Paysend waives fee for U.S. money transfers to Nigeria, other countries
Paysend said Nigerian immigrant community in the U.S. sends $6.19 billion back home annually.
Paysend, an alternative to traditional in-person money transfers and global payments provider, has announced that beginning from Tuesday this week, it is waiving money transfer fee for its customers in the United States through to the end of October 2020.
According to a statement sent to Financial Nigeria on behalf of the company, UK-based Paysend charges $2 per money transfer transaction. It said Nigerian immigrant community in the U.S. sends $6.19 billion back home annually. In total, migrant remittances to Nigeria average above $20 billion annually.
Paysend said the fee waiver will benefit 9 million expatriates in the United States, 47 million immigrants and 1 million foreign exchange students in the country. Paysend said it announced the measure to help the U.S. residents in the face of the novel coronavirus pandemic and its economic impacts while sending money to their loved ones abroad.
“As people around the world struggle to financially navigate COVID-19, it is more important now than ever for every individual to have an affordable, safe and accessible way to send money internationally,” said Matt Montes, Paysend’s U.S.-based general manager.
He said that since the beginning of 2020, nearly one million new global users have joined Paysend’s platform, transferring money to loved ones around the world, without leaving the comfort and safety of their homes. Montes said that, since the U.S. is home to the largest global transfer market in the world, Paysend wanted to further accelerate peer-to-peer (P2P) payments during this difficult time by waiving transaction fees.
To take advantage of zero-fee money transfers, Paysend said U.S. residents can download its mobile app from the App Store or Google Play.
Paysend, which functions as a global end-to-end payment platform, said it connects millions of people around the world through fast, simple and affordable digital money transfers to international cards, bank accounts or digital wallets in more than 70 countries, without visiting a physical bank location.
Most Popular News
- U.S. requests investigation into killing of #EndSARS protesters in Nigeria
- MTN Nigeria appoints Karl Toriola as CEO designate
- Airtel Africa grows half-year revenue by 10.7 per cent to $1.8 billion
- Pantami urges governments to strengthen personal data protection in Africa
- Mastercard Foundation-backed fintech accelerator launches in Ghana
- On World Food Day 2020, UN calls for collective action to end hunger