In a lifetime, we pretty all, at least once, send money abroad. You are on holidays and can’t withdraw anymore? One of you friend lost her credit card in a foreign country? You fall deeply in love of a foreign country, and you want to buy the house of your dreams? If sending money abroad is pretty irregular for some people for others, individuals who live outside their home country, sending money abroad happens on a regular basis.
So who are the people who really send money abroad ? Let’s find out!
With over 232 million people living outside of their home country (UN statistics, 2013), expatriates are one the largest community of people to send money abroad. Expats send money to their home country because expatriation doesn’t last forever usually, so they transfer their savings to their primary bank account every month to support their family and save some money in their local currency. Working abroad also mean being paid in other currencies that their home country and transfer using your bank can be really costly. Indeed, most of the banks charge high fees to do the transfer and some of them even add hidden fees in the exchange rate. But sending money abroad using the right service can save you more than extra charges. For instance, people who work in Switzerland and live at the borderline in France can increase their salary significantly by exchanging their Swiss Franc in Euros when the rate is favorable.
Migrants are our big winner with over $583 billion sent back to their home country often to support their families stayed their birth country. For instance, Mexican who lives in the US sends over 22 billion per year to their countries of origin.
…or more precisely their parents. Each year, about 5 million students study abroad their home country and need the support of their parents to live. Unfortunately, Withdrawing or paying with a credit card abroad is costly that’ s why sending money is so attractive for students.