Paysend, the UK-based fintech business, has expanded its global reach by launching its money transfers service to Turkey. Users are now able to transfer money to any bank account or card issued in Turkey.
Europe and Central Asia is an important growth market for global money transfers. Global money transfers to the region grew almost 11 percent to $59 billion in 2018, according to the World Bank.
Turkey is an important market for global money transfers in Europe and Central Asia. Foreign workers and international students send more than $1bn (US dollars) to Turkey each year, according to the World Bank.
Ronnie Millar, CEO at Paysend, said: “Launching our Global Transfers service in Turkey is another step in the right direction for Paysend. We continue to open new money transfer markets and extend our reach globally. Very often these transactions are life changing for those who send and receive them. We want to support these people by making what was once laborious, slow and expensive, simple quick and low cost.”
Paysend extended Global Transfers to Japan, South Korea and Uzbekistan earlier this month.
Launched just two years ago, Paysend’s card-to-card global money transfer service, now has over 1.3 million users. Paysend can send funds 80 countries worldwide.
Paysend’s growth stems from the emergence of increasingly mobile segments of the work force and the continued increase in international students. These are people who live and work in one country while often financially providing for, or relying on, others in another country.
World Bank figures show that there are now 270m people worldwide who live outside their home country, sending an estimated $689bn home. This is almost ten times as much as it was in 1990.
Ronnie Millar continued: “Our unique Global Transfers service enables customers to move money in an instant anywhere in the world. With fixed and transparent fees, our service ensures that more of our customers’ money is enjoyed by those they care about.”
Paysend charges the same transfer rate, regardless of whether it is buying or selling a currency. This means Paysend has the lowest money transfer fees on the market: £1 from the UK or €1.50 from Europe.
Instant and borderless, Paysend’s Global Transfer customers can transfer money from card to card or to a bank account.