Monday, May 26, 2008

CitiBank launches QuickRemit

With a view to expand its share in the global remittance market CitiBank acquired PayQuick this January. PayQuick, a brainchild of an Indian immigrant was launched in 2002. US immigrant workers sent home around $42.8 bn in 2007 and 73% of Latin Americans based in the US send an average of 10% of their pay checks back home every month. Traditionally wire transfers and online money transfer companies have been the preferred choice for remittances in countries like the US and Canada. QuickRemit is now aimed at removing the hassles involved in online money transfer. Often remitters face problems in terms of delays and the high fees associated with the money transfer agencies/companies. QuickRemit promises to remove these hassles and offer a user friendly service to the subscribers.

QuickRemit is in compliance with the anti terrorist and anti laundering regulations issued by the US. It offers a technology platform that removes the regulatory constraints and offers a simple hassle free service. It allows its customers to reach over 90 countries which is predicted to be the industry standard for sending remittances internationally.

With this Citi joins the league of banks like Bank of America, HSBC and Wells Fargo who have launched remittance solutions in the recent past.

1 comment:

Ping said...

In the Philippines, we also use our CP as remittance.

If the way, if you are in Manila, you can use our services.