Cross-Border Remittances: Fuel for the Global Economy

Cross-border remittances have grown at an approximate compound annual growth rate of 4% between 2010 and 2018.

Boston, August 14, 2019 – Cross-border remittances remain a big business and provide fuel for the global economy. The volume of remittances sent home often dwarfs official development assistance, and in many countries, remittances represent double-digit portions of their gross domestic product. But the industry has been experiencing disruption over the last two decades as fintech players have entered the market offering lower-cost, digital remittance models.

This report examines the global trends impacting the cross-border remittance industry, reviews global and regional migration patterns, and sizes the cross-border remittance market at global and regional levels. It is based on Aite Group’s analysis of data reported by central banks, the International Monetary Fund, the Inter-American Development Bank, the World Bank, and the United Nations as well as on Aite Group conversations with executives at banks and money transfer organizations that took place from October 2018 to March 2019.

This 34-page Impact Report contains 20 figures and six tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Azimo, BPCE Group, Bridge Community Bank, Earthport, Flywire, Green Dot, Mastercard, MoneyGram, Monzo, Pangea, PayPal, Remitly, Ria, Sendmi, Transfast, Transpay, TransferWise, Western Union, Visa, WorldRemit, and Xoom.

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