American digital remittance company Remitly has expanded its global footprint by foraying into the UK market, its third send country after the US and Canada.
Initially, the company will serve the UK residents transferring money to India and the Philippines, and plans to add more recipient countries soon.
Remitly CEO Matt Oppenheimer said: “Europe is the second-largest remittance market in the world. Launching in the UK, where over £19bn ($24bn) in remittances are sent to other countries, is an important next step as we transform the global remittance business.
“We’re thrilled to offer Remitly’s industry-leading service to the UK, a service that already enables customers in the US and Canada to send over $2bn a year.”
Remitly said it will launch two variants of its service in the UK namely Express and Economy.
The Express service will deliver money directly to a recipient abroad within minutes through its direct integrations with banking and cash pickup partners around the world. Users can send money using a credit or debit card, for a flat fee of £3 or less.
The Economy service, which will leverage the UK’s Faster Payments Scheme, will enable customers to send money abroad at less cost depending on the recipient country.
“Through this option, customers get their transfers to recipients quickly, safely, and with competitive foreign exchange rates as the scheme enables nearly-instant payments between participating banks,” the company said in a statement.