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Ria Money Transfer
Ria Money Transfer
from Wikipedia

Ria Money Transfer is a subsidiary of Euronet Worldwide, Inc., which specializes in money remittances.[2][3][4] Ria initiates transfers through a network of agents and company-owned stores located throughout North America, South America, Europe, Asia-Pacific, Africa, and online. Ria is one of the big four remittance companies.[5]

Key Information

History

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Ria has grown to become the second largest money transfer service in the world.[6]

In 2006, Ria was acquired by Euronet Worldwide, Inc., becoming part of its money transfer segment together with XE.[7]

Ria began working with post offices in 2010 and on July 31, 2014, partnered with Postbank, which is owned by the Kenyan government.[8] This allowed customers to send money through any of the bank's 99 branches, or receive it directly into their accounts.[9]

In 2014, the company launched Walmart-2-Walmart Powered by Ria, a Walmart money transfer service within the US.[10] The service allows customers to transfer money to and from more than 4,600[11] stores at competitive prices.[12]

In 2015, Ria acquired Malaysia based money transfer provider IME.[13]

In 2016, the company expanded its relationship with Walmart to Latin America and partnered with Walmart Chile to offer money transfer services through selected Líder brand supermarkets.[14] In 2019, Ria and Walmart partnered with PayPal's Xoom to introduce domestic money transfer services. Xoom expanded to 60 countries in the deal with Ria.[15]

As of 2020, Ria's money transfer services are available at over 470,000 locations in 159 countries, online, and through their app.[1]

Ria continues to expand into Latin America with the support of a joint venture between parent company Euronet and Spain's Prosegur Cash.[16]

The Central Bank of Nigeria listed Ria as one of their approved international money transfer operators for diaspora remittances in March 2021.[17] First Bank of Nigeria also works with Ria to bring remittances into the country.[18]

During the COVID-19 pandemic, the World Bank released a report detailing the importance of remittances to provide a critical lifeline for vulnerable populations.[19][20]

Ria has international presence as a key company for sending remittances in Belarus[21] and as one of the companies that pays the most for sending remittances from the US to Mexico.[22]

Products and services

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Ria Money Transfer App

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The Ria Money Transfer App is available on Android and iOS in the United States, Canada, and in most countries in Europe. With over 1,000,000 downloads, the app allows customers to send money through Ria's global network.[23][24]

Mobile Money

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Customers can send and receive money through Ria Money Transfer's mobile wallet network. Sub-Saharan Africa is the region with the highest remittance costs, but it's also the most developed when it comes to mobile wallets. In a partnership with Gambia's mobile money platform Qmoney, Ria customers can make fund transfers to Qmoney customers using their mobile phones.[25]

References

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from Grokipedia
Ria Money Transfer is a global financial services company specializing in international money remittances, founded in 1987 in New York City to facilitate cross-border payments for immigrants and their families. Acquired by Euronet Worldwide, Inc. in 2007 for approximately $490 million, it operates as a subsidiary offering secure and affordable transfer options including cash pickup, bank deposits, mobile wallet funding, bill payments, and prepaid card services. With a network spanning nearly 200 countries and over 624,000 agent locations worldwide, Ria supports transfers in over 100 currencies, processing hundreds of millions of transactions annually through its online platform, mobile app, and in-person channels. Since its inception, has expanded rapidly from a single storefront to a major player in the remittances industry, initially focusing on Latin American corridors before growing into , , , and beyond. Key milestones include launching its website in 2012 for digital transfers, partnering with in 2014 for domestic U.S. services, and acquiring entities like HiFX in 2014 and IME in 2015 to bolster international presence in the and . In recent years, Ria has emphasized digital innovation, with its achieving high user ratings (4.9 stars on ) and enabling instant transfers in seconds, while maintaining a commitment to security through over 1 billion successful transactions. The company also offers additional services such as check cashing and money orders, catering primarily to and underbanked populations reliant on remittances, which totaled $656 billion to low- and middle-income countries in 2023, according to the World Bank. Ria's growth reflects the broader remittances market, where it ranks among the top providers by volume, competing with firms like and through competitive exchange rates and low fees. Its agent network includes major retailers like and independent outlets, ensuring accessibility in both sending and receiving countries, while and partnerships—such as the 2025 acquisition of a stake in Japan's Kyodai —continue to enhance its footprint. Ria Money Transfer has generally positive customer reviews. It holds a Trustpilot rating of around 4.3 out of 5 based on over 30,000 reviews. Customers frequently praise the ease of use, fast transfers, and competitive rates, though some report issues with customer service, occasional delays, or high fees.

Company Overview

Founding and Headquarters

Ria Money Transfer was established in 1987 as a in the United States, with an initial focus on providing services to support immigrant communities sending money home. The company originated in , where its first store opened to address the needs of migrants seeking affordable ways to transfer funds internationally. From its inception, operated with a core mission to connect immigrants with their families abroad by offering quick, secure, and cost-effective money transfer options, emphasizing accessibility for underserved populations. This immigrant-led foundation shaped its early operations, prioritizing reliability and community trust in a for cross-border remittances. The company's initial were in , at 6565 Knott Avenue, where it maintains its primary U.S. operations as a of , Inc. has since expanded into the second-largest money transfer provider globally, employing over 4,000 people worldwide as of recent reports. In 2024, the Money Transfer segment, of which is the primary brand, generated $1.69 billion in revenue and $201.0 million in operating income, reflecting its scale in the sector.

Ownership and Leadership

Ria Money Transfer was founded in 1987 as an independent entity and became a wholly owned of , Inc. following its acquisition in 2007. Within Euronet's Money Transfer segment, Ria operates as the primary brand for consumer-to-consumer remittances, integrated alongside other subsidiaries such as IME, which focuses on markets in the and Asia, and HiFX, a UK-based and payments provider. This structure allows Euronet to deliver a unified portfolio of global money transfer services under these complementary brands, enhancing operational efficiency and market reach. The leadership of Ria is headed by Juan Bianchi, who serves as President and CEO of Ria Financial Services and Executive Vice President and CEO of Euronet's Money Transfer segment. Bianchi, with over three decades in the industry, has driven the segment's growth since joining the company in the early 1990s. As a non-bank provider, Ria operates under Euronet's framework, which emphasizes , independent oversight, and in cross-border payments. This includes dedicated compliance teams that ensure adherence to anti-money laundering (AML) standards and other financial regulations across its operations.

Historical Development

Early Years and Founding

Ria Money Transfer was established in 1987 in by Cuban immigrant Jesus Perez-Santalla, who sought to serve the remittance needs of fellow immigrants often overlooked by traditional financial institutions. Having faced difficulties sending money home upon his arrival in the United States, Perez-Santalla, who passed away in 2018, launched the company as a small, immigrant-led venture with a single storefront, focused on providing accessible cash-based transfers to loved ones abroad. The initial operation emphasized reliability and affordability for migrant workers, filling a gap in services tailored to diverse ethnic communities. During the 1990s, Ria expanded rapidly from its lone New York location to a broader network of agents across the , prioritizing cash pickup options that catered to customers without bank accounts. This growth involved forging partnerships with local businesses in immigrant-heavy neighborhoods to facilitate secure, in-person transactions. Beginning in 1993, the company ventured internationally, establishing operations in , , , the , , , , and by 2006, which broadened its agent network and reinforced its emphasis on cash-based remittances. In its formative years, navigated significant hurdles, including the need to cultivate trust within skeptical immigrant communities wary of financial scams and unreliable informal channels. As a formal service provider, it also contended with emerging regulatory requirements for money transmitters, such as obtaining state licenses under the evolving U.S. framework for businesses established in the late 1980s and 1990s. These challenges were met by leveraging the founder's personal connections and community-oriented approach, which helped solidify 's reputation. By the early , Ria had emerged as a prominent participant in the U.S. sector, supported by its expanding domestic and international footprint.

Acquisition by Euronet and Expansion

In 2006, announced its agreement to acquire Ria Envia, Inc., the third-largest global money transfer company at the time, for approximately $490 million in cash and stock, with the transaction completed in June 2007. This acquisition integrated Ria into 's global electronic payments network, enabling enhanced cross-border transaction capabilities and leveraging Euronet's existing infrastructure in and prepaid services to bolster Ria's agent-based model. Following the acquisition, pursued strategic expansions to broaden its reach and service offerings. In 2014, partnered with to launch the Walmart-2-Walmart Money Transfer Service, a low-cost domestic transfer option available at stores across the , which reduced fees by up to 50% compared to competitors and processed millions of transactions annually. That same year, established a with Postbank , a government-owned institution, to facilitate international remittances through Postbank's 99-branch network, improving access for Kenyan communities and aligning with local regulatory frameworks. In , Euronet acquired IME (M) Sdn Bhd, a leading Malaysian money transfer provider, for an undisclosed amount, which expanded Ria's presence into Asian and Middle Eastern markets by incorporating IME's established corridors and agent network. This move strengthened Ria's outbound services from high-remittance countries like the and to Southeast Asia, integrating IME's operations under Ria's branding for seamless global payouts. The acquisition and subsequent expansions drove substantial growth in Ria's operations from 2006 to 2020. Starting with approximately 100 countries in 2006, Ria's payout network expanded to 159 countries by 2020, supported by over 464,000 agent locations worldwide—a 17% increase from the prior year. Transaction volumes in the Money Transfer segment rose from 82.3 million in 2016 to 116.5 million in 2020, reflecting a of 7.2%. Revenue for the segment increased steadily, reaching $1,043 million in 2018, $1,096 million in 2019 (an 8% year-over-year rise), and $1,184 million in 2020, accounting for 48% of Euronet's total revenue that year despite global economic challenges. These metrics underscored Ria's evolution into a key pillar of Euronet's portfolio, emphasizing scalable agent partnerships and digital enhancements to meet rising demands.

Recent Acquisitions and Growth

In 2021, Ria Money Transfer received approval from the to operate as an International Money Transfer Operator, enabling it to facilitate remittances into the country through its established global network. A significant milestone in Ria's expansion occurred in July 2025, when it acquired a 60% stake in Unidos Co., Ltd., the parent company of Kyodai Remittance, a prominent money transfer provider in . This strategic move bolstered Ria's presence in the region, adding 17 Kyodai-owned stores, agent locations, and a to its footprint, while targeting Japan's substantial $6 billion market. Building on earlier efforts such as the 2015 acquisition of IME in , this acquisition enhances Ria's capabilities in high-growth Asian corridors. Ria's ongoing growth strategies emphasize innovation and penetration into emerging markets, including partnerships to expand digital remittance corridors and improve in regions like and . For instance, in July 2025, Ria collaborated with and Xe to integrate seamless cross-border transfers, supporting over 3.2 billion mobile wallets and enhancing digital service offerings. As of October 2025, these initiatives have scaled Ria's operations to over 190 countries and territories, with more than 500,000 payout locations worldwide.

Services and Products

Traditional Money Transfer

Ria Money Transfer's traditional services enable customers to send remittances through an extensive network of physical agents and partner stores, allowing in-person transactions at over 600,000 locations worldwide. To initiate a transfer, the sender visits a local Ria agent or authorized retail partner, provides valid identification such as a government-issued ID, supplies recipient details including name, location, and payout preference, and pays the principal amount in cash along with applicable fees. The agent then issues a receipt with a unique tracking number, which the recipient uses to collect the funds, typically within minutes to a few hours depending on the destination. This agent-based model emphasizes accessibility for users without digital banking options, supporting cash payouts as the primary delivery method. Fee structures for these traditional transfers are variable and determined by factors including the transfer amount, the specific sending and receiving (corridor), and the chosen payout method. For instance, cash-funded transactions at agents often incur flat fees starting from around $4, though these can increase for higher amounts or longer distances, with markups also applied to the total cost. Fees are transparently displayed at the agent location or via Ria's fee calculator prior to completion, ensuring senders understand the full cost before proceeding. Transfer limits for traditional services align with regulatory requirements and vary by location, with per-transaction caps for cash-funded sends typically at $495 in many retail settings. Daily limits generally reach up to $2,999.99 from the , but are lower in certain states such as , , and at $999.99 per day due to local money transmission laws. Monthly limits extend to $14,999 across all transfers, with options for verification to potentially raise individual caps. Recipients of traditional transfers have several payout options tailored to their needs, including cash pickup at any partner location using the tracking number and ID, which is available in nearly countries. Alternatively, funds can be deposited directly into a for added security, though this may take 1-5 business days depending on the receiving bank's processing. For users preferring non-cash access, integration with select mobile wallets allows loading the transferred amount, bridging traditional sends with basic digital receipt without requiring online initiation.

Digital and Mobile Services

Ria Money Transfer provides digital services through its online portal and , enabling users to initiate international remittances from various devices without visiting physical locations. The online platform allows customers to send money to over 190 countries and territories, supporting payment methods such as bank transfers, debit cards, and credit cards for convenient, round-the-clock access. In July 2025, Ria partnered with to collaborate on seamless cross-border money transfers, making it easier for Google users to access Ria's services. Transfer limits for digital sends from the cap at $14,999.99 USD per month for international transactions, following a recent increase to accommodate higher-volume users, with identity verification required for elevated amounts. The Ria Money Transfer app, available on and Android devices, extends these capabilities with user-friendly features tailored for mobile users. It supports 24/7 money sends to the same 190+ destinations, real-time tracking of transfer status via PIN or order number, and quick searches for payout points. The app also includes a "Send Again" function for repeating frequent transfers and multi-language support to assist diverse users, reflecting the company's digital evolution since the . Integration with mobile money services enhances accessibility for recipients in emerging markets, allowing direct deposits to digital wallets such as in countries like and , as well as MTN MoMo in countries such as Ghana, Benin, and Uganda. In Colombia, Ria supports direct transfers to digital wallets including Nequi, DaviPlata, and MOVii. Direct transfers to MTN MoMo mobile wallets are not supported in Nigeria. These transfers typically process in minutes to hours, offering faster delivery compared to traditional methods and enabling recipients to access funds immediately via their mobile devices. In Colombia, additional payout options include cash pickup at approximately 2,900 locations, bank deposits, home delivery, and ATM withdrawals. Transfers to Colombia from the United States and other countries can be initiated online, via the mobile app, or in person. Ria supports over 100 such wallets across more than 50 countries, broadening for populations. Security is a core aspect of Ria's digital offerings, with protecting user data during transmission and storage to prevent unauthorized access. The platform employs (MFA), including security codes and questions, to verify user identity during logins and transactions, alongside AI-driven fraud detection for real-time monitoring. These measures ensure compliance with standards like ISO 27001 and privacy regulations such as GDPR and CCPA.

Additional Financial Offerings

In addition to its core money transfer services, Money Transfer provides currency exchange options at its retail stores and agent locations, allowing customers to buy or sell foreign currencies with competitive rates. These services are integrated with transfers, enabling users to convert funds during the transaction process. bases its exchange rates on official market rates, adjusted for service-specific factors, with all rates and fees disclosed upfront before completion to ensure transparency. Ria also offers prepaid debit cards in select markets, such as , where eWallet customers can access Mastercard-branded cards for online and in-store purchases. In the United States, Ria partners with programs like Serve to provide prepaid debit accounts that support features including early tax refund access and cash pickup integration. Complementing these, bill payment services are available primarily in the U.S., covering over 3,000 major providers such as , , and , allowing customers to settle utilities, telecom, and other recurring bills conveniently through Ria's network. As part of , integrates with sister brands like HiFX to extend offerings for larger international transfers, focusing on online-initiated account-to-account payments and brokerage services. This allows to handle high-value transactions that complement its standard limits, providing customers with broader access to specialized cross-border financial solutions.

Global Operations

Network and Coverage

Ria Money Transfer operates a spanning nearly countries and territories, supported by more than ,000 payout locations worldwide. This extensive enables recipients to access funds through a variety of convenient points, facilitating across diverse regions. The service maintains strong presence in key remittance corridors, including routes from the to —particularly —and from to , as well as significant flows within the Asia-Pacific region, such as transfers to and the . In Nigeria, Ria provides cash pickup at over 4,000 locations and direct bank deposit through partners such as First Bank. The service is considered reliable for these cash and bank options despite limited specific Nigeria-focused reviews. In Colombia, Ria offers cash pickup at approximately 2,900 locations, direct bank deposits, and transfers to digital wallets such as Nequi, DaviPlata, and MOVii. Ria's agent network includes retail partners such as supermarkets like and independent outlets, alongside locations in banks and post offices. This diverse mix ensures broad accessibility for senders and receivers. Over time, Ria's coverage has evolved to reach underserved areas through integrations with platforms and wallet services, enhancing delivery in remote or low-infrastructure regions. These include MTN MoMo in countries such as Ghana, Benin, and Uganda, but do not extend to direct transfers to MTN MoMo mobile wallets in Nigeria. In 2025, the company strengthened its footprint in by acquiring a majority stake in Kyodai , incorporating additional stores, agent networks, and mobile capabilities, along with access to over 44,000 ATMs.

Partnerships and Regulatory Compliance

Ria Money Transfer has established key partnerships to enhance its retail and payout networks. In 2014, it partnered with to launch Walmart-2-Walmart, enabling domestic money transfers within the through Walmart stores. This collaboration allows customers to send funds at over 4,600 Walmart locations for cash pickup at other Walmart sites or international destinations. Additionally, in 2014, Ria signed a deal with Postbank Kenya, a government-owned institution, to facilitate s for African payouts, leveraging Postbank's 99 branches to provide accessible cash pickup services for Kenyans receiving funds from abroad. Following Euronet's 2015 acquisition of IME, a Malaysian-based provider, Ria integrated IME's network, expanding its presence in the and with access to 71 stores and over 17,000 payout locations. In 2025, strengthened its operations through the acquisition of a majority stake in Kyodai Remittance Corporation (Unidos Co., Ltd.), building on a 15-year . This move added 17 Kyodai-owned stores, agent networks, and capabilities in , along with integration to over 44,000 ATMs at and Lawson Bank locations, while ensuring compliance with local financial regulations to broaden market access for inbound and outbound transfers. Ria operates under stringent regulatory frameworks to maintain legal compliance across jurisdictions. In the United States, it is licensed as a money transmitter in all 50 states and , adhering to federal and state requirements for secure transactions. State-specific rules impose transfer limits, such as a daily cap of $999.99 in and , reflecting local money services laws designed to mitigate risks. Globally, Ria complies with anti-money laundering (AML) and know-your-customer (KYC) standards, including identity verification and transaction monitoring protocols. In , it received approval as an International Money Transfer Operator (IMTO) from the in 2021, enabling licensed diaspora remittances through approved agents and banks.

References

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