Did you know that you can transfer money abroad with no fees and excellent exchange rates using a mobile app? With a reliable provider, the process is seamless, ensuring swift currency transfers. Citizens of certain countries are well aware of this, which is why they frequently utilize online money transfer services for both sending and receiving funds.
Primary Reasons for Sending Money Abroad:
Family support
Occasional gifts
Emergencies
Wedding contributions
Property investments
Holidays
Germany: Germany ranks fifth in the world for outgoing personal money transfers and sixth for incoming transfers. Between 2009 and 2013, Germany saw a significant influx of funds from Turkey. However, Germany maintains substantial personal transfer activity with numerous countries, accounting for 13% of all flows in Europe.
Belgium: Belgium accounts for 9% of inbound remittances in Europe. The primary sources of inflow are seasonal and cross-border workers from neighboring countries. In 2015, personal remittances contributed 2.2% to Belgium's GDP, providing a significant surplus of 470 million Euros to the economy.
United Kingdom: The UK has witnessed a steady increase in outgoing money transfers abroad over the years. Comparing 2010 to 2017, there was a 24.6% increase in favor of 2017. In 2019, the regions with the highest volume of regular international money transfers were London, the North East, and the West Midlands.
Italy: Personal remittances in Italy range between $9 and $10 million. Over 80% of these transfers originate from outside the EU. Italy experienced a surge in remittances following the global economic crisis in 2012, as Italian residents sought employment abroad while expatriates residing in Italy received funds from their home countries.
United States: As one of the top ten countries for personal money transfers, the US holds a significant position in this market. However, reverse remittances were minimal back in 2015 during the economic crisis, with immigrants unable to send money abroad. Today, outward personal transfers from the US outweigh inbound transfers, reflecting shifting trends in remittance behavior.
