International Remittance has grown consistently over the past years. In 2013, more than USD 500 billion was transferred through formal channels and twice the amount through informal channels. The high use of informal channels is a result of the high cost of traditional services, normally around 9%.
Projected growth for International Remittance is more than 10% in 2014 and 2015 respectively, reaching USD 534 billion in 2015.
Projected growth for International Remittance is more than 10% in 2014 and 2015 respectively, reaching USD 534 billion in 2015.
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