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The global money transfer market is an increasingly important source of income for households, especially in the developing world.
With migration from developing to developed countries increasing, remittances are gaining in importance for all major developing economies throughout the world.
Millions of consumers around the world transfer money to their friends and relatives abroad. The World Bank estimates that a total of US$483 billion was sent in 2011.
Many communities in developing countries rely on remittances sent home by migrant workers to meet basic needs. But average charges for this relatively simple transaction are unreasonably high, often 10 or 20%.
The developing countries which include several low and middle income countries, account for more than 75% of the global remittance inflows with majority contribution from India, China, Mexico and Philippines, due to their large emigrant population.
East Asia & Pacific and South Asia region collectively account for almost half of the total remittance flows to developing countries. The Latin American and Caribbean region suffered the highest decline in terms of remittance flows due to the severe global economic downturn.
Companies operating in the global money transfer market are faced with strong competition with few large competitors and numerous small and niche competitors.
The leading money transfer organisation like Western Union, Money Gram, Euronet, and other independent players compete on the basis of technology, price and quality of service offered to remitters.
For more information on the global money transfer market, see the latest research: Global Money Transfer Market
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