Remittances Gateway
During the last few months the WBG, experts and other civil society groups have noted increasing anecdotal reports of banks’ “derisking” activities, including in relation to MTOs that provide international remittance services. Such evidence is currently not backed by substantiated, verified and comprehensive data on the drivers and the effects of this phenomenon.
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Source: Oxfam, 30 January 2015
At least in economic terms, migration appears to be some kind of developmental wonder-drug. Remittances from migrants to developing countries are remittances v other flowsnow running at some three times the volume of aid, and barely faltered during the 2008-9 financial crisis (see graph).
Bank of America has quietly discontinued a program that allowed customers to transfer money to friends and family in Mexico for free.
The SafeSend program, started in 2003, was regarded as one of the lowest-cost options for international money transfers, also known as remittances. But the program failed to catch on in a market dominated by companies such as Western Union and MoneyGram.
International remittances via mobile phones will exceed $10bn for the first time this year, according to a new report from Juniper Research. However, the report – Mobile Money Transfer &
Remittances: Domestic & International Markets 2013-2018 – found that the cost and complexity of regulating cash transfer had led many service providers to focus exclusively on airtime topups.
New figures show Koreans have spent a total of around US$4 billion per year on overseas study since 2006. The Bank of Korea said that this is 80 times more than what foreigners spend on
education in Korea.
International remittances via mobile phones will exceed $10bn for the first time this year, according to a new report from Juniper Research. However, the report – Mobile Money Transfer &
Remittances: Domestic & International Markets 2013-2018 – found that the cost and complexity of regulating cash transfer had led many service providers to focus exclusively on airtime topups.
Since the last few decades Bangladesh has been achieving a steady growth. This steady but significant growth rate is mainly based on the remittance the country is earning through its
expatriate workers. Immediately after the present government came to power, the country was passing through a barren period of labour migration and we experienced a continuous fall of labour market. Even many countries sent back Bangladeshi workers. Recently there has been a significant achievement especially with the recent deal of exporting five hundred thousand labourers to Malaysia in next 5 years.
Somali money transfer service Dahabshiil has won an injunction preventing Barclays from cutting its banking services.
The injunction means customers will be able to transfer money through Dahabshiil for the foreseeable future. Barclays had planned to cut off services to the company amid concerns over money laundering.
Since the last few decades Bangladesh has been achieving a steady growth. This steady but significant growth rate is mainly based on the remittance the country is earning through its
expatriate workers. Immediately after the present government came to power, the country was passing through a barren period of labour migration and we experienced a continuous fall of labour market. Even many countries sent back Bangladeshi workers. Recently there has been a significant achievement especially with the recent deal of exporting five hundred thousand labourers to Malaysia in next 5 years.
Is this light at the end of the tunnel? Remittances sent to Spanish-speaking nations in Latin America by immigrants in the United States and elsewhere have recovered to pre-recession levels, with the notable exception of Mexico.
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