With the development of the technology sending money home has never been easier. The World Bank estimates that international remittances to low- and middle-income countries have increased by 8.5 per cent in 2017, reaching USD 466 billion (Ratha et al., 2018). This sum is estimated to grow by 4.1 per cent to reach USD 485 billion in 2018.
Remittances, usually understood as the money or goods that migrants send back to families and friends in their home countries, are often the most direct and well-known link between migration and development. Global estimates of financial transfers by migrants include transactions beyond what are commonly assumed to be remittances, as the statistical definition used for the collection of data on remittances is broader (see IMF, 2009).
Following the technology evolution people are now more connected with relatives and friends back home and they are now sending more money to meet emergencies, pay school fees, pay for health insurance for their families etc. With the highest number of immigrants, India is top of the list with sent remittances worth $69 billions in 2017, followed by China ($64 bil.) and Philippines ($33 bil.) Overall, low- and middle-income countries like India received record overseas funds of $466 billion.
A common problem when moving to a new country is to get a bank account. Procedures to get one varies from country to country but the common problem is that it takes time to get the back account.
The PiP iT eDeposits solution provides an opportunity to send money back home without having an account in the bank. Through our collection network, individuals can now lodge cash from the UK into their own bank account back home. They can go online and generate a barcode via one of our partners e.g. Pay Afrique. The code is sent to their phone or emailed. This is accepted in any UK Post Office and cash lodged over the counter.
For more information about eDeposit feel free to contact us today!