Transfast tops list of lowest-cost remittances to Nigeria, Egypt and Ghana
Data released by World Bank shows cost to send remittances
AA – Transfast, one of the fastest-growing providers of cross-border payments and funds transfer solutions to consumers and businesses worldwide, was recently listed as the lowest-cost remittance from the U.S. to four key remittance-receiving countries, according to data released by World Bank.
For the first quarter of 2016, Transfast was the lowest-cost remittance for sending from the U.S. to the Philippines, Nigeria and Egypt, all of which are in the top ten remittance-receiving countries worldwide. Transfast also topped the list of lowest-cost remittances for the African nation of Ghana. The data was published by the World Bank in the Remittance Prices Worldwide database, which lists the cost of sending remittances in selected corridors.
“Since the launch of our Value Plus and Fastrack products in 2015, our customers have saved significantly, and we’re pleased that the value we offer is reflected in the latest update to the Remittance Prices Worldwide database,” says Samish Kumar, CEO of Transfast. “Instead of being used up as fees, more funds are going directly into the economies of our customers’ home countries, to be invested or shared with friends and family.”
According to the World Bank, cutting remittance prices globally by at least five percentage points can save up to $16 billion a year. Kumar says that Transfast’s commitment to providing a better way to send money contributes to the goal of achieving lower-cost remittances around the globe.
Providing instant cash transfers and bank deposits worldwide, Transfast owns the world’s leading proprietary direct-to-bank network. Its global scale covers 88% of the world’s population (6.3 billion people) across more than 120 countries in the Americas, Asia, Africa and Europe.
Using Transfast’s mobile app and online platform, customers can send funds to a bank account, or to be picked up in cash at more than 200,000 cash pick-up locations worldwide. Funds sent to bank accounts generally arrive instantly or within the same day.
For enterprise-level remittances, Transfast offers a B2B/B2P solution, Transpay, for high-volume, low-value payouts. Through a single-point connection, Transpay’s cross-border payout platform delivers real-time local funds transfers to recipients or business worldwide. Transpay offers scalable payout options such as REST API and web portal, to leading freelance, travel, e-commerce and affiliate marketplaces.
“Facilitating payments globally to freelancers, entrepreneurs, marketplaces and more is crucial to their success,” says Kumar. “We built our Transpay product around their needs, with the capability to deliver funds directly into their bank accounts, so hard-working freelancers and entrepreneurs can keep more of what they earn.”
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