Bringing Down the Cost of Remittances

Citigroup has developed an innovative, simple, secure and cost-effective means of sending money overseas, called Remit As You Earn or RAYE.  This new mechanism reduces the cost of sending money around the world by up to 50 %.  Citigroup is working to make this product available through employers in the United Kingdom.

An estimated 3.3 million diaspora community members work for companies in the United Kingdom.  Providing these workers with a less expensive means of sending money to their home countries means that more resources end up in the hands of those who need it most.

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