TransferTo’s mobile remittance platform allows users to send money across borders in real time, and for a specific purpose. The San Francisco-based company aims to solve two pain points in remittance payments:
1) Small remittances incur large fees of up to 50%, making wire transfers an inefficient way to send money under $50.
TransferTo specializes in low dollar remittance payments by creating a low-cost way to send small amounts of money.
2) Senders are not able to control how the recipient spends the money.
TransferTo places the sender in control by allowing them to dictate the specific purpose for which the recipient uses the funds.