Funding in the fintech sector hit $15 billion by August 2016 as noted by the Business Insider. One of the key investment areas has been the money transfer sector with fintech startups and traditional banks seeking to increase their efficiency in service delivery. Here are some 10 popular fintech money transfer service providers influencing the fintech remittance industry.
World First was founded in 2004 with headquarters in the UK. It is an online money transfer company. To date, World First has transferred over $56 billion across the world. Additionally, the company regularly serves over 75,000 customers.
Operating in more than 120 countries, World Remit offers a variety of money transfer options including online transfers, bank to bank and cash transfers. World Remit is most suitable for small businesses because it allows you to transfer between $1 and $2000.
TransferWise an online money transfer platform founded in 2010 with headquarters in London, UK. The platform is designed to help you save money through peer-to-peer transfers. TransferWise allows you to exchange money with another person wishing to convert money to your currency. You can transfer as low as $1 and as much as $36 million.
OFX is one of the most diversified money transfer service providers offering exchanges of over 55 different currencies. OFX is ideal for transfer of large sums of money to overseas accounts. The service is available in 195 countries. It is possible to access the service on an iOS or Android mobile app.
HIFX is designed to enable you to make cash transfers to different countries. HIFC is ideal for business accounts as it allows easy transfer of money to overseas business accounts. it has a very good reputation as a money transfer service provider in the UK.
Western union provides remittance services across the world. While the company was not initially based on financial technology, it has incorporated fintech in its services. Currently, western Union offers online money transfer services.
Currencyfair offers both money transfers and currency exchange services at very fair rates. The process is simple, involving only three steps; sending the money into the platform, the money is exchanged to the currency that you would like the recipient to get and then it’s sent to the recipient. You can access Currencyfair services online or through an iOS or Android mobile app.
TransferGo is a money transfer company based in the UK but operating in 44 countries across the world including USA, Canada, Australia, Germany and South Africa. In addition to providing secure and convenient transfer services, the company is one of the most transparent in the industry. You are able to see what the person that you are sending money to will receive. No hidden charges. With TransferGo, you can send money using a mobile app.
Mpesa is a mobile money transfer service provider run by Safaricom, the East African subsidiary of Vodafone, UK. While Mpesa services were first started in Nairobi, it has spread to several other countries including outside of Africa. Mpesa currently offers mobile microfinance services through its Mshwari platform.
Remitly allows you to make person-to-person international money transfer conveniently. The company leverages on technology to offer fast and secure money transfer services across the globe. It is possible to send money via a mobile app.