Nearly $700 Billion a year* is transferred by individuals in the US to family and friends back home. For low- to middle-income countries, remittances generate economic growth and reduce poverty.
But with average fees of 6.2% – with banks charging as much as 12%** – developing countries are being shortchanged.
That’s why the United Nations has called for fees of 3% by 2030.
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According to the UN, reducing average global transfer fees to 3% globally would save remittance families $20 billion annually.***
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*Statista.com.
**World Bank, 2020.
***UN.org, SDG 10.
