Remitly, which calls itself the largest independent digital remittance company in the U.S., has announced its expansion into the U.K., the company's third send market after the U.S. and Canada. 

"Europe is the second largest remittance market in the world," Remitly CEO Matt Oppenheimer said in a press release. "Launching in the U.K., where over 19 billion pounds ($24 billion) in remittances are sent to other countries, is an important next step as we transform the global remittance business."

Remitly offers U.K. customers two options:

• express — delivers money directly to a recipient abroad within minutes through direct integrations with banking and cash pickup partners around the world. Using a credit or debit card, customers can send money for a flat fee of 3 pounds ($1.25) or less; and
• economy — leverages the U.K. Faster Payments Scheme, which enables customers to send money abroad at reduced cost depending on the recipient country. Customer transfers are delivered to recipients quickly, safely and at competitive foreign exchange rates, as the scheme enables nearly instant payments between participating banks.

Initially, Remitly will serve customers in the U.K. sending money to India and the Philippines, with additional recipient countries coming soon. India averages more than 2.8 billion pounds ($3.5 billion) in remittances received annually; the Philippines averages more than 454 million pounds ($568 million) per year.

.