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WorldRemit is a digital cross border remittance business that provides international money transfer and remittance services in more than 130 countries and over 70 currencies. It was founded in 2010 by Ismail Ahmed , Catherine Wines, and Richard Igoe.
A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries.
Forty-nine US states (sans Montana [4] [5]) regulate (i.e., require licensure for) money transmitters, although the laws vary from one state to the other. [6] Most of the states require a money transmitter surety bond with widely ranging amounts from as little as $25,000 to over $1 million and maintain a minimum capital requirement.
A lot of people stick with their bank for years. Many, many years.
The Consumer Financial Protection Bureau (CFPB) finalized a rule on Oct. 22, to help consumers transfer their information from one financial provider to another, free of charge.
STR (Portuguese: Sistema de Transferência de Reservas; Reserves Transfer System) Canada: Lynx [14] China: CIPS (Cross-Border Interbank Payment System) [15] Chile: LBTR/CAS (Spanish: Liquidación Bruta en Tiempo Real; Real-time Gross Settlement) Costa Rica: TEF (Spanish: Transferencia Electrónica de Fondos; Electronic Funds Transfer) [16]
Ria Money Transfer is a subsidiary of Euronet Worldwide, Inc., which specializes in money remittances. [2] [3] [4] Ria initiates transfers through a network of agents and company-owned stores located throughout North America, South America, Europe, Asia-Pacific, Africa, and online. Ria is one of the big four remittance companies. [5]
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