By Mohammed Waseem
UK has been home to many start-up money transfer companies with innovative offerings and strong global reach. There is one company which is aiming at redefining convenience in speed, security and innovation. Launched in 2004, the company has operations in over 95 countries and a strong network base of over 60000 payment points.
Speed Remit is a global money transfer service which enables expatriates to send money back home. They are registered in the UK and have their marketing base in the UAE, which helps the company grow and reach out easily to the world, due to the country’s strategic position on the map.
Speed Remit offers a wide range of options to transfer money which include bank to bank, door to door, over the counter and card to bank. Money sent to bank accounts is usually available in 24-48 hours.
Bank to bank transfers are done through the correspondent banks in the recipient’s country or from a correspondent in another country if the recipient’s country does not have a bank representing Speed Remit. On demand payments are also offered by the company, apart from door to door delivery service and advice & pay, in which, the agent informing the recipient about the receipt of money.
In India, both Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) services are supported for convenience of the customers and this means that the recipients have access to over 100000 bank branches across India. Instant transfers are supported in India, Bangladesh, Pakistan, Sri Lanka, Nepal and inside the UAE. In Philippines, mobile transfer is supported through text messaging. They also have an e-transfer service for pre-registered users.
In order to send money, the sender has to visit a Speed Remit agent and fill the ‘send’ form and hand it over to the agent along with the money intended to be sent. After the transaction has been processed a reference number is generated, which has to be communicated with the recipient. The money can be collected within 10 minutes after the generation of the reference number.
Speed Remit is a good option for transferring money, but I found that their website lacks important information such as the list of countries supported, exchange rate and fee details, etc. which they must include, in order to provide clarity and attract customers.