LYCA GROUP launches new money transfer service, Lycaremit

LYCA GROUP launches new money transfer service, Lycaremit

Lyca Group, the world’s largest provider of services to ethnic communities, has launched Lycaremit, a new convenient, low-cost alternative to traditional money transfer companies and high street agents. Lyca Group brands include; Lycamobile, Lycamoney, LycaFly, Lycachat and LycaTV.

The new online Lycaremit money transfer service will allow customers to send money quickly and easily to family and friends in over 50+ countries at ultra-competitive rates using their smartphone, tablet or desktop at Beneficiaries are able to collect money via banks, cash collection services or mobile wallet, depending on the destination country.

To launch the new service, Lycaremit will be offering no fee money transfers until the 31st January 2016 and a free £5 Lycamobile credit on all transfers over £300 made on or before 31st January 2016.

The global remittance market is huge, The World Bank estimates remittances will reach $586bn this year and expects it to grow by 4% to $610bn next year.** The vast majority of the global remittance market is made up of money sent from high-income countries to developing countries, mirroring the location and behaviour of Lycamobile’s existing customer base.

Lyca Group chairman Allirajah Subaskaran said: “We’ve built our business over the past decade by providing vital services primarily to ethnic communities across Europe, from mobile calls and data to financial services and travel bookings. We believe Lycaremit will now expand that offering by allowing us to provide a highly competitive service we know our customers will benefit from.”

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