PRODUCTS / SEND MONEY HOME


The number of people working and living outside of their own country is growing rapidly. With this growth comes the requirement for people to be able to both access cash from other parts of the world as well as send cash (savings, money for the family etc) back home.

Currently, the prices charged by banks and other operators to send money are prohibitively high. Through its global banking network and proprietary technology, Envoy has developed a Send Money Home product.

The product enables Customers and Merchants located almost anywhere in the world to use their own bank account to make a local bank transfer to almost anywhere else in the world.

The way this works is that Envoy operates a network of bank accounts globally. Instead of a Customer or Merchant transferring money from their bank account in one country to the recipient’s bank account in another country (international transfer) they send the money along with an appropriate reference to the Envoy bank account in the same country (local bank transfer). Through management of funds, liquidity and foreign exchange Envoy ensures those funds reach the requested bank account in the destination country via the fastest and cheapest route. In fact, Envoy never charges more than £5.00 for any transfer.
Currently, to make a money transfer to a person in another country a Customer must go to the bank and request that the bank makes an international transfer. This is costly and slow because the banks use international cross bank networks to make the transfer.

Money moves from Customer A’s UK bank account to Customer B’s Polish bank account
In this diagram the Customer in the UK is transferring funds to another UK bank account (an Envoy bank account) instead of transferring the funds internationally to a Polish bank account. This is much cheaper and faster than an international bank transfer. Envoy has money sitting in multiple countries around the world and is linked directly to local banking networks. Without using the International banking system Envoy is able to pay the funds out in Poland. In this diagram there has been no international movement of funds. Consequently the transfer price is much lower.
 
See also: Overview | How it works | Who uses envoy? | Retailers | B2B | Send Money Home