THERE is a new way to send your money electronically to other people – even in other countries.
WorldRemit is an app and website people can use to send or get money and messages to people in countries serviced by the system. These include Zimbabwe, Mozambique, the United Kingdom, India and Pakistan.
According to the World Bank, Mzansi is the most expensive G20 country to send money from, with an average cost of over 15% for sending – more than double the global average.
Currently, 68% of remittance from Mzansi is sent through informal channels such as unregistered or informal couriers – or malaicha – and buses crossing the border.
Andrew Stewart, managing director for Middle East and Africa at WorldRemit, said WorldRemit’s low fees and exchange rates are shown upfront. Senders from South Africa can choose from a wide variety of convenient pay-out options including bank transfer, cash pick-up and smart phone money.
WorldRemit handles money transfers to and from the US, UK, European and Asia as well as over 40 African countries.
He said people can now transfer money directly, quickly, securely and at a lower cost, from their phones.
“This eliminates the need to give cash to loved ones who are travelling or pay expensive fees to buses or taxis to transport cash across the border.”
Senders and recipients are notified with details of how much money has been sent. They can use the “track your transfer” function to check their transactions in real time.
For more information on the system visit www.worldremit.com
