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The Race To Provide Banking To The World’s Poor

You are here: Home / Remittances / The Race To Provide Banking To The World’s Poor

September 25, 2019 //  by Telfam

remittnaces

Immigrants from the developing world send a total of $530 billion in remittances back home each year. Those funds make up a significant share of the economy in places like Haiti, where remittances account for more than a quarter of the GDP. If all the people who send remittances through traditional carriers, which charge an average 7% per transaction, were to switch to Remitly with its average charge of 1.3%, they would collectively save $30 billion a year. And that doesn’t account for the driving and waiting time saved.

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Category: Remittances

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