International Money Transfer 2022
More than 18 million people will be using digital remittances by 2026. Digital remittance allows international money transfer across borders, peoples and currencies. Nowadays, you can find international money transfer options and services worldwide. With the arrival of digital wallets, remittances apps and online banking networks, it’s easier to transfer money internationally.
So what can we expect for international digital remittance this year?
International Digital Remittance Growth
This year, digital remittance transaction value hit $136,591 million. Leading this movement, many countries worldwide are capitalising on low transfer fees, speedy money transfers and the convenience of online remittance services. If we look at a few areas, we can see how digital remittance is helping local economies.
- In Somalia - Money received from digital remittance makes up 35% of the country's GDP (GDP- A measure of the economic growth).
- In Korea - Nearly 80% of all remittances were from migrants working in Korea, sending their wages home. This money was used to help fund students, family members and communities.
- In Pakistan and Bangladesh, governments offer tax incentives for migrants sending money back home. The money is used to help create savings for workers, send gifts and support families.
Types of Transfers in 2022
Money can be sent through many mediums, making it easier to send and receive money internationally.
Popular types of digital remittance options:
- Digital wallets - Money goes to a digital wallet to be used to tap NFC payments.
- Direct to bank - Money is sent directly to a local bank account.
- Digital credit - Money can be sent from one TangoPay app user to another.
- Local cash pick-up - Money gets sent to a local pick-up point.
How International Digital Remittance is Connecting People
Digital remittance is making it easier for communities to share and receive money. This money can be a massive boost to local economies. By making it easier to access funds, local people can invest in community infrastructure, development and healthcare.
International policy-makers are increasingly making it easier to send money digitally. The funds sent and received can be used to support communities at risk of environmental disaster, disease and poverty. It can help send young people to school, save money and link tight-knit communities together.
If you are interested in how international money transfer through digital remittance can help you and your community, why not see what TangoPay can do for you today?