Money Transfer Companies Step Up for Pakistan Flood Relief
Remitly, a leading money transfer company, has stepped up to support Pakistan flood relief efforts. With 33 million people affected and an estimated $30 billion in losses, Remitly is waiving fees, facilitating donations, and shifting to digital remittances. The recent floods have caused a state of emergency since June.
Pakistan, which received $31.3 billion in remittances in 2021, is seeing its money transfer companies adapt to the crisis. With 55% of remittances traditionally paid as cash deposits, the unavailability of cash pick-up locations in affected areas has led to a focus on digital remittances. Some companies, including Remitly, have gone further, donating profits from remittances to relief funds. Additionally, they are providing information on trusted organizations to combat online donation scams. Despite the challenges, remittance providers continue to compete on price, offering competitive exchange rates and low fees through platforms that automatically compare offers in real time.
Remitly is playing a crucial role in Pakistan's flood relief efforts. By waiving fees, facilitating donations, and shifting to digital remittances, Remitly is ensuring that vital funds reach those in need. As the country faces an estimated $30 billion in losses, Remitly's actions are helping to mitigate the impact of the disaster.
