With the launch of its latest remittances report, Visa analyses the ways that people send and receive money across borders, and highlights how impactful and necessary the digitisation of cross-border payment flows is in today’s payments industry.
The report reveals how 23 per cent of US adults surveyed have sent money from the US to another country, and how 65 per cent of those remittance users plan to send money to another country to celebrate the holiday season this year.
Reasons for using remittances
Year-round, the top reasons for sending money abroad are to help someone unexpectedly in need (46 per cent), holiday gifts (31 per cent), and other special occasions (32 per cent). Still, 29 per cent say they regularly send money to support friends or family in other countries.
Another reason for the jump in remittances is due to the secure and instantaneous nature of digital channels through which they’re made. 44 per cent of digital remittance users say their friends and family members received their money “immediately or almost immediately” while 47 per cent of those who sent checks or money orders said it could take anywhere from two days to over two weeks for people to access the funds.
On a similar note, sending money digitally offers speed, convenience and peace of mind. US adults who use digital remittances cite a range of benefits, from making it easier to send money to other countries (40 per cent) to ensuring their money will be sent safely, privately and quickly (36 per cent).
With these new insights, Visa is able to gain a better understanding on how they can best harness the power of Visa Direct and partner with the public and private sectors to help modernise cross-border money movement to create new opportunities for financial inclusion and wealth building in economies across the globe.