Terrapay and VM Money Transfer Services Have Partnered to Expand the Remittance Market for Jamaicans

In its continued thrust to improve financial inclusion and expand remittance services to Jamaicans across the world, VM Money Transfer Services (VMTS) has entered a strategic partnership with TerraPay, a global money movement organization.

VMTS facilitates money transfer services globally to customers sending money to Jamaica from Europe, the UK, United States, Canada, the Cayman Islands and Turks and Caicos. With this new agreement, VMTS now gains access to TerraPay’s robust online platform, enabling hassle-free cross-border transfers for customers sending and receiving money across approximately 31 markets globally.

CEO of VM Money Transfer Services Limited, Michael Howard, welcomes the boost that this partnership will bring to the agency’s operations. He shared, “Purposeful partnership is an integral part of VM Money Transfer’s mission as we seek to continuously improve service delivery to our clients. We are excited about this recent collaboration as, with TerraPay’s extensive network, we have the opportunity to significantly broaden our reach and potentially tap into new markets, all while keeping our clients supported and empowered with convenient and secure channels for their money transfer needs.”

The agreement was signed between the two entities in March 2024, and Juan Luis Hernandez, TerraPay’s Senior Regional Manager for Latin America and the Caribbean, who visited Jamaica for the occasion, shares the enthusiasm. Hernandez commented, “We are delighted to partner with VM Money Transfer Services to drive innovation and efficiency in cross-border remittances. Together, we aim to provide a superior remittance experience for Jamaicans worldwide, strengthening connections with their loved ones and contributing to the economic development of Jamaica.”

Along with the expanded service through TerraPay, VMTS customers can continue to enjoy the flexibility and convenience of having their funds deposited directly to their Jamaican bank account through VMTS’ Direct to Bank Service. Clients can also collect their remittances in Jamaica from VM Money Transfer’s over 70 sub-agents, 8 VM Money Express locations and 16 VM Building Society branches Islandwide.