The World bank studies the global remittance industry closely and its data is often revealing, especially because it is not always easy to track the real amounts of money sent overseas from one country to another – there are many different ways it can be done, and many different reasons for doing so.
Finder.com recently used World bank data to reveal that Nigeria is the most popular destination for outward remittances from the UK. The country accounts for almost 15% of all money sent abroad from the UK, followed by India (14.1%), France (6.7%), Pakistan (6.7%), and Germany (4.9%). Read more “UK Sends More Money To Nigeria Than To Any Other Country, Says Data From World Bank”
Remittance Prices Worldwide (RPW) is an organisation, affiliated to the World Bank, that monitors the costs incurred by those sending money abroad, across all of the world’s major remittance corridors.
Since 2009, when the average global cost of sending money anywhere in the world was calculated at a high of 9.67% of the total amount sent, the figure has been in steady decline, and the good news is that the latest figure, for Q4 2017, records another decrease in price, from 7.21% in Q3 ‘17, to 7.09%. Read more “World Bank Figures Reveals Falling Average Worldwide Cost Of Remittances”
Only the United States ($56.3 billion), Saudi Arabia ($36.9bn) and Russia ($32.6bn) sends more money abroad than Dubai’s total of $19 billion, according to the World Bank, so it is no surprise that money transfer firms are scrambling to grab a slice of the action there.
MoneyCorp have stolen a march on their competitors by announcing last week the acquisition of First Rate FX, for an undisclosed fee. First Rate FX have an office in Dubai, which will be rebranded under the MoneyCorp name, and First Rate will also relocate from their Canary Wharf headquarters in London to MoneyCorp HQ in Victoria. Read more “MoneyCorp Completes Acquisition of First Rate FX To Tap Into Dubai Money Transfer Market”