Where do online, challenger companies transfer money?
That’s a question we encounter frequently – where are these companies focusing their efforts. We put together the following graphic, showing all 98 routes from the UK offered by 18 of the most prominent online/mobile-only providers in the UK. This includes smaller startups to (now) large players such as TransferWise and Azimo.
Thicker, orange and green lines indicate more providers offer a specific route – such as the GBP to EUR/USD/AUD corridors. Thinner, bluer lines indicate corridors offered by only a handful, or less, of providers – such as UK to Tonga. Some of the more surprising corridors (suggesting potential opportunities) are GBP to Singapore Dollar, Kenyan Shilling, Swedish Krona and Sri Lankan Rupee.
Assessing global remittance and migration flows
The UN’s Migration body – The International Organisation for Migration (IOM) – is the world’s leading online migration body looking after the 244 million migrants worldwide. To support this massive, growing population, the IOM is developing a mobile-only product to provide information on remittances across the globe. This initiative ties in with the increasing number of companies developing mobile friendly offerings and as cash only outlets are slowly replaced by digital alternatives, the way migrants around the world will send money will change.
We recently announced our agreement to partner with the IOM to power their mobile APP via our live API to showcase the relevant information on the leading money transfer providers around the globe. Get in touch with us to learn more about our suite of APIs.