Nowadays almost everyone is in need to send money abroad. We don’t often think about that but international money transfers is a huge industry. Some people transfer money abroad on a regular basis (every month or even more often). For others they transfer at least once in a lifetime. Here is an overview of the different parties who commonly need to do international transfers.
Overseas Workers send money internationally
Expatriates and Migrants are the ones who send the most of remittances. Many people work outside their home country. All these people send money back home. The population that sends the most of remittances are the mexicans. A lot of mexicans are in the United States. According to the World Bank they sent around 22 billions of $ in 2015 in Mexico. That’s huge. And they transfer their money regularly because they send back home almost all their revenues.
International students and their parents are the second category
It is easy today to study abroad. A large amount of money is sent to students abroad by their parents.
Businesses with foreign activities
Many companies do business abroad or have branches abroad and need to transfer money between subsidiaries. This is particularly the case for import/export companies and for big companies with branches in many countries. These companies need to be careful about money transfers as they often send large amount of money abroad.
Anyone who needs to send money internationally
Among people who needs to send money abroad there are also the owners and buyers of foreign properties abroad. Either they have to pay a large amount of money in foreign currencies or they need to receive a rent every month and to transfer it into the local currency. International volunteers also need to convert money as they are paid in the currency of their home country. Then we count many people who spend their retirement abroad, so they need to transfer their retirement pension funds every month into the currency of their ‘host’ country. At last anyone who needs to transfer money urgently to recipients abroad.
Now we can see the importance of money transfer and the huge industry it is. That’s why it is important to compare all the options in order to get the best rates for a transfer.