Amidst Coronavirus Crisis, Italcambio Group Implements a Technological Strategy to Preserve the Inflow of Remittances in Venezuela

Carlos Dorado: 'During this phase of turmoil and uncertainty, Italcambio has the obligation to do everything in its power to continue to offer the Venezuelan people the opportunity to receive remittances from their family abroad.'

​​​In critical times like these, a considerably significant percentage of the Venezuelan population depends on receiving money from friends and relatives across borders. Disturbing this inflow of money would drastically impact the Venezuelan people, for this reason, Italcambio implemented a technological strategy to preserve and defend remittance amidst the COVID-19 pandemic.

According to estimates, there are already more than 4.5 million Venezuelans who have left their country in recent years, in search for better life conditions and professional opportunities. These family members regularly send money back home to their parents, siblings, and friends through one of Italcambio’s reliable, quick, and cost-effective remittance options. These money transfer channels are especially important when families depend on them for basic needs such as food and medicine. Venezuela's health care system will be put to the best during its battle with COVID-19 and the local economic circumstances will suffer accordingly. This dire economic environment escalating with the virus will continue to force Venezuelans to leave their country in search of preferable living conditions. 

These immigrants are mainly distributed in countries such as the USA, Spain, Colombia, Peru, Chile, Argentina but have reached over 100 countries across the planet. Today, these 4.5 million Venezuelans have families that depend on the monthly remittance to afford food and other basic needs. The average monthly amount sent is $100 (per beneficiary), a significant amount when converted to the local currency.

As a response to the social limitation caused by the government curfew to fight the spread of COVID-19, Italcambio used its network of strategic alliances including Money Gram to make sure its clients would not be left without the minimum resources for survival. Through the web page, it is now possible to digitally link your bank account with a few clicks and start receiving remittance from any friend or family from the safety of your home. Italcambio continues on its 70 years of uninterrupted presence in the country by adapting to the current global crisis and prioritizing its clients’ needs with new fully digital options that will allow the Venezuelan people to keep their remittance incomes secure. Italcambio thus becomes the only legal channel to offer financial services that could be described as humanitarian, as it fights to protect money inflow during these uncertain and challenging socio-economic circumstances we are all currently experiencing worldwide.

Source: Grupo Italcambio

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