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Remittances, defined as monetary transfers made by migrants to their home countries, play a crucial role in global economies and the livelihoods of individuals and families. In some countries, remittances account for more than 30% of the total economic output.
Overall global remittance is expected to grow 3.7% to US$715 billion in 2019, including US$549 billion to developing nations. [5] Economic research has focused on the motivation for remittance, suggesting that the key drivers for remittance are altruism, self-interest in exchange, and repayment of past expense.
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Remittance services of banking institutions likely account for less than 5-10% of U.S.- Latin America money transfers. Despite Large profit margins, the money transfer systems of banks were set up with large sums of money in mind, making small remittance transfers of only a few hundred dollars or less relatively inefficient and undesirable.
Ria Money Transfer is a subsidiary of Euronet Worldwide, Inc., which specializes in money remittances. [2] [3] [4] Ria initiates transfers through a network of agents and company-owned stores located throughout North America, South America, Europe, Asia-Pacific, Africa, and online.
Remitly continues to gain market share and grow its customer base in the large remittance industry as active customers rose 5.4 million to 7.3 million, and send volume, or the amount of money sent ...
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Tamil Nadu has the most diverse mix of remittance sources due to the presence of large Tamil diasporas in many countries like Australia, Canada, France, United Kingdom etc. with Malaysia, Singapore and the US being the largest sources of remittance. Research work on remittances to India is listed in the India Migration Bibliography. [16]