Remitly Nears $1B Mobile Money Transfer Mark

Remitly, which is known as the largest independent digital remittance company within the United States, announced its growth results in annualized mobile money transfers.

Today the company announced that its customers are on track to reach $1 Billion annually due to the rate of transfers recorded in December.

In addition, the World Bank is anticipating remittances to reach more than $588 Billion in 2015. Perhaps even more interesting is how 74 percent of these remittances are going to developing countries.

Remitly makes money transfers from the United States to the Philippines, India, and Mexico. These three nations alone account for over 35 percent of all remittances originating in the U.S. The company plans to continue to take a customer geared approach by zeroing in on the largest markets as they grow on a global scale.

Remitly’s versatile, quick, and mobile-friendly money transfer service is changing the notoriously slow and expensive process.

On an average, companies tend to charge around 8 percent in money transfer fees; Remitly charges a smaller portion of that, granting a huge savings for customers.

Top receiving cities include: Tijuana, Quezon City, and Hyderabad.

The top sending cities include Las Vegas to the Philippines, Jersey City to India, and Houston to Mexico.