WorldRemit expands service in Ecuador

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  • Digital fund transfer service has announced same-day transfers to all Ecuadorian banks
  • WorldRemit customers can deposit funds to accounts across Ecuador within hours from anywhere in the world
  • New offering continues to strengthen payments service presence in the region

WorldRemit, a leader in international money transfers, has recently announced expanded service to Ecuadorian banks, giving customers access to quick, convenient same-day mobile payments.

Deposits can be made to any bank account in Ecuador and funds will post within hours, from anywhere in the world.

According to The World Bank, the Ecuadorian diaspora has climbed to over a million people, many of whom are concentrated in the US, Spain and the UK. Not surprisingly, remittances from foreign workers have become an essential part of Ecuador's economy, accounting for more than $2.7bn in 2017 alone.

Thanks to WorldRemit's new service, members of that Ecuadorian diaspora can now send money home via mobile app with just a few clicks. Because funds are posted electronically, there is no need for recipients to travel long distances or wait in line at a brick-and-mortar payment agent.

Since its launch in Latin America in 2014, WorldRemit has committed to growing its presence in the region. Currently, WorldRemit customers make about half a million cross-border payments to South American annually and more growth is expected as consumers continue to embrace digital payment solutions.

"Ecuador has a large population of emigrants living and working overseas who are frequently sending money home to support their families and friends... I'm pleased that we can now offer our customers the ability to transfer money back to all Ecuadorian bank accounts – no matter where they are in the world," said WorldRemit's new Head of South America, Gabriel Carvajalino.

 


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

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