5 Things You Didn't Know About WorldRemit
- Ismail Ahmed created WorldRemit while earning an MBA after losing a job at the UN for reporting corruption in Somalia's remittance program.
- The £200,000 that funded the launch of WorldRemit was compensation paid to Ismail Ahmed for his treatment after reporting the corruption.
- When he was young, Ismail Ahmed traveled two to three hours and spent $15 to get money sent to the family by his older brother.
- A WorldRemit's cheaper, no agent, no cash, online money transfer results in less illegal money transfers than a traditional money transfer.
- Transfers to mobile phones are easier than having to go to a bank or agent and safer than receiving cash in underdeveloped countries.
How to Redeem a Coupon Code at WorldRemit
To redeem a coupon, you need to be on the send money page. If you have never used WorldRemit, you start by picking a country where you want to send money. Then you choose how much you are sending and where you are transferring the money such as a bank account. Now you register with the site by providing personal information such as your name, an email address, your country, and a password. If someone referred you to WorldRemit and you have a referral code, you enter it here.
You are now on the send money page where you enter the recipient's information on the left. On the right is a payment details box that tells how much you are sending in your currency, how much the fees are in your currency, the total you will be charged, and how much the recipient will receive in their currency. Below this information is a link that says, "Enter a promo code." Click this link, enter your coupon code, and click apply.
WorldRemit is a money remittance business like Western Union and MoneyGram. Money remittance businesses provide a service that allows people to transfer money to others, usually instantly. Most people send money to family or friends, although sometimes payments are made to businesses using money remittance businesses. This service is important to people in underdeveloped countries, whose relatives have moved to find work and send money home to help. However, the traditional business model requires these recipients to travel to an agent to receive the money. This is one of the changes to the traditional business model by WorldRemit. Now recipients can receive their funds electronically to their smartphone, to a prepaid card, to be picked up, or to their bank account. Some countries add restrictions on how transfers can be done. Transfer methods will depend on both the sending and the receiving country.
Ismail Ahmed, the primary co-founder of WorldRemit had experience as both a recipient and a sender of transfers to an underdeveloped country. He realized that the business model used by his future competitors, Western Union and Moneygram, was inconvenient and resulted in high fees for customers. Adding to his personal experience was his work experience helping small money remittance business comply with new government regulations aimed at stopping money transfers to terrorist groups after the September 11, 2001, terrorist attacks. He used both his personal and work experience to create a new model for the money transfer business. He understood the importance of tighter regulations on money transfers, but he also understood the importance to people of underdeveloped of protecting the access to money transfers from relatives. He also wanted to make it easier and cheaper for the sender and recipient to send and receive money transfers, so he created an online money transfer business model. The sender can use a PC or mobile device from anywhere to send the money, and the recipient can have it sent to a smartphone that can be used like a cash card. The money is transferred quickly without the sender or recipient spending time and money to go some distance to an agent's office for the money transfer. The elimination of an agent and a brick and mortar office helped cut the costs of money transfers.
Since starting in 2010, WorldRemit has completed millions of transfers from around 50 sending countries to over 140 receiving countries. Their secure technology helps alert them to any potential issues in a transfer and helps them comply with the latest regulations of different governments.
After WorldRemit was started in 2010, its growth was assisted when it was noticed and backed by Accel Partners in 2014. They had success in backing Facebook, Spotify, and Dropbox. Accel Partners made some of the largest Series A funding rounds in Europe when investing in WorldRemit. In 2015, Technology Crossover Ventures (TCV) made even larger investments in WorldRemit.
In this YouTube video entitled Money Matters: Catherine Wines, Ms. Wines, one of the three co-founders of WorldRemit, talks about why WorldRemit's new model for money transfers succeeded.
WorldRemit Social Media Links
WorldRemit on Facebook: On their Facebook page, WorldRemit supports the Arsenal Soccer team along with other sports teams and athletes. They celebrate women and international days dedicated to women. They also mention special days for specific countries and cultures. There are posts and videos of interviews with their executives and news about the company. Facebook followers can comment and enter into discussions about the posts.
WorldRemit on Twitter: WorldRemit also supports the Arsenal Soccer Team on their Twitter page. They tweet about interviews and activities of their executives as well as news about their company. They celebrate women and cultural events. Followers can post comments and enter into discussions.
WorldRemit on Google+: WorldRemit posts YouTube videos on their Google+ page. Videos about the company include interviews with their executives, the latest news, and promotional videos about features of their business. They also have videos about small entrepreneurial businesses around the world. Google+ followers can comment or enter into discussions about the videos.
WorldRemit on LinkedIn: On their LinkedIn page, WorldRemit provides background information on the company. They have listings, photographs, and information on all their employees including a photograph and welcome message for their newest employees. For job seekers, they have job postings and listings of employment events they will be attending.
WorldRemit Contact Info
600 17th Street Suite 200S
Denver, CO 80202
Telephone Number: +1 (888) 961-4869