Nowadays, more and more people send money abroad. Whether they are students studying abroad, expatriates working abroad or migrants living outside their home country.
How many people send money abroad ?
Today, according to the world bank, more than 250 million people live outside their homeland. Most, if not all, send money abroad either regularly or once from time to time or once when facing an urgent situation.
It seems that some countries are more concerned than others. India, Mexico and Russia were the 3 biggest emigration countries of the world in 2013. These 3 countries combined 38 million people living outside their homeland in 2013.
How do people generally send money abroad ?
Based on the different sources on this topic, it still seems that today, to send money abroad, 90% of the total amount sent is sent from cash to cash. This represents a total amount of 540 billion dollars for the year 2015. People usually refer to dinosaurs on the market such as Western Union or MoneyGram. The later usually take minimum 30 € for each 300 € sent !
The good news is that the 10% remaining is sent by via online solutions which are far cheaper. Plus, the online market is going to triple in the next 10 years. To send money abroad, people will be able to use simple and parent solutions. This will enable them to save a lot of time and money on each of their money transfers.
Quick tips and tricks to send money abroad
In order to make sure you maximize the amount of money the receiver receives when you send money abroad, your ought to go through the 2 following steps:
- First, check the exchange rate evolution for the currencies concerned by your transfer. You can save between 1 & 5% of the amount transferred by doing so ! Moneytis can provide you another free & very interesting tool
- Second, make sure you compare all the solutions available before sending your money. This must be done each time you want to trigger a transfer as the best solution can change every day!