BOSS Money expands services to Venezuela, Brazil, and Eritrea, offering zero-fee transfers and new payment options for customers.
Quiver AI Summary
BOSS Money, a remittance and payments brand of IDT Corporation, has announced the addition of Venezuela, Brazil, and Eritrea as new destination countries for money transfers from its retail locations in the U.S. Customers can now send cash to 34 major Venezuelan banks with zero fees for transfers up to $500 until July 31, 2025, through the BOSS Money and BOSS Revolution apps. The service will soon include transfers to Brazil via the Pix payment system. Additionally, BOSS Money has expanded payout options for customers in Africa. Following a record holiday season, the company is offering new customers two zero-fee transfers up to $2,999, with special offers for transfers to Mexico. Debit card funding for transfers will also be introduced nationwide in upcoming months.
Potential Positives
- BOSS Money has introduced zero-fee transfers up to $500 to Venezuela through July 31, 2025, enhancing its competitive edge in the remittance market.
- The expansion to three new countries, including Venezuela, Brazil, and Eritrea, signifies the growth of BOSS Money's service offerings and market reach.
- BOSS Money reported a record of over 2 million transfers in December 2024, indicating strong demand and customer engagement with its services.
- The introduction of debit card funding at select retail agents will potentially increase convenience and usage among customers, strengthening customer loyalty.
Potential Negatives
- Offering zero-fee transfers could indicate a potential long-term financial strain on the company's revenue model, particularly if the promotion does not translate to increased customer retention or transaction volume.
- Expanding into countries with economic instability, such as Venezuela, may expose the company to significant operational and regulatory risks.
- The promotion of zero-fee transfers may reflect competitive pressures in the remittance market, suggesting that the company needs to take aggressive measures to maintain its market share.
FAQ
What new countries are included in BOSS Money's remittance service?
BOSS Money has announced new service to Venezuela, Brazil, and Eritrea for remittances.
How long is the zero-fee transfer offer to Venezuela?
The zero-fee transfer offer to Venezuela is available until July 31, 2025.
What amount can customers send fee-free to Venezuela?
Customers can send up to $500 fee-free to Venezuela through BOSS Money apps.
Which banks can receive transfers from BOSS Money to Venezuela?
Transfers can be sent to 34 major Venezuelan banks, including Banco de Venezuela and Banesco.
What new features are being added for customers using BOSS Money?
BOSS Money will soon allow customers to use debit cards to fund transfers at retail agents.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
Zero-fee App Transfers to Venezuela
New Funding Option for Retail Customers
Newark, NJ, Jan. 15, 2025 (GLOBE NEWSWIRE) -- BOSS Money , the remittance and payments brand of IDT Corporation (NYSE: IDT), today announced three new destination countries - Venezuela, Brazil, and Eritrea - and expanded payment options for customers sending money from BOSS Money retailer locations.
BOSS Money customers in the USA can now send cash directly to the accounts of family and friends at 34 of the largest Venezuelan banks including Banco Bicentenario, Banco de Venezuela, Banco Nacional de Crédito, Banco Occidental de Descuento (BOD), Banesco, BBVA Provincial, and Mercantil Banco.
Through July 31, 2025, BOSS Money is offering customers in the USA zero-fee transfers up to $500 to Venezuela on the BOSS Money and BOSS Revolution calling apps.
In the coming weeks, BOSS Money will launch money transfers to South America’s largest nation, Brazil, via Pix, Brazil’s national rapid payment ecosystem.
BOSS Money also continues to expand options for payouts in Africa. In addition to launching service to Eritrea, it recently added direct deposit to mobile wallets in Ethiopia (Amole and Telebirr) and Liberia (Orange Money).
“By making money transfers more convenient, fast and reliable, and by offering our service to more destinations, we’re empowering our customers to support friends and family around the world,” said Michelle Rendo, VP Marketing for BOSS Money.
Along with its payout network expansion, BOSS Money now offers customers the option of using their debit cards to fund transfers at select BOSS Money retail agents. Debit card funding will be available at all BOSS Money retailers nationwide in the coming months.
BOSS Money’s expansion follows a record holiday season for the popular service. In December 2024, it handled over 2 million transfers, an all-time monthly record.
New customers can try BOSS Money with two zero-fee transfers (up to $2,999 * ) on the BOSS Money and BOSS Revolution apps. Customers sending to Mexico on either app will receive five zero-fee transfers. *
* Exclusions may apply
ABOUT BOSS MONEY
BOSS Money’s rapidly expanding international remittance service provides fast, secure and reliable money transfers for residents of the U.S. and Canada to popular destination countries in Latin America, the Caribbean, Africa, and South Asia. BOSS Money offers a robust menu of payout options including cash pick-up, mobile money, in-country bank account, and debit card direct deposit. Customers can remit funds through the highly rated BOSS Money and BOSS Revolution apps or through licensed Boss Money retailers.
ABOUT IDT CORPORATION
IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
CONTACT
IDT Corporation Investor Relations
Bill Ulrey
[email protected]
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