A considerable number of Indians went out of their way to send money home to their families last year, a new report from the World Bank has discovered.
According to World Bank data, total remittance flows to India hit $64 billion last year. That represents 3 percent of India’s gross domestic product, which is the total value of goods and services produced in a year.
Prior to this most recent report, the World Bank had reported in November of last year that India received about $58 billion in 2011. However, due to the rupee weakening, new estimates pushed the value of remittances northward to just under $64 billion.
Another reason for the revision, according to the World Bank, had to do with more economic activity occurring in the Gulf Cooperation Council countries, which include Kuwait, Oman, Saudi Arabia, Jordan and Morocco. While many Indians send money to India from the United States, the agency says Indian migrants have been relocating to the gulf countries frequently in recent months due to heightened economic activity.
As for what explains the increased pace in which natives are sending money to their homeland, it may have something to do with rising interest rates, according to industry expert Avijit Nanda. Nanda told The Times of India that interest rates for non-resident Indian have increased 125 basis points since November of last year, prompting more people to send money.
“We estimate that the remittance flows into India have gone up 20 to 25 percent as compared to the same period last year,” added Nanda.
Consistently, India ranks among the leading countries for total remittances, along with the Philippines, Mexico and China, where remittances represent approximately 1 percent of the Asian nation’s GDP.
The World Bank report also projected that remittances to the developing world increased last year, rising in virtually all nations with the exception of the Middle East and North Africa. As for what to expect in the years ahead, the agency says remittance flows to developing countries should increase by as much as 7 to 8 percent, potentially reaching $467 billion overall by 2014.
While much of the world is either recovering from or in the midst of a recession, a new report suggests that remittance flows haven’t suffered as a result.
According to a new report, “Migration and Development Brief,” which was issued by the World Bank, remittances sent to developing countries last year totaled roughly $372 billion. That’s more than a 12 percent increase when compared with 2010. In a previous report issued last December, the World Bank had projected that remittances would total $351 billion in 2011.
But this total doesn’t take into account countries that are faring better economically. Worldwide remittance flows, according to the organization, surpassed $500 billion in 2011, putting the estimated remittance level at $615 billion come 2014.
The report also detailed the developing countries that received the most in terms of remittances. After accounting for gross domestic product – a measure that estimates the total value of goods and services in a country for a given year – the top recipient in 2011 was India at $64 billion. India was followed by China, Mexico and the Philippines at $62 billion, $24 billion and $23 billion, respectively. Other leading beneficiaries of remittances were countries like Tajikistan, Lesotho, Moldova, American Samoa, Kyrgyzstan, Nepal, Tonga, Lebanon, Kosovo and El Salvador.
As for how remittance flows will fare two years from now, the $615 billion projection suggests they will continue to increase at a 7 to 8 percent pace per year. However, there are some potential issues that may prevent this prediction from coming true, the World Bank reports.
Perhaps the biggest obstacle is the high rate of unemployment, particularly throughout Europe and in the U.S. Not only does fewer jobs mean fewer people can send money to their home countries, but the report also suggests that immigration suffers.
“There are risks that if the European crisis deepens, immigration controls in these countries could become even tighter,” the World Bank stated.
Complicating issues even further are oil and gas prices, which the report notes “present[s] further risks to the outlook for remittances.”
But these are all worst-case scenarios. If history is any guide, remittances will continue to improve. And seeing as how the U.S. has been consistently adding jobs in the private sector, remittance growth may be even better than what the experts anticipate.
As a Nicaragua native, you’ve no doubt come to appreciate your home country, as you likely know many people there that you wouldn’t trade for anyone in the world. However, for many years, some parts of Nicaragua have had a lot of economic issues that you wouldn’t wish on anyone.
Based on government statistics, Nicaragua is believed to be the poorest country in all of Central America and the second poorest in the entire Western Hemisphere, largely resulting from a high unemployment rate and severe poverty. Free trade agreements have enabled Nicaragua to meet some of its needs, but these aren’t always enough to make ends meet.
As a result, many people have left the country to pursue jobs in other parts of the world so they can send money to their families. And with the advent of the internet, Nicaraguans are able to get their money transfers to their recipients destinations quickly.
If you’re one of these people, you’ll be impressed by how quickly and affordably you can make an online money transfer with Xoom.
When you send money to Nicaragua with Xoom, the first thing you’ll notice is how cheap the service fee is, as whichever way you choose to have the money sent, it will cost you less than $10. But you’ll also be impressed by the website itself as the interface is extremely user-friendly.
After logging into the website with your email address and password and then clicking the “Send Money” button, you’ll be brought to a screen that has several clearly defined sections. One is for typing in who your recipient is, another to enter the amount of money you wish to send and another to decide whether you want to have your recipient pick it up or have it deposited directly into their account.
How you want the money to be delivered determines your next step, as at the same screen, you’ll see two large boxes for either cash pickup or bank deposit. Let’s say you want it picked up. Click on that box and then the green “Continue to Recipient” button.
The next page will prompt you to choose the cash pickup network that is most convenient for your recipient, whether its BAC-Credomatic, Citi, Gallo Mas Gallo, El Verdugo or BanPro. Combined, there are 157 locations, so your recipient is sure to be located near one if not several of them.
You then enter their contact information and their city and department information. Click on the “Continue to Payment” button when you’re done.
The final step is how you wish to pay, Paying with your debit or credit card is very affordable, but if you want to take advantage of Xoom value fees, consider paying with your bank account. If this is the case, simply type in your routing and account numbers, which can be found at the bottom of your checks.
After reviewing your information, that’s pretty much it. Your money transfer will be on its way to your recipient.
Should you have any questions about the process and how it works, don’t hesitate to contact Xoom directly, whether it’s by phone or email. A Xoom representative will be in touch.
When you think of Italy, remittance flows probably aren’t the first thing that spring to mind. But according to government data, the country is one of the biggest outlets for people who send money in the world.
For instance, according to the Statistical Dossier on Immigration, Italy is the fifth largest source of remittances, with China, Romania, the Philippines and Morocco among the other countries receiving the most.
But just as Italians make a significant amount of wire transfers, the country receives a lot of them as well. And with Xoom, the ease with which that’s done couldn’t be simpler.
If you want to wire money to Italy, all you have to do is log into Xoom’s main page and enter your username and password information. Remember your username will always be your email address. Then go to the section of the site that has the list of countries and click on “Italy.”
This next section is the business portion of the transaction. After you’ve filled in the name of your recipient, enter the amount of money you want to send. It can be from $25 up to $2,999. Whatever numbers you put in, the exchange rate will be immediately performed so you can know how much your recipient will receive in Euros. For instance, if you want to send $125, that equals out to be about 92.50 Euros.
This money will be received by your family member via a bank deposit. This is just like any other wire transfer but costs less, with a service fee of just $4.99. And thanks to banks not applying any additional charges, you can rest assured that you won’t be hit with any hidden fees along the way.
After clicking the green “Send to Recipient” button, you’ll be instructed to type or select the bank you want the money sent to. There’s a gigantic list of banks Xoom can wire money to, so you’re almost certain to find the one that your recipient is signed up with. However, if you need help, just click on the “Continue to Payment” button without filling in the box. This will direct you to Xoom’s customer service number as well as a link you can click on so you can ask your question by email.
But let’s say your recipient’s bank is BancoPosta. Find this in the alphabetical list and hit “Continue to Payment.” The next page will contain a section to enter your recipient’s personal information, as well as the country code and branch number for your recipient’s bank. But again, if you’re confused about it, just get in touch with Xoom and a customer service member will guide you through the process.
The final steps are choosing the form in which you want to pay, whether it’s by credit card or from your bank account and the reviewal process. That’s it! You’re done.
Just as you’re always there for your loved one, Xoom will always be there for your money transfer needs.
With a population of more than 42 million and second only to Brazil in terms of land area, Argentina is one of South America’s most influential countries, as its culture, geography and rich history make it a desirable place for some to visit or live in. However, like other countries in and outside the continent, it’s struggling economically.
For example, according to government data, 30 percent of Argentinians live below the poverty line, based on 2010 estimates. As a result, many people who have been unable to find work have moved to the United States to seek employment so they can send money to their families.
If you are one of these people and are tired of paying costly fees for every remittance transaction, you may want to give Xoom a try. It’s affordable and the sign-up process couldn’t be simpler.
Once you type “xoom.com” into your internet browser, you’ll be taken to Xoom’s homepage where the step-by-step subscription process begins. The only thing you’ll need is your name, email address and password so that your account is secure. You can then make your first money transfer right away. Simply click the green “Send Money” button.
Doing so will take you to a new screen where the transfer action takes place. In the first of the three boxes in the upper portion of the screen, type in the name of your recipient and click on the first listing in the recipient country list – Argentina. You then choose the amount of money you wish to send, which can be from $25 all the way up to $2,500.
The third box lists how you want the money to be received, whether it’s as a bank deposit or a cash pickup. Simply choose the one that’s best, as they both cost a minimal fee.
Below the three upper boxes are two larger boxes, one for cash pickup, the other for bank deposit. Click on the one that’s best and then the green “Continue to Recipient” button.
For example, let’s say your recipient wants to pick up their money. You have 313 locations to choose from, including Banco Frances and More Money Transfers. Because there are so many branches, you can narrow down the best place by the province and city your recipient lives in.
Next, you’ll be taken to another screen where you can arrange whether your recipient wants their money as Argentinian pesos or as U.S. dollars. Then fill in their contact information, including their name, mailing address and phone number.
Finally, you’ll be taken to the payment information page, where you can decide if you want to pay by debit or credit card or from your bank account. Fill in the required information, depending on whichever service type is best.
After that, all that’s left is the reviewal page so you can confirm that everything you entered is accurate. That’s all there is to it.
Xoom knows how much you care for your family. Make sure they have everything they need by making your next online transfer with Xoom.
From gross domestic product to consumer sentiment, the unemployment rate to consumer expectations, there are a variety of methods economists use to judge how the U.S. economy is functioning at any given time. One of them is individuals’ sense of financial security, a factor that you may have to consider when you send money to your families living back home.
And based on the latest survey of their sense of financial stability, things appear to be moving in the right direction.
According to business and household services firm Country Financial, its Financial Security Index rose four-tenths of a percent in April from February to reach 66.2. That’s the fourth straight time in which financial security sentiments have improved, marking the longest stretch since 2007.
Among the findings in the report, approximately 53 percent of the 3,000 respondents polled said they were able to set aside money in April for savings, that’s up from 50 percent when a similar survey was conducted earlier this year.
Something else the poll discovered was more people are confident about sending their children to college, which remittance money often goes toward. Sixty-one percent said they were optimistic about being able to afford paying for their child’s college tuition, up from 56 percent in February.
However, participants in the study weren’t more confident about everything. For example, Country Financial noted that retirement savings sentiment fell marginally to 57 from 56 percent. In addition, respondents’ belief that their financial security had grown worse grew to 39 percent.
Keith Brannan, vice president of financial security planning at Country Financial, noted that Americans for the most part think things are getting better when it comes to their financial well-being, but they don’t want to get their hopes up.
“With both gains and declines, the data seems to show cautious optimism,” said Brannan. “Americans might be unsure what shape economic recovery will take, which could be fueling their desire to save.”
And it’s this saving that has many people believing they can pay off the debts that they owe. Roughly 81 percent said they were confident in being able to take care of any back payments they had, a stark rise from the 72 percent who said the same in a previous poll.
By being able to save more and pay off bills, you’ll be in a better position to send money to your loved ones. And because Xoom’s services are so affordable, you’ll be saving yourself money in the process.
Modern-day technology has come a long way, as you're able to buy just about anything you could ever want from the comfort of home or if you're on the run, so long as you have an internet-enabled mobile device. And according to a recent report from Juniper Research, its this mobility that consumers are taking advantage of, as people today send money with these devices more frequently than ever.
Hi-tech communications firm Juniper Research recently performed a study, called "Mobile Money Transfer and Remittances." In it, they found that money transfers through smartphones and other mobile devices are set to reach $340 million by 2016, way more than the $84 million that was wired from portable devices last year.
However, the report cautioned that excessive regulation may constrain this type of growth. In addition, it advised the increasing complexity of these rules can slow down how quickly remittance funds are dispersed.
Windsor Holden, the report's lead author, noted that remittance companies may have an impact on this as well, saying that the ease of the subscription process can influence whether a customer will ultimately use their services.
"It is essential that the customer sign up process takes only a short time," said Holden. "Customers are very easily discouraged from subscribing to services by overbearing Know-Your-Customer requirements, particularly if this is their first contact with a financial service."
At Xoom, you'll find that the sign up process is quite simple. To create an account, simply click the "Sign Up" button you'll find at the top of the screen. You'll then be directed to the appropriate page, where you'll be asked to fill in your country of residence from a huge list. Next, simply type in your first name, last name, your email address and asked to re-enter that address to confirm it's the right one.
From there, you'll be asked to create a password. Any password will do, provided its between eight and 20 numbers or letters long. You may also want to differentiate what letters are capitalized or lowercase, as this will provide additional security.
Finally, fill in your phone number. That's it. You'll then be able to access your free account anytime, anywhere, provided you have internet access.
Once you make your first transfer with Xoom, you'll find that you can send up to $3,000 for a flat fee but you can send as little as $25 as well. This is right around the average size of domestic remittance transactions via a mobile device, as Juniper Research says most people sent $22 last year for every transfer made.
Find out why Xoom is one of the fastest growing remittance services out there and why more people are relying on it for all of their online money transfer needs.
Thanks to more Filipinos working overseas to support their families, remittance flows in the month of February were up significantly, a new report confirms.
According to newly released data from the Bangko Sentral ng Pilipinas, money sent home by overseas Filipinos totaled nearly $1.6 billion in February. That's an increase of nearly 6 percent when compared with the same month in 2011, when remittances totaled $1.5 billion.
With more Filipinos being able to send money to the Philippines, the total remittances the country has received since the beginning of the year amounts to $3.14 billion, almost 6 percent more when contrasted with the same two-month period last year, BSP reports.
Amando Tetangco, governor of the BSP, noted how Filipinos are proving to be a hot commodity on the employment front throughout the world.
"The continued inflow of remittances is supported by the sustained demand for Filipino manpower in various foreign labor markets," said Tetangco. "Latest data from the Philippine Overseas Employment Administration showed that for the period January-March 2012, job orders for professional and technical, service and production workers increased by 24.6 percent to 200,010 in the comparable period last year."
While the U.S. is one of the most highly sought after locations for Filipinos with regards to seeking work, employment opportunities mainly came from other countries in February, including Saudi Arabia, the United Arab Emirates, Qatar, Taiwan, Kuwait, Singapore and Hong Kong. BSP said imposed bans that had prevented Filipinos from working in certain countries have since been lifted, including those in Nigeria, Libya and South Sudan. The POEA said the bans were rescinded because security conditions have noticeably improved in these countries.
BSP's report also revealed where many of the remittances in February came from. Just over 76 percent of money transfer orders were land-based, while approximately 24 percent were from workers who earn their living on the sea.
As for the top countries that sent remittances to the Philippines, the U.S. led the pack, followed by Canada, Saudi Arabia, Japan, the United Kingdom, Singapore, UAE, Italy, Germany and Hong Kong. These 10 countries accounted for more than 85 percent of all cash transfers reported by banks and other financial institutions, BSP indicates.
If you're originally from a South or Central American country, it's natural to be a bit nervous about moving to a new place like the United States. While the U.S. offers unique opportunities for you to be able to send money home to your family, unfamiliar environments can be difficult to adapt to, especially when you're in a part of the world you're not accustomed to.
But as a recent report from The White House makes clear, the Latin American population in the country is booming, which should help you adapt to the area a bit quicker.
According to The White House, of the 313 million people who live and work in the U.S., more than 50 million of them are of Latin American and Caribbean heritage. This represents the U.S.' largest ethnic population.
Beyond that, the remittance flows that originate in the U.S. are considerable. For instance, the Latin American and Caribbean diaspora sent $61 billion in remittances to their native countries of origin last year. Roughly three-fourths of that total came from family and friends. These remittances were used in a variety of ways, The White House noted, helping to alleviate the poverty many families experience.
While many Latin American countries rely on tourism and natural resource production as an engine of economic success and gross domestic product growth, remittances go a long way toward that as well. For instance, data compiled by The White House indicates that in seven Latin American and Caribbean countries, remittances account for 10 percent of GDP, which is the total value of goods and services produced in a country. And since the implementation of the Consumer Financial Protection Bureau, sending money has never been more secure, as the CFPB has implemented a variety of policies that help guarantee the money sent is delivered.
Xoom helps to guarantee money delivery as well. Xoom uses 128-bit data security encryption technology, which helps block potential hackers from gaining access to your personal information. Xoom is a certified licensee of the TRUSTe Privacy Seal Program, a designation that's only given to companies that adhere to strict security requirements. Xoom is also VeriSign secured.
Finally, Xoom is a highly-rated member of the Better Business Bureau, which all consumers turn to for ratings on how professional and reliable business services are.
Become a part of the growth in U.S.-based remittances by signing up with Xoom today.
About the size of West Virginia and to the west Great Britain is Ireland, a country of approximately 5 million people, the majority of whom are between the ages of 15 and 64. As with other countries, the jobs there run the gamut but two of the main job sectors are industry and services.
However, since the global recession, many people who were once gainfully employed have lost their jobs. In fact, according to government statistics, the Irish unemployment rate was about 15 percent at the start of 2012, nearly double the jobless rate in the U.S.
As a result of this, many Irish people have chosen to immigrate to the U.S. in an effort to find a new job. If you’re one of these people and are looking for a way to send money home to your family, Xoom can help.
Xoom is an international online money transfer service that offers a fast, secure and convenient way you can send money to Ireland quickly as well as several other countries throughout the world.
The process is simple. First, log into the site and Xoom will take you through the registration process for how to sign up. In minutes, you’ll be in the system and enabled to wire money to Ireland.
Once you click on the appropriate Ireland tab and click “Send Money,” you’ll be taken to a screen where you’ll be instructed to fill in your recipient’s name. Next to this box is a box that with an open space for you to enter the amount of money you wish to send, be it a little or a lot. And you don’t have to worry about knowing how much it will be in Euros, as there’s a convenient conversion calculator that automatically determined what the amount will be in Euros. For example, if you want to send $100, that equals out to be around 74.32 Euros.
The next box shows the service fee that comes from making the transaction, which in Ireland is limited to bank deposits. Sending money to a Euro bank account carries a service fee of just $4.99, with no additional charges from the receiving bank.
Once you click the green “Continue to Recipient” button, you’ll enter your recipient’s bank name. Xoom is affiliated with a lot of banks in Ireland, so odds are very good that you’ll find it, whether it’s the Bank of Ireland, First Active, Halifax, ICS Building Society, Postbank or others.
From here, you’ll enter your recipient’s account number, bank code and country code. If you’re not sure of where you can find this, there’s a convenient illustration on the page that shows where they’re located on their bank statement.
Finally, enter your recipient’s name and address, confirm the information given and you’re done.
Xoom is confident you’ll be pleased with how easy the process is. Should you have any problems, though, don’t hesitate to get in touch. A Xoom representative will get back to you quickly.