ACE Money Transfer Hits Landmark $1 Billion in Remittances as It Celebrates 20th Anniversary
ACE Money Transfer, the Manchester-based online remittance provider, has hit $1 billion in remittances sent as it celebrates its 20th anniversary.
The company reached the milestone this year after several years of consistent growth.
Founded in 2002, ACE Money Transfer is one of the UK’s fastest-growing remittance providers. The company started with one branch serving the Pakistani community in Bolton and has since grown to serve over 1.3 million customers with more than 375,000 payout locations worldwide.
ACE Money Transfer this year introduced its online remittance service in Canada, Switzerland, Romania and Poland, increasing its footprint to a total of 28 sending countries. The company now serves expats to send remittances to over 100 countries globally.
Their customers can now use multiple payment options besides debit and credit cards, like Google Pay, to send money. This follows the additions of Apple Pay, online bank transfer, Giropay, Ideal and Bancontact.
Growing Market for Remittances Worldwide
ACE’s research * shows that the market for remittances sent across the world has grown consistently over the past decade, rising 64% from $420.1 billion 10 years ago to $653.4 billion in the last year*.
ACE Money Transfer says that the rise highlights the increasingly important role that remittances from expat workers play in supporting developing economies. This is particularly the case in periods of global economic stress, such as the current macroeconomic situation.
Rashid Ashraf, CEO of ACE Money Transfer, says: “We started by serving the British Pakistani community in Greater Manchester. 20 years later, we make sure expat communities across the globe can get money back to their loved ones worldwide in seconds. Remittances have a massive impact on people’s lives across the world. When times are tough, and economies are struggling, this is when remittances are particularly important.”
*Year to 31 December 2020, latest data available. Based on data from the World Bank.
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