Remitly has announced it is teaming up with Visa to enable cross-border money transfers for people who send money abroad.
The companies unveiled a plan to allow people to send money to Visa debit cards across borders through the Visa Direct push payment service. Visa Direct powers payments platforms such as Square’s credit card readers and Uber’s payments to drivers.
Out of the gate, users will only be able to send money from the US to debit card holders in other countries. Remitly and Visa aim to add more sender countries to the programme in time.
Remitly’s technology helps eliminate the need for forms, codes, agents, and other fees typically associated with the international money transfer process. The company allows free transfers if the sender can wait three days for the funds to arrive; it charges a USD 3.99 flat rate for same-day transfers and credit card transfers include an additional 3% fee.