SEATTLE, Oct. 6, 2016 /PRNewswire-HISPANIC PR WIRE/ -- Remitly, the largest independent mobile remittance company in the United States, celebrated its first-year milestone in Mexico and announced it is expanding its mobile instant money transfer service to seven countries throughout Central and South America.
Remitly is improving the way immigrants send money to families and communities back home. For decades, those living in the United States had to endure long wait times and high fees at traditional money transfer agents. The rise of smart phones has enabled Remitly to change the landscape dramatically by offering an easy-to-use mobile app that provides a less costly, convenient and safe way to send money instantly through its global transaction network of over 31,000 bank and retail partners.
"When people working and living in the United States send money to their loved ones, it lifts people up the economic ladder to achieve a better life," said Remitly CEO Matt Oppenheimer. "The stories we hear of overwhelming generosity are incredibly inspiring. We are proud to help our customers keep more of their hard-earned money by offering a product that is less expensive, more transparent and faster."
Remitly estimates its mobile app helped send hundreds of millions of pesos last year to customers' loved ones in Mexico, saving them almost half-a-million dollars in fees in the process. The company has built an extensive network of over 12,000 major banks and retail partners in Mexico to facilitate cash pickup or direct deposits into bank accounts.
Customer success in Mexico made further Latin America expansion a natural next step. The new countries Remitly now serves are Guatemala, Honduras, El Salvador, and Nicaragua in Central America, along with Colombia, Ecuador, and Peru in South America – where over $17 billion in annual remittance volume is sent from the U.S., a significant contributor to the regional economy.
For those across Latin America receiving a money transfer through Remitly, the company has a regional network of more than 8,000 bank and retail partners for cash pickup and direct deposits, and a customer service center in Nicaragua.