BOSS Money Expands Remittance Service to Venezuela, Brazil, and Eritrea
BOSS Money, IDT 's (NYSE: IDT) remittance service, announced expansion to three new countries: Venezuela, Brazil, and Eritrea. The service now enables US customers to send money directly to 34 major Venezuelan banks, with zero-fee transfers up to $500 through July 31, 2025, via their apps. Brazil transfers will be launched through the Pix payment system, while African expansion includes new mobile wallet options in Ethiopia and Liberia.
The company also introduced debit card funding at select retail locations, with nationwide rollout planned. BOSS Money achieved a milestone in December 2024, processing over 2 million transfers. New customers can benefit from two zero-fee transfers up to $2,999, with Mexican transfers eligible for five zero-fee transactions.
BOSS Money, il servizio di rimessa di IDT (NYSE: IDT), ha annunciato l'espansione in tre nuovi paesi: Venezuela, Brasile e Eritrea. Il servizio consente ora ai clienti statunitensi di inviare denaro direttamente a 34 principali banche venezuelane, con trasferimenti senza commissioni fino a $500 fino al 31 luglio 2025, attraverso le loro app. I trasferimenti in Brasile saranno lanciati tramite il sistema di pagamento Pix, mentre l'espansione africana include nuove opzioni di portafoglio mobile in Etiopia e Liberia.
L'azienda ha anche introdotto il finanziamento tramite carte di debito in alcune località selezionate, con un rollout nazionale previsto. BOSS Money ha raggiunto un traguardo nel dicembre 2024, elaborando oltre 2 milioni di trasferimenti. I nuovi clienti possono beneficiare di due trasferimenti senza commissioni fino a $2,999, con trasferimenti messicani idonei per cinque transazioni senza commissioni.
BOSS Money, el servicio de remesas de IDT (NYSE: IDT), anunció su expansión a tres nuevos países: Venezuela, Brasil y Eritrea. El servicio ahora permite a los clientes de EE. UU. enviar dinero directamente a 34 de los principales bancos venezolanos, con transferencias sin comisiones de hasta $500 hasta el 31 de julio de 2025, a través de sus aplicaciones. Las transferencias a Brasil se lanzarán a través del sistema de pago Pix, mientras que la expansión en África incluye nuevas opciones de billetera móvil en Etiopía y Liberia.
La compañía también presentó la financiación con tarjeta de débito en ciertos puntos de venta, con un plan de expansión a nivel nacional. BOSS Money alcanzó un hito en diciembre de 2024, procesando más de 2 millones de transferencias. Los nuevos clientes pueden beneficiarse de dos transferencias sin comisiones de hasta $2,999, con transferencias mexicanas elegibles para cinco transacciones sin comisiones.
BOSS Money, IDT(NYSE: IDT)의 송금 서비스, 가 세 나라로의 확장을 발표했습니다: 베네수엘라, 브라질 및 에리트레아. 이 서비스는 이제 미국 고객이 34개의 주요 베네수엘라 은행에 직접 돈을 보낼 수 있도록 하며, 2025년 7월 31일까지 애플리케이션을 통해 $500까지의 수수료 없는 송금을 제공합니다. 브라질 송금은 Pix 결제 시스템을 통해 시작될 예정이며, 아프리카 확장은 에티오피아와 라이베리아에서 새로운 모바일 지갑 옵션을 포함합니다.
회사는 또한 일부 소매점에서 직불 카드 자금 지원을 도입했으며, 전국적인 롤아웃이 계획되어 있습니다. BOSS Money는 2024년 12월에 200만 건 이상의 송금을 처리하는 이정표를 달성했습니다. 신규 고객은 $2,999까지의 두 건의 수수료 없는 송금을 혜택으로 누릴 수 있으며, 멕시코 송금은 다섯 건의 수수료 없는 거래가 가능합니다.
BOSS Money, le service de transfert d'argent d'IDT (NYSE: IDT), a annoncé son expansion vers trois nouveaux pays : Venezuela, Brésil et Érythrée. Le service permet désormais aux clients américains d'envoyer de l'argent directement à 34 des principales banques vénézuéliennes, avec des transferts sans frais allant jusqu'à 500 $ jusqu'au 31 juillet 2025, via leurs applications. Les transferts vers le Brésil seront lancés via le système de paiement Pix, tandis que l'expansion en Afrique comprend de nouvelles options de portefeuille mobile en Éthiopie et au Liberia.
L'entreprise a également introduit le financement par carte de débit dans certains points de vente, avec un déploiement national prévu. BOSS Money a atteint un jalon en décembre 2024, en traitant plus de 2 millions de transferts. Les nouveaux clients peuvent bénéficier de deux transferts sans frais allant jusqu'à 2 999 $, les transferts mexicains étant éligibles pour cinq transactions sans frais.
BOSS Money, der Geldtransferdienst von IDT (NYSE: IDT), kündigte die Expansion in drei neue Länder an: Venezuela, Brasilien und Eritrea. Der Dienst ermöglicht es US-Kunden nun, direkt an 34 führende venezolanische Banken Geld zu senden, mit gebührenfreien Überweisungen von bis zu 500 $ bis zum 31. Juli 2025 über ihre Apps. Überweisungen nach Brasilien werden über das Zahlungssystem Pix eingeführt, während die afrikanische Expansion neue mobile Wallet-Optionen in Äthiopien und Liberia umfasst.
Das Unternehmen hat auch die Finanzierung mit Debitkarten an ausgewählten Verkaufsstellen eingeführt, die landesweit ausgerollt werden soll. BOSS Money erreichte im Dezember 2024 einen Meilenstein, indem es über 2 Millionen Überweisungen bearbeitete. Neue Kunden können von zwei gebührenfreien Überweisungen von bis zu 2.999 $ profitieren, wobei mexikanische Überweisungen für fünf gebührenfreie Transaktionen in Frage kommen.
- Record-breaking performance with over 2 million transfers in December 2024
- Geographic expansion to three new countries, increasing market reach
- Zero-fee promotion for Venezuelan transfers up to $500 through July 2025
- New debit card funding option at retail locations
- Integration with Brazil's Pix payment system, accessing South America's largest market
- None.
Insights
BOSS Money's service expansion into Venezuela, Brazil and Eritrea represents a calculated move to tap into high-volume remittance corridors. The zero-fee promotion for Venezuelan transfers indicates an aggressive market penetration strategy, while the integration with Brazil's Pix system positions IDT to capture share in Latin America's largest economy. The record 2 million transfers in December 2024 demonstrates strong momentum.
The debit card funding rollout at retail locations should drive transaction volume growth by reducing friction in the payment process. This multi-channel approach combining retail presence with digital capabilities creates a competitive advantage in the
This expansion significantly strengthens IDT's competitive position against established players like Western Union and MoneyGram. Venezuela represents a particularly strategic market given its diaspora population and economic situation driving remittance demand. Brazil's inclusion is important - its remittance market reached approximately
The retail debit card funding rollout addresses a key consumer pain point and should help convert cash-preferring customers to digital channels. The record December volume suggests strong network effects are taking hold, which typically leads to accelerating growth in the remittance business as more corridors and payment options are added.
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
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
*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
william.ulrey@idt.net
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FAQ
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