• According to the Western Union Global Money Transfer Index, 64% of money transfer consumers send and/or receive money once a month or more.
• Over the next 12 months, 75% of people expect these remittances to increase.
• Remittances are driven by family requirements but also play an important role in future financial planning, such as paying for education costs, supporting business interests at home and saving for the future.
Key Highlights from Global Money Transfer Index
The Western Union Global Money Transfer Index surveyed 30,600 consumers across 20 countries in the Middle East, Africa and Asia Pacific region. It found that 64% of money transfer consumers send and/or receive money once a month or more. Over the next 12 months, 75% expect these remittances to increase due to economic challenges such as higher global cost of living.
Main Purpose of Remittances
The survey found that while family support is identified as the main purpose for remitting, transfers also play a strong role in future financial planning. Paying for education costs ranks second highest as a reason consumers remit money. Supporting business interests at home and saving for the future are cited by consumers as critical reasons too.
Western Union’s ‘Evolve 25’ Strategy
The results from this index bolster Western Union’s ‚Evolve 25‘ strategy which is focused on combining high-value, accessible retail and digital financial services for all types of customers around the world. This strategy will help customers navigate macroeconomic headwinds with greater confidence when it comes to their current and future finances through international money transfers.
Jean Claude Farah’s Statement
Jean Claude Farah, President of Middle East and Asia Pacific at Western Union stated: „We all felt a strong sense of relief as global economies went into post-pandemic recovery,“ said Jean Claude Farah, President of Middle East and Asia Pacific at Western Union.“However, macroeconomic conditions have since made the daily lives of people more challenging.“ He further added that remittances usually remain resilient despite changing conditions because they fulfill an important purpose which makes them even more essential during times like these.
The Western Union Global Money Transfer Index has highlighted how increasingly important international money transfers are becoming in current economic conditions as well as providing insights into how customers use them today and what their expectations are for tomorrow when it comes to their personal finances .