For developing countries, like Jamaica, remittances are the most significant buffer against unexpected life expenses and a path to a better future. Therefore, when it comes to navigating the ongoing COVID-19 pandemic, one crucial factor is having safe and convenient access to your remittances.
It is no secret that remittances from the Diaspora and across the world has helped to cushion the impact of the pandemic on those most vulnerable in Jamaica, with inflows growing by 25 per cent between April and September 2020. This highlights the value of innovations that allow persons to efficiently and safely access funds received through money transfer services.
It is with this in mind that the VMBS Money Transfer Direct to Bank service continues to have meaningful impact, as persons can avoid waiting in lines, practice social distancing and safely receive funds transferred directly to their bank accounts.
Done through collaboration with several remittance partners, the Direct to Bank option offers customers easy access to funds, allowing them to make ATM withdrawals, shop online or to make purchases using a point-of-sale facility.
VMBS Money Transfer Service Remittance Partners are:
- MoneyGram, (Worldwide)
- Xoom, Digital online provider, (USA)
- Ria (UK, & North America)
- Worldremit Digital online provider- (UK & USA)
- Choice Money Transfer (USA, Europe)
- NCS eMoney Services, (Turks & Caicos)
- NHT, (Contribution Refunds Only)
How to conduct Direct-to-Bank transactions
To send funds directly to a bank account, the sender needs to have the following information:
- Name of the beneficiary
- Name of the beneficiary’s bank
- Beneficiary’s bank account number
- Beneficiary’s email address and contact number (optional)
Using a credit card or debit card, the sender can go on to the remittance partner’s website and conduct the transaction.
To begin receiving funds directly from a bank account, the receiver must note the following:
- Complete an authorization form from VMBS Money Transfer Services. This form can be accessed at any VMBS or VM Money Express location. Receivers can also visit our website vmmoneytransfer.vmbs.com and complete the form electronically. This can be done using a cell phone, tablet or computer.
- Instruct the sender to send the remittance directly to your bank account and provide them with your details.
- Once the money is sent, you will receive a text message with a link for you to access and complete the authorization form. This form will ask for the receiver’s name, name of bank, bank account number, TRN/SSN/SIN, copy of valid government issued ID and the transaction number.
For further information or for assistance, you may send an email to: firstname.lastname@example.org.