Global money transfer brand Xpress Money has just announced a partnership that will increase its presence in the lucrative Latin American (LATAM) remittance market.
In teaming up with Confidence Corretora De Câmbio S.A., a Brazilian firm that specializes in currency solutions including foreign currency exchange, international checks, cross-border payments and international money transfers, Xpress Money now boasts more than 50,000 locations across Latin America.
In 2016, more than $73bn in international payments were made to countries in Latin America and the Caribbean, an increase of nearly 7% over 2015 figures. Many brands are scrambling to take advantage of this immense remittance growth potential in the region.
According to Xpress Money COO Sudhesh Giriyan, the partnership with Confidence Câmbio will help provide a competitive advantage for the company.
In a statement, Giriyan said: “Our partnership with Confidence Câmbio is part of our strategic framework to aggressively expand our footprint in LATAM... Brazil is amongst the top 10 countries for inward remittances in LATAM that received $2.7bn in 2016. Brazilians continue to migrate abroad for a better livelihood and in turn send money home in the form of remittances.”
He went on to express how excited he is about the partnership and how Confidence Câmbio and Express Money promote a shared objective of offering affordable and convenient money transfers to customers in Latin America.
Confidence Câmbio officials are also enthusiastic about the partnership.
"The remittances segment has huge potential in Brazil and being able to provide one more important solution through Xpress Money is a competitive advance, for sure," said Confidence Group CEO Stephane Kaloudoff.
As one of the world's fastest-growing money transfer firms, Xpress Money maintains a network of more than 200,000 agent locations in 150 countries and five continents, and offers a variety of payment services for expatriates and individuals sending money to family and friends abroad.