Factors supporting the flows were economic growth in host countries in the European Union as well as transit migration which further boosted inflows to temporary host countries such as Egypt, Morocco, and Tunisia. Remittances have long made up the largest source of external resource flows for developing MENA—among ODA, FDI, and portfolio equity and debt flows—accounting for 61 percent of total inflows in 2021. The cost of sending $200 to MENA fell to 6.4 percent in the fourth quarter latgest greek island of 2021 from 6.6 percent a year ago. The costs of sending money to Ukraine are high (7.1 percent from Czech Republic, 6.5 percent from Germany, 5.9 percent from Poland, and 5.2 percent from USA). Sticking with an official money transfer service and sending money in the officially recognized currencies can help you avoid fees and penalties down the line. Although MoneyGram is the only option at this time, more companies may start allowing transfers to Venezuela in the future.
Live from Hong Kong, bringing you the most important global business and breaking markets news information as it happens. Finder monitors and updates our site to ensure that what we’re sharing is clear, honest and current. Our information is based on independent research and may differ from what you see from a financial institution or service provider. When comparing offers or services, verify relevant information with the institution or provider’s site.
The COVID-19 pandemic and the war in Ukraine have further highlighted the need for frequent and timely data. In April, the World Bank, under the auspices of KNOMAD and in collaboration with countries where remittances provide a financial lifeline, launched an International Working Group to Improve Data on Remittance Flows. Having improved data on remittances can directly support the Sustainable Development Goal indicators on reducing remittance costs and help increase the volume of remittances.
Remittance flows to India and Pakistan grew by 8 percent and 20 percent, respectively. In 2022, growth in remittance inflows is expected to slow to 4.4 percent. Remittances are the dominant source of foreign exchange for the region, with receipts more than three times the level of FDI in 2021.
We encourage our consumers to use any of our account deposit options if possible. FinCEN said the transactions were suspicious because many amounts were below the $10,000 threshold that banks must report in currency transactions, or were sent on the same or consecutive days. “Whiskey” was Bemba’s code name for Western Union and “Mike” for MoneyGram, according to wiretaps obtained by ICC prosecutors.