If you live in the United Kingdom, you're living in the top third remittance country in the world, after America and Canada, where migrants send over $20 billion USD ( £16bn) a year to their families and connections. World Bank economists say the remittance flows could actually be far larger, since many people bypass banks and big money-transfer companies. Depending on your country of destination, method of transfer and other factors, remittance charges can range anywhere up to 13% of the total amount of money being sent, and each transaction may vary in cost. British migrants have long complained about these cuts. Some have expressed concern about the security of their money.
The Department for International Development (DFID) leads the UK's initiatives to play a part in building a safer, more prosperous world. One of the ways it honors its commitments is by making sure that its remittance channels to these countries are secure and that remittance flows reach their destination. Over the past two years, as realities of terrorism and money laundering have increased, the DFID has tightened its surveillance keeping an ever closer eye on suspicious activities in the region. They honor their commitment through many objectives, one being holding responsibility in ensuring their remittance channels are secure.
As the remittance market is made of many small players as well as larger financial institutions, the UK government keeps a close eye on the security across their remittance channels, monitoring any suspicious activity in the remittance process.
Some migrants see Brexit as a threat to their remittance transactions. The DFID along with the World Bank and the Bank for International Settlements have developed international standards for remittance services. We, at CompareRemit conduct ourselves according to these standards. CompareRemit brands itself as a top remittance provider and guarantees that it keeps an eye on your money through every step of the process. Our partners in the UK watch out for the safety and security of your funds, too. CompareRemit follows suit in making sure our users are working with the top, most reputed remittance providers. Our partners in the UK are entrusted with the responsibility of providing the best possible service and security for our joint customers.
Helps remittance users to find the best way to send money abroad to their loved ones, friends and family
Makes it easier & more profitable for businesses to make international payments & global transfer
Creates a marketplace for money transfer providers to reach out to a highly valuable remittance audience
A very nice, simple-to-use app where you can compare all remittance sites in one place. Also easy to find new offers and promotions on the site.
You can select best possible rate at one glance by going through CompareRemit. This is the best and I always prefer to choose CompareRemit to check the rates provided by an individual company and transfer money.
CompareRemit is an excellent platform to find your preferred money transfer provider. We appreciate doing business with CompareRemit, because we share the same belief: Transparency in rates and costs of international money transfer is essential to allow individuals to make an informed decision when sending money back home. Through the CompareRemit platform, we have been able to introduce ourselves to many new Indian TransferWise users.
Inez Miedema, Head of Affiliate & Partnerships