Saipan adds another player to remittance market

With the financial backing of close to 2 million Euros, an Irish company has put up a new outlet for its remittance and currency exchange business on Saipan, optimistic of a positive turnout in the economy.

Meaney Express Saipan Inc., an affiliate of the Meaney Express Company, Ltd. headquartered in Dublin, Ireland, opened its Saipan branch on Aug. 1 at the Saipan Building on Beach Road, Garapan, a walking distance away from the offices of the Saipan Tribune.

“I like Saipan,” said the company’s principal owner, 34-year-old Maria Teresa Meaney. “It’s a place where I have good memories. There are opportunities here.”

With Filipinos comprising a big chunk of the CNMI population, Meaney expects a good turnout for her Saipan venture. She said her company is highly competitive, offering the lowest service rates and the highest Philippine peso-to-dollar value compared to other remittance centers.

Remittance to any destination to the Philippines only entails a $3.50 charge, whether it is door-to-door, direct deposit, or cash pickup. The introductory rate is the lowest among charges assessed by other remittance centers, which range from $4 to $8.

Remittances may also be picked up at any location of Shoe Mart department stores, Banco de Oro and RCPI branches in the Philippines. Meaney Express does business with some 40 international, commercial, savings and thrift banks in Asia’s first republic.

The company provides their clients with the convenience of logging online at www.meaneyexpress.com/inquiry to verify the status of their remittances.

The businesswoman also controls Meaney Express Philippines, Inc. “We don’t only cater mostly to Filipinos. We have Euro currency,” Meaney added.

Meaney Express could remit Sterling pounds to England, Swiss francs to Switzerland, and Japanese yen to the Land of the Rising Sun for business clients, according to the trader. The company also facilitates currency exchange.

Meaney started the remittance center business in Dublin in 2002, when the influx of Filipino nurses to the Emerald Isle started. In Dublin, her company also has commercial real estate property at the heart of the capital, renting out commercial spaces.

She said that, if the remittance venture became profitable in Dublin, it could even be more profitable on Saipan, where there are thousands of Filipinos.

Meaney came to Saipan in 1997, before the Commonwealth experienced an economic downturn. She expressed optimism, though, that the local economy would recover. “Hopefully, there will be investors coming in.”

Meaney Express opens daily from 8am to 8pm. It may be reached at tel. no. 235-1019 or 286-2978, or email meaneyexpresssaipan@meaneyexpress.com.