Remittances to Developing Countries at £349bn – World Bank

World Bank statistics show that remittances to developing countries grew for the first time in two years, from £322 billion to £349 billion in 2017, according to global money transfer brand Xpress, which has called for more collaboration between stakeholders to “help the movement of money and boost economies.”

The remittance service says the estimated 232 million migrants worldwide contribute over £460bn in remittances to the economies of their origin.

Specifically, the business believes driving down the cost of remittances should be a priority.

“The average cost of global remittances starts at 7.13%, and despite earlier efforts by the G8 to drive this down to 5% by 2014, and the UN seeking a reduction to 3% by 2030, migrant workers are feeling the pinch as remittance costs still remain high,” according to Xpress Money.

It argues that deeper collaboration between money transfer operators and financial institutions will lead to a reduction in the global average cost of remittance – primarily through the abolishment of exclusivity contracts the company says is prevalent in the industry.

Xpress Money COO, Sudhesh Giriyan said: “Migrant remittances play a key role in transforming lives and economies around the world. Even small amounts sent home have a big impact on the lives of the people receiving it and the communities they live in.

“With many moving thousands of miles to help keep loved ones out of poverty, we wanted to use International Day of Family Remittances to celebrate migrant workers. #WeSaluteYou is a small tribute to our customers and all migrants across the world for their selfless contribution to their loved ones.”

Xpress Money explains that the International Day of Family Remittances recognises the financial contribution of migrant workers towards the wellbeing of their families and to the development of their countries of origin.

It is also aimed at encouraging the public and private sectors to collaborate “to maximise the impact remittances in the developing world.”

The #WeSaluteYou campaign will run across Instagram, Facebook and Twitter through the day.