UN Migration Agency, FXcompared to Launch Money Transfer Comparison Tool
Denmark – The UN Migration Agency (IOM) is partnering with FXcompared, a money transfer comparison website, to build its money transfer comparison tool. The new partnership aims to help migrants find the best money transfer options when sending money home.
FXcompared is an independent online service that enables individuals and SMEs to compare international money transfer companies.
This tool will be integrated into the MigApp, the new mobile phone application under development by IOM, as well as across IOM’s websites. By adding this new feature to its app, IOM hopes to give migrants access to relevant, secure, and trusted information during their journey.
Every year migrants send over 400 billion dollars in remittances to developing countries, far exceeding the amount of overseas development assistance (ODA). These remittances contribute to basic needs such as food, health care, education and housing in migrants’ countries of origin. However, remittance transfer costs remain high for many migrants sending money to certain parts of the world.
“IOM sees this partnership as a key to the success of MigApp since it will provide MigApp users with the best information on remitting money back home, saving on the transactions and making sure more money is sent home," said Grant Robertshaw, ICT Business Relationship Manager at IOM. "Additionally, their data and intelligence arm, FXCintel, provides an unmatched level of market understanding and research supporting their overall product,” he added.
MigApp aims to offset the enormous amount of misleading and unreliable information available to people on the move by providing a central and accessible source of reliable and accurate migration information and services.
“At FXcompared, we have a strong belief in the need for transparency of information and ease of use for migrants around the world to find the best ways to send money," said Daniel Webber, FXcompared CEO. "The remittances sent often support critical family or development goals. We are delighted to be supporting the UN Migration Agency with our technology platform to help improve the lives of the billion migrants worldwide.”
The Money Transfer Comparison tool will be presented at Stand M50 at the Money 20/20, Europe’s largest FinTech event held in Copenhagen on 26-28 June.