Seafarers no longer need to wait for next port to send remittances

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO at FXcompared and has numerous years of experience in the international finance world, especially within the media, technology and property sectors. Daniel is passionate… Read more
  • Remitly expands its remittance services to workers for cruise ships and cargo ships
  • There are currently 1.6 million seafarers, based on recent numbers
  • Remitly Chief Executive Officer Matt Oppenheimer says that seafarers “make tremendous sacrifices” being away from their loved ones for long periods of time
     

The biggest independent digital remittance firm in North America just started offering custom international payments to cruise and cargo ship employees. Remitly recently released Remitly for Seafarers to make it more convenient for seafarers to send money home. Based on reports, many seafarers usually wait for the next port of call to send funds to their loved ones. Remitly’s new service will solve this problem, insiders note, as it is designed for seafarers while they’re at sea.

“Seafarers make tremendous sacrifices for their families, leaving home for long periods of time to support their families and communities”, says Remitly CEO Matt Oppenheimer.

“We are thrilled by the success of Remitly for Seafarers and are confident this expansion of service will help more seafarers support their loved ones without the hardship, hassle, and high fees of traditional money transfer services”, Oppenheimer adds.

The service is now available to seafarers who regularly send remittances to India, Indonesia and the Philippines. According to the company, those who are out at sea can transfer funds without having to wait for the next port of call or their shore leave.

This is an important development, observers note, as over 1.6 million seafarers need the service. Workers in shipping and cruise lines usually have limited time on land and a service such as Remitly will make cross-border payments a lot easier. It is noted by The Maritime Executive that there are money transfer kiosks at certain ports but that these money transfer services charge exorbitant fees. Remitly for Seafarers can bypass these fees and rid seafarers of the hassle of sending funds home. Remitly hasn’t revealed if it has plans to make the service available to other countries, but experts say that it is likely that the brand will expand the service soon.

In a statement by Remitly, the brand said that seafarers can transfer money through the app or online by using their work identification card, their passport, and their credit or debit card.

Remitly has direct integration with its partners which include financial institutions and pick up locations. Senders also know when the money they sent will reach its recipient. The firm has a flat rate of $3.99 and it only takes three minutes for the funds to arrive in the receiver’s account. Customers willing to wait for a few days can use the service for free.

Remitly’s affordable transfer rate is what makes it different from brick and mortar banks. The latter charge exorbitant fees and takes days to process simple transactions.

 

Get more information about Remitly today to see if it is the right remittance service for you. You can learn more about this company by reading our review.

 

 


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