This article will help you take a holistic view of the global remittance industry along with the list of the world’s top remittance recipients. Let’s get started!
People from third world countries, such as Bangladesh, Sri Lanka, or Ghana, etc., travel to the developing states, mainly in the West, for better job opportunities, quality education, and to earn in high-value currencies to secure their and their families future financially. After getting jobs and beginning to earn, the expatriates from Bangladesh send money to Bangladesh online through some of the world’s top online money transfer companies, including ACE Money Transfer to fulfill basic needs of families back home. It makes it necessary for us to look at the global remittance statistically.
Global remittances at a glance:-
A recent World Bank report stated that the volume of total international remittances in 2019 was $719bn after they dropped by -2.4% to $702bn in 2020 after COVID-19.
The low and middle-income countries received about $540bn out of the total global remittances, down by -1.6% to around $548bn.
Many countries such as Pakistan, Bangladesh, Mexico, etc., also recorded a rise in the flow of inbound remittances of the same Pandemic. Let’s now take a brief look at the top remittance recipients globally.
Following are the top ten recipients of remittance in 2020.
India received a whopping $83.1bn in 2020, down by -0.2% from the previous year 2019.
China stood second on the list with $59.5bn in 2020, down by a significant percentage of -13.0% from the previous year 2019.
Third position was held by Mexico with $42.9bn in 2020, up by a considerable margin of +9.9% from the previous year of 2019.
The Philippines grabbed the fourth position with $34.9bn in 2020, which was slightly down by -0.7% from 2019.
On the fifth position came Egypt with $29.6bn in 2020, which was up by a significant margin of +10.5% from the previous year 2019.
Pakistan topped the second half of the same list by holding the sixth position with $26.1bn in 2020, up by a considerable margin of +17.4% from the previous year 2019.
Seventh position was held by France with $24.5bn in 2020, down by -8.8% from the previous year 2019.
On the eighth position stood Bangladesh with $21.8bn in 2020, up by a significant margin of +18.4% from the previous year 2019.
Ninth position was held by Germany with $17.9bn in 2020, down by -2.0% from the previous year 2019.
Nigeria held the last position on this list with $17.2bn in 2020, down by a massive margin of -27.7% from the previous year 2019.
Now, let’s take a look at some of the features you must consider while choosing an online remittance services provider because the sheer volume of the remittances listed above makes it vital for you to consider these factors. It needs to be also considered that ignoring these factors will substantially impact the flow of remittances worldwide.
Security of services:-
The foremost important point is to consider the security of the services of a company. As online money transfers are open to scams and hacking, the services must be secured and smooth when choosing some of the world’s top companies, such as ACE Money Transfer.
Another point to consider is to check if the currency exchange rates the company offers are aligned with the international market or the company has set its exchange rates in utter disregard to the customers since this can impact the transaction hugely.
A speedy transfer of funds makes it fit to meet emergencies and tackle financially challenging moments with ease. A delay in sending or receiving money can aggravate the situation. Therefore, thoroughly check if the company whose services you want to avail yourself can transfer funds quickly.
Low service charges:-
Another feature that sets the best company apart from the ordinary companies is the low service charges. It is another important factor that can hugely impact your transactions, a few companies worldwide, such as ACE Money Transfer, charge a nominal and visibly low fee for their best services.
On the go transaction:-
With ACE Money Transfer, you will have the convenience of initiating, tracking, and completing a transaction while on the go with its user-friendly smartphone app. This feature is only shared by a limited number of companies globally.
This article has given you a deep insight into the remittance industry in the current era from a holistic perspective. Besides, you must keep in mind that the sheer volume of the global remittances is proof that the service quality of online money transfer companies is of utmost importance; otherwise, people would have resorted to the informal ways of remitting their money. The current statistics are obtained from the formal channels of sending remittances globally. And it depicts that globally acclaimed companies such as ACE Money Transfer have built a kind of trust among their customers, not seen otherwise, which attracts many people to use this channel to remit their money from abroad.