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August 15, 2014updated 04 Apr 2017 4:06pm

WorldRemit unveils services across Central and Eastern Europe

WorldRemit, the online money transfer service, has rolled out its services across seven countries in Central & Eastern Europe, as part of its global expansion strategy.

By Verdict Staff

WorldRemit, the online money transfer service, has rolled out its services across seven countries in Central & Eastern Europe, as part of its global expansion strategy.

With the Central and Eastern Europe wide launch, WorldRemit’s customers in Bulgaria, the Czech Republic, Hungary, Latvia, Lithuania, Poland and Romania can send money to friends and family in over 100 countries.

According to the company, addition of seven countries is WorldRemit’s single biggest expansion since receiving $40m investment from Accel Partners in March 2014.

WorldRemit founder and CEO Ismail Ahmed said: "People in Central and Eastern Europe send a huge amount of money overseas and, like everyone else, they want a fast, convenient, low-cost way of doing that. I am delighted that WorldRemit is able to fulfill that need.

"These countries have traditionally been seen as places that migrant workers leave then send money back to. However, the region’s increasing economic prosperity means that people who live here are also transferring money all over the world."

Outbound remittances from the seven CEE countries rose by 350% between 2002 and 2012, and now total $6.3bn annually, according to a study by the World Bank. The Czech Republic alone sends more than $2bn every year, on par with the United Kingdom.

 

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