BOSS Money Expands Remittance Service to Venezuela, Brazil, and Eritrea
Rhea-AI Summary
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.
Positive
- 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
Negative
- None.
News Market Reaction – IDT
In the trading session that priced this news, IDT gained 2.02%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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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