Paysend, a global Fintech company based in the United Kingdom (U.K.) recently announced that it is waiving money transfer fees for United States (U.S.) customers throughout the month of October 2020. They hope to provide some relief to migrants facing financial hardships induced by the COVID-19 pandemic.
This announcement came following its U.S. launch in early September 2020 in partnership with Central Payments, the payments subsidiary of Central Bank of Kansas City. The company has gained almost 1 million global users since the start of 2020.
This service will enable American customers to securely send money internationally to friends and family in more than 70 countries within minutes without the need to physically visit a bank branch.
Matt Montes, General Manager, for Paysend’s U.S. Business said that the company wants to boost peer-to-peer (P2P) payments by waiving transfer fees as people around the world are struggling to financially navigate the pandemic.
He also added the importance of giving people access to an affordable, safe, and accessible way to send money internationally.
To avail the zero-fee money transfers for the month of October, American customers can download the Paysend mobile app from either App Store or Google Play.
For any U.S. residents sending money to international cards, bank accounts, or digital wallets in over 70 countries, the standard $2 transfer fee will be automatically waived through October 31, 2020.
The increasing presence of Paysend in the U.S. market is crucial with the ever-growing demand for quick, affordable money transfers amid the shift towards the digitization of financial services.
The U.S. is home to 9 million expatriates, 47 million immigrants, and 1 million international students. This makes the US the largest global transfer in the world.
It has been estimated that every year more than $148 billion is transferred from the US in remittances. The top remittance recipients are India, China, Mexico, and the Philippines.
Ronald Millar, Chief Executive Officer of Paysend, commented that with U.S. expansion, Paysend is breaking down the world’s largest borders by helping people send money from America to loved ones around the world from the comfort and safety of their homes.
He also stated that the partnership with Central Payments is a big step in their mission to change how money is moved around the world.
Paysend allows over 2 million global citizens to digitally transfer funds to more than 90 countries and in multiple currencies with its global end-to-end payment platform.
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