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Remittance services of banking institutions likely account for less than 5-10% of U.S.- Latin America money transfers. Despite Large profit margins, the money transfer systems of banks were set up with large sums of money in mind, making small remittance transfers of only a few hundred dollars or less relatively inefficient and undesirable.
A 2004 study found that over 60% of the 16.5 million Latin American-born adults who resided in the United States at the time of the survey regularly sent money home. The remittances sent by these 10 million immigrants were transmitted via more than 100 million individual transactions per year and amounted to an estimated $30 billion during 2004.
Country Remittances received (USD millions) Remittances as % of GDP Year India 129,100 [3]: 3.3 2024 Mexico 61,100 4.2 2022 Philippines 38,049 9.4 2022 France 33,928 1.2
Before you can send money, you’ll need to choose which money transfer service you’d like to use. Each offers something different in the way of exchange rates, fees and speed of the transaction. 1.
Remitly is an American online remittance service based in Seattle, United States that offers international money transfers to over 170 countries. It was founded in 2011 by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati and became publicly traded on the Nasdaq exchange in September 2021.
In 2011, remittances were US$20.118 billion. [27] In 2012, approximately 80% of the remittances came from only seven countries—United States, Canada, the United Kingdom, UAE, Saudi Arabia, Singapore, and Japan. [27] In 2018, remittance had increased to $31 billion, which was nearly 10% of the GDP of the Philippines. [23]
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