A tool against extortionate remittance feesby Letizia Orlandi - 2013.12.18
As remittances increase, so do agents’ commission fees for transferring immigrants’ money to their country of origin. Hence the launch of a free and accessible online platform called TawiPay, which lists the fees of 2,200 private money transfer agents worldwide. It confirms and compares the rates charged and lets you choose the best one. It’s no coincidence that the initiative comes from Switzerland, which, with an average of £11,000 per immigrant, has the highest money transfers abroad worldwide. The new platform is certainly useful for comparing the high cost of remittances, which has recently been noted by the World Bank. It found that, globally, in the third quarter of 2013, fees were equivalent to about 8.93% of the total amount sent by foreigners: a figure considerably higher than the 5% agreed for 2014 by the G20 states. It’s an unattainable goal to say the least, considering the lack of transparency of costs (exchange rates and commissions) of local banks and companies such as Western Union and MoneyGram, as well as the absence of national laws that protect those who transfer savings to their homeland.
Immigrants spending more in Italy and sending less home
New decrease in the number of money sent home from Chinese immigrants in Italy. In 2016, they sent a total of €238 million to their homeland, arriving at only 8th place in the classification of foreign nationals who reside in Italy who sent money back home. A figure that is Read More.
Remittances from immigrants working in Italy on the decrease
In 10 years, the remittances from immigrants working in Italy reached €64.5 billion. Passing from €3.9 billion in 2005 to over €5.2 billion in 2015. It should be noted, however, that since 2011, when the total was nearly €7.4 billion, there was a sensitive and progressive contraction of the sums. Read More.
Amounts of remittances from immigrants in the EU during 2015
In 2015, flows of money sent by residents of the European Union (EU) to a non-EU country, referred to as personal transfers, amounted to €31.3 billion, compared with €29.9 bn in 2014. As inflows to the EU totalled slightly less than €11.0 bn in 2015, this resulted in a negative Read More.
How many are the remittances from immigrants in the EU?
In 2014, flows of money sent by residents of the European Union (EU) to a non-EU country, referred to as personal transfers, amounted to €29.3 billion, compared with €28.7 bn in 2013. As inflows to the EU totalled €11.0 bn in 2014, this resulted in a negative balance (-€18.3 bn) Read More.
Remittances from immigrants in Italy on the decrease
Remittances from immigrants living in Italy are decreasing. Between January and June 2015, in fact, they amounted to €2.4 billion: -5.8% compared to the same period of 2014. According to an elaboration by the Chamber of Commerce of Monza and Brianza, regarding the amount of money sent home, Romania ranks Read More.
How much are the remittances from immigrants workers in Spain
In 2014, remittances from immigrants working in Spain amounted to € 6.617 billion, 7.5% more than in 2013. According to data published by the Bank of Spain, Colombians workers are those who send more money to their families of origin: € 815 billion. Followed by Ecuadorians (€ 723 billion), and Read More.