By Mohammed Waseem
With the rise in money transfers across the world, many new companies have come up and are providing excellent service which is sometimes way better than the market leaders in the business. What makes them leaders is the volume of business, their strong networks and reach and the trust customers place in them. If the startup companies succeed in winning the customers’ hearts and win them, this could affect the market share of the leaders.
One such money transfer company is International Money Express, which is headquartered in Nepal and has operations in many other Asian countries and a few countries in Europe, America and Australia, which numbers to over 25 countries of operation with over 75,000 agent locations. The company has over a million customers worldwide. They also have strategic alliance with exchange companies and commercial banks in Malaysia, the Middle East, Australia, UK and USA.
IME has been serving customers for over 13 years now. The company recently won the CIP award 2014 for bringing in the largest volume of inward remittances through banking cannels among all remittance companies operating in Nepal. Their tagline suggests that they are a fast, reliable and secure way of sending money. Their vision is to become leading remittance service provider in the world backed by innovation, team spirit and passion for service excellence. Their IT infrastructure is entirely hosted in Malaysia due to its superior technological capabilities.
IME charges the lowest fees for international transfers and in most cases money is instantly available for collection. They use their competitive advantage of low cost, safe and prompt transfers and the ability to transfer small amounts at low costs to compare themselves with other money transfer services. They have launched an innovative product in Nepal, which enables payment of education fees at any of the IME agent locations, which number over 2600 across the country.
In order to send money with cash, customers should visit any of IME branches or agent locations and hand over the transfer form, transfer amount and the fee there, after which they would be provided with the IME Control Number (ICN) which has to be communicated to the recipient, who can visit any of the agents to collect the money, almost immediately. Money can also be deposited into bank accounts in the same process with the difference that the recipient does not have to visit an agent; they would be notified by SMS that the amount has been deposited. They also offer a door to door service which works in a way similar to the above, except that the amount sent would be delivered at the recipient’s residence once the address has been verified by the agent.
Other than cash transfer, IME also has online payment service which can be accesses from IME website after signing up for an account; payment can be made with a credit card and the amount is immediately available at the recipient’s end.
IME does have the potential to grow and expand further, but it will take time until they become direct competitors of leaders in the money transfer industry.