Transcheq, Harada Ltd, Worldcash, Citicruiser, Halcyon Datasys,
Halcyon Datacorp & Prague Safe Deposit are some of the business
ventures / products associated with Mr. Felix Grovit.
One of the fastest growing areas of international business today is
the international money transfer market, which has developed as a
result of the need for expatriate workers to secure a fast, reliable
and inexpensive mechanism by which to send his or her hard earned cash
to family members in distant countries.
In the western hemisphere alone, foreign earnings from expatriate
remittances now provide capital flows that have nearly quadrupled in
the last ten years. It is estimated that in the coming decade Latin
America and the Caribbean may receive as much as $300 billion dollars.
Such flows would exceed by far the aid donated through international
organisations and government initiated programmes.
Worldcash is a fast growing participant in the international money
transfer business. An associate company of the Chequepoint bureau de
change group, Worldcash has established a presence in Europe, Asia,
Africa and the Americas so the company now remits the earnings of
expatriate workers through 2,500 locations, which may be wholly owned
branch offices or agency outlets. Chequepoint was founded by Felix
Worldcash provides a transparent non-banking service that is fast
(measured in minutes as against days or weeks) and reliable and with
openly published charges that enable the sender to know exactly when,
and how much, will be received by dependents in his or her homeland.
Worldcash offers a service which addresses the major differentials of
price and service present in the international remittance market
On the one hand, there are many smaller companies which, while they
deliver a cheap (but often geographically restricted) service to the
migrant worker, may risk reliability or sacrifice speed.
On the other, there are large-scale institutions such as Western
Union, which offer reliability and speed but at a cost that often
seems prohibitive to workers on or near minimum wage levels. For
example, Latin American migrants wire home $250 per month on average.
After fees and costs, the dependent can receive as little as $200 when
using one of the larger carriers.
Worldcash is positioned to offer a service that aims for the ideal by
offering the speed and reliability of the large operator at the price
of the smaller.
This competitive level of service is achieved through a number of
factors, not least of which is the development of the TransCHEQ
software (worldwide patent pending), which achieves unprecedented
advances in technology while offering the maximum transparency in, for
example, tracking and reporting single or multiple transactions to
comply with regulatory needs.