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Monday, 31st August 2009

Database -- Remittance Prices Worldwide

Remittance Prices Worldwide

This Website provides data on the cost of sending and receiving small amounts of money from one country to another. Called remittances, these international transfers are often initiated by migrant workers. The aggregate cash flows and the number of participants are enormous. In fact, the World Bank estimates that remittances totaled $397 billion in 2008, of which $305 billion went to developing countries, involving some 190 million migrants or 3.0% of world population. The money received is an important source of family (and national) income in many developing economies, representing in some cases a very relevant percentage of the GDP of the receiving countries. The site covers 134 "country corridors" worldwide. The corridors studied flow from 14 major remittance sending countries to 72 receiving countries, representing around 60% of total remittances to developing countries.

The research and publication of remittance pricing worldwide serves four important purposes: benchmarking improvements, allowing comparisons among countries, supporting consumers’ choices, and putting pressure on service providers to improve their services.

Source: World Bank


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