TCV and Leapfrog – early investors in Facebook, Netflix and Slack – WorldRemit's headquarters are in London, UK with a global presence including offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.
For further information: [email protected]