Indian Immigrants Send Back Home $11.72 Billion a Year

With hundreds of American banks and financial institutions shuttering physical branches due to COVID-19, it’s now even more difficult for the US-based Indian immigrant community to send money back home, which totals $11.72 billion annually. As an alternative to traditional in-person money transfers, Paysend digitizes the entire money transfer process via its mobile app, making it easier and safer to send money abroad.

Starting Sept. 22, 2020, to support US-based customers who send money to loved ones across borders, Paysend is waiving fees for digital money transfers from the US to India. This offer includes 70+ other countries and runs throughout October 31.

America’s 9 million expatriates, 47 million immigrants and 1 million foreign exchange students continue to navigate living abroad in the face of the novel Coronavirus and its economic impacts.
 
The announcement comes on the heels of Paysend’s U.S. launch, which enables American residents to securely transfer funds internationally across accounts operated in more than 70 countries within minutes — without visiting a physical bank location.

“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. “Since the start 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. Since the U.S. is home to the largest global transfer market in the world, we 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 during the month of October, U.S. residents can download the Paysend mobile app from the App Store or Google Play. Paysend’s standard $2 transfer fee will automatically be waived through October 31, 2020 for money transfers sent from U.S. customers to international cards, bank accounts or digital wallets in more than 70 countries.

 

 

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