{"id":777,"date":"2021-03-01T16:07:44","date_gmt":"2021-03-01T16:07:44","guid":{"rendered":"http:\/\/rethink-quarterly.local\/?p=777"},"modified":"2024-09-03T22:27:50","modified_gmt":"2024-09-03T21:27:50","slug":"how-money-moves-around-the-world","status":"publish","type":"post","link":"https:\/\/rethinkq.adp.com\/how-money-moves-around-the-world\/","title":{"rendered":"How money moves around the world"},"content":{"rendered":"\n<header class=\"entry-header bg-adp-tan block--article-header alignfull block--article-header\" >\n\n  \n\n<figure class=\"wp-block-image size-full entry--image\"><img decoding=\"async\" width=\"1920\" height=\"1278\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/annie-spratt-RCmr0Pe9Uxg-unsplash.jpeg\" alt=\"\" class=\"wp-image-778\" srcset=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/annie-spratt-RCmr0Pe9Uxg-unsplash.jpeg 1920w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/annie-spratt-RCmr0Pe9Uxg-unsplash-300x200.jpeg 300w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/annie-spratt-RCmr0Pe9Uxg-unsplash-1024x682.jpeg 1024w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/annie-spratt-RCmr0Pe9Uxg-unsplash-768x511.jpeg 768w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/annie-spratt-RCmr0Pe9Uxg-unsplash-1536x1022.jpeg 1536w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/annie-spratt-RCmr0Pe9Uxg-unsplash-375x250.jpeg 375w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><figcaption class=\"wp-element-caption\">Annie Spratt\/<a href=\"https:\/\/unsplash.com\/@anniespratt?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" target=\"_blank\" rel=\"noreferrer noopener\">Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-group entry--title-wrapper\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><div class=\"entry--social-share\">\n  <ul>\n    <li><a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/rethinkq.adp.com\/how-money-moves-around-the-world\/&#038;t=How money moves around the world\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/facebook.svg\" alt=\"Facebook logo - click to share this article on Facebook\"><\/a><\/li>\n    <li><a href=\"http:\/\/twitter.com\/share?text=How money moves around the world&#038;url=https:\/\/rethinkq.adp.com\/how-money-moves-around-the-world\/\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/twitter.svg\" alt=\"Twitter logo - click to share this article on Twitter\"><\/a><\/li>\n    <li><a href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite\/?url=https%3A%2F%2Frethinkq.adp.com%2Fhow-money-moves-around-the-world%2F\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/linkedin.svg\" alt=\"LinkedIn logo - click to share this article on Facebook\"><\/a><\/li>\n  <\/ul>\n<\/div>\n\n            <a class=\"entry--tag tag-style\" href=\"https:\/\/rethinkq.adp.com\/time-for-universal-basic-income\/\">Features<\/a>\n\n        \n  <h1 class=\"entry-title\">How money moves around the world<\/h1>\n\n\n<p class=\"is-style-summary-style\">More than $717 billion in remittances moved globally in 2019 \u2014&nbsp;but the cost of sending money varies widely depending on the destination.<\/p>\n<\/div><\/div>\n\n\n  <div class=\"entry--meta content-width\">\n           <p class=\"authors\">By\n                        <a href=\"https:\/\/rethinkq.adp.com\/author\/matthew-zeitlin\/\">Matthew Zeitlin<\/a>\n\n             \n         \n     <\/p>\n    \n  \n  <p>1 March 2021  <span class=\"desktop-only\">\u2014<\/span> <a href=\"https:\/\/rethinkq.adp.com\/issue-1-lifelines\/\">Issue 1: Lifelines<\/a> \n  <\/div><!-- .entry-meta -->\n\n<\/header><!-- .entry-header -->\n\t<div class=\"entry-content content-width\">\n\n\n\n<p>Let\u2019s say you\u2019re a Filipino teacher in Southern California, and you want to send money back to your parents, nieces and nephews. You have a&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/remittanceprices.worldbank.org\/en\/corridor\/United-States\/Philippines\" target=\"_blank\">number of options<\/a>.&nbsp;<\/p>\n\n\n\n<p>If you wanted to send cash to be received as cash at a Western Union office in Manila the same day, it could cost you as much as $10.12 to send $200, the fees totaling about 5%. You could send the money digitally via a transfer service for cash pickup within a day for about $3, or less than 2% in fees. Online through Citibank, you could send the money for free, but your family abroad would have to have a Citi or a partner bank account.&nbsp;<\/p>\n\n\n\n<p>You\u2019ve got lots of options thanks to the relationship between the U.S. and the Philippines, one of the densest remittance corridors in the world, which run in reverse of the global flow of labor. For other country pairings, the options for sending money home are often sparser, more expensive and harder to access.&nbsp;<\/p>\n\n\n\n<p>Global remittance totals have outpaced official development aid since the 1990s. In the past three years, according to&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.knomad.org\/data\/remittances\" target=\"_blank\">Knomad<\/a>, remittances to low- and middle-income countries (excluding China) overtook foreign direct investment as the largest source of money inflows. The flow of remittances is enabled by numerous companies and intermediaries that connect migrant workers to their families, providing not just money to survive on but funding small-scale, homegrown businesses in the developing world.<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>It\u2019s venture capital running from migrants abroad to their extended family and local community recipients back home.<\/p><\/blockquote><\/figure>\n\n\n\n<p>\u201cIt\u2019s not just the largest inflow. It\u2019s the least variant one, too. During the Great Recession of the late 2000s, portfolio and foreign direct investment flows to developing countries plummeted. Remittances turned down only a bit and then returned to steady increase,\u201d says&nbsp;<a href=\"https:\/\/carlsonschool.umn.edu\/faculty\/paul-vaaler\">Paul Vaaler<\/a>, a professor at the University of Minnesota\u2019s law and business schools. \u201cA small but significant percentage of remittances goes to fund, found and grow new businesses in the developing world. It\u2019s venture capital running from migrants abroad to their extended family and local community recipients back home.\u201d&nbsp;<\/p>\n\n\n\n<p>Remittances are essentially the inverse of flows of people globally: When people leave, they often send money back. Highly active remittance corridors \u2014&nbsp;such as from the United States to Mexico, from the Persian Gulf to South Asia \u2014 are seeing innovation drive down the costs of transferring money. Some other regions of the world are not so lucky.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/alistair-macrobert-8wMflrTLm2g-unsplash-scaled-1-1024x683.jpeg\" alt=\"\" class=\"wp-image-782\" srcset=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/alistair-macrobert-8wMflrTLm2g-unsplash-scaled-1-1024x683.jpeg 1024w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/alistair-macrobert-8wMflrTLm2g-unsplash-scaled-1-300x200.jpeg 300w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/alistair-macrobert-8wMflrTLm2g-unsplash-scaled-1-1536x1024.jpeg 1536w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/alistair-macrobert-8wMflrTLm2g-unsplash-scaled-1-2048x1366.jpeg 2048w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/alistair-macrobert-8wMflrTLm2g-unsplash-scaled-1-375x250.jpeg 375w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Traditional money transfer companies still mostly work with cash. Alistair MacRobert\/<a href=\"https:\/\/unsplash.com\/photos\/8wMflrTLm2g\" target=\"_blank\" rel=\"noreferrer noopener\">Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The old way<\/h2>\n\n\n\n<p>Many remittances, especially smaller ones, are made in cash. Although the behind-the-scenes transfer of funds happens electronically, for a worker to send cash to their family in another country, they need somewhere to bring it and the recipient needs somewhere to pick it up. To even know about that place, they need to be advertised and marketed to. When potential customers walk into a storefront with their cash, they might need to work with an employee or self-service kiosk, and then a similar procedure must happen on the receiver\u2019s end. All of this is an expensive business, and this expensive type of transfer is most likely to be used by the most vulnerable workers.&nbsp;<\/p>\n\n\n\n<p>The largest players in remittances are money-transfer companies such as Western Union and Moneygram. Western Union now operates in 200 countries with most of its business coming from a sender literally walking into any of the 550,000 Western Union locations and a receiver getting the money from another physical location, often receiving cash. Agents get a commission from the transaction, both on the sending and receiving side.<\/p>\n\n\n\n<p>\u201cRemitting money should be a commodity business. It looks easily done with a small machine and few buttons pressed by a clerk at a convenience store where the small machine is located,\u201d Vaaler says. \u201cBut there are ways to differentiate that service and charge more. One is to have a worldwide network like Western Union or Moneygram. So the migrant can send the money to a store to be picked up by the recipient in practically any city or smaller town. That\u2019s valuable.\u201d<\/p>\n\n\n\n<p>These big networks are also bright targets for upstarts, whether digital operators with no physical presence or businesses that dial in on the needs of a specific community. Digital alternatives to these money-transfer services are on the rise, bringing fees down for users, says&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.worldbank.org\/en\/about\/people\/h\/harish-natarajan\" target=\"_blank\">Harish Natarajan<\/a>, a World Bank payments specialist.&nbsp;<\/p>\n\n\n\n<p>Competition among specialized operators that work with specific populations in specific corridors, like between the Persian Gulf and South Asia, has led to remarkably low transfer costs. In other cases, companies that target a particular migrant group in a particular country might have higher costs of sending money. But the senders and receivers prefer working with a company set up to serve them, whether it\u2019s because of where locations are, the knowledge of the language, or the holiday that money is being sent for.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/olumide-bamgbelu-Ciba8rvHYng-unsplash-scaled-1-1024x683.jpeg\" alt=\"\" class=\"wp-image-783\" srcset=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/olumide-bamgbelu-Ciba8rvHYng-unsplash-scaled-1-1024x683.jpeg 1024w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/olumide-bamgbelu-Ciba8rvHYng-unsplash-scaled-1-300x200.jpeg 300w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/olumide-bamgbelu-Ciba8rvHYng-unsplash-scaled-1-1536x1024.jpeg 1536w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/olumide-bamgbelu-Ciba8rvHYng-unsplash-scaled-1-2048x1366.jpeg 2048w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/olumide-bamgbelu-Ciba8rvHYng-unsplash-scaled-1-375x250.jpeg 375w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Mobile payment services have increased access and lowered fees, but the cost to send money to Africa remains higher than anywhere else. Olumide Bamgbelu\/<a rel=\"noreferrer noopener\" href=\"https:\/\/unsplash.com\/photos\/Ciba8rvHYng\" target=\"_blank\">Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The digital way<\/h2>\n\n\n\n<p>Digital services have pushed into a market that was for so long dominated by traditional money transfer companies. The competition from digital companies, which do not have the extensive network of on-the-ground physical locations and agents who get commissions, can lower prices across the board, the World Bank has found.&nbsp;<\/p>\n\n\n\n<p>The traditional money transfer operations also have online options, along with pure play online companies like Remitly, which launched in 2012 and operates out of the United States. Within Africa, mobile wallets such as M-PESA have become ubiquitous for sending money across borders. These digital operators have almost always competed on cost, as the fixed cost of doing business is much lower.&nbsp;<\/p>\n\n\n\n<p>With remittances to low- and middle-income countries at an&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.knomad.org\/sites\/default\/files\/2020-11\/Migration%20%26%20Development_Brief%2033.pdf\" target=\"_blank\">estimated<\/a>&nbsp;$508 billion in 2020, \u201cthat\u2019s a big market that people can go into and say that people are providing a better service to the underbanked. Lots of companies are trying to lower costs from tech, compliance and risk,\u201d says&nbsp;<a href=\"https:\/\/www.idc.com\/getdoc.jsp?containerId=PRF004834\" target=\"_blank\" rel=\"noreferrer noopener\">James Wester<\/a>, an analyst at IDC.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>Merely having a low-cost option is not the same as actually using one.<\/p><\/blockquote><\/figure>\n\n\n\n<p>But merely having a low-cost option is not the same as actually using one, especially for the people who would benefit the most from cheaper remittance services.&nbsp;<\/p>\n\n\n\n<p>From the U.S. to Mexico, for example, the World Bank lists 26 combinations of companies, methods of sending money (agent-based, online), and payment instruments (cash, card, bank accounts), with average costs to send $200 ranging from zero dollars to almost $16, averaging out at $7.32, or 3%. But the options with the lowest costs require having a bank account and reliable internet access, which the lowest paid workers are least likely to have. That takes you back to expensive cash-based transfers. And these money transmitters tend to specialize in money transmitting, and so have to make some profit from every transaction, including from the rate of exchange itself, in addition to fees charged on the transaction per se.&nbsp;<\/p>\n\n\n\n<p>\u201cApart from all the marketing, if you use an agent network that disburses cash, the remittance service provider has to pay some commission to the agent,\u201d Natarajan says. \u201cIf you use a digital solution on both sides, the provider is able to cut these two costs, and that\u2019s a structural advantage they have.\u201d<\/p>\n\n\n\n<p>World Bank&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2020\/10\/29\/covid-19-remittance-flows-to-shrink-14-by-2021\" target=\"_blank\">data shows that banks<\/a>&nbsp;\u201care the costliest channel for sending remittances, averaging 10.9%, followed by post offices at 8.6%, money transfer operators at 5.8% and mobile operators at 2.8%.\u201d Digital operators, Natajaran explains, sometimes offer better exchange rates because their main profit comes from other kinds of payment services.<\/p>\n\n\n\n<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/5086177\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Potential for the future<\/h2>\n\n\n\n<p>The biggest issue for remittances, aside from cost, is accessibility. One example of accessibility is whether or not you need a bank account. Western Union,&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.westernunion.com\/ca\/en\/faq-send-money-in-person.html\" target=\"_blank\">for example<\/a>, only requires an ID to send money. You can send $200 of cash, to be received as cash, from the United States to Mexico for about $8. But to send&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/remittanceprices.worldbank.org\/en\/corridor\/United-States\/Ghana\" target=\"_blank\">$200 of cash from the U.S. to Ghana<\/a>, it\u2019ll cost you almost $20 with Western Union. You can get that cost down to $2.36, but only if you have a bank account and internet access and the recipient has a mobile wallet.<\/p>\n\n\n\n<p>\u201cThere are services that are niche and not everyone can use. For example,&nbsp;if a bank account is needed to use the service, and only 30% of the population have an account, then it is not considered accessible by everyone,\u201d Natarajan says.<\/p>\n\n\n\n<p>Whenever new companies enter a remittance corridor, it has effects on the entire financial ecosystem. \u201cMany of them have expanded their services into multiple corridors. And there you can see that their service costs are lower than what was there before, and as a result of that, the average price in that corridor has come down,\u201d Natarajan says.&nbsp;<\/p>\n\n\n\n<p>The U.N. has set a&nbsp;<a href=\"https:\/\/www.un.org\/development\/desa\/en\/news\/population\/remittances-engine-for-sustdev.html\" target=\"_blank\" rel=\"noreferrer noopener\">target<\/a>&nbsp;of getting remittance fees down to 3% by 2030. The average cost to send money to low- and middle-income countries declined from 9.7% in 2009 to just below 7% at the start of 2020. But the cost to send money to Africa remains higher than anywhere else \u2014 about 9%.&nbsp;<\/p>\n\n\n\n<p>So there\u2019s much room for improvement: Digital operations could imitate the traditional money transfer companies in their ability to actually reach everyone where they are, or the traditional players will have to imitate the light cost structure of their digital rivals. Either way, both types of companies will have to change.<\/p>\n\n\n<div class=\"block--author\">      <div class=\"block-author__inner\">\n        <div class=\"author--image\">\n                      <a href=\"https:\/\/rethinkq.adp.com\/author\/matthew-zeitlin\/\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/profile_Zeitlin-298x305.jpeg\" alt=\"\" \/><\/a>\n                  <\/div>\n        <div class=\"author--info\">\n                      <a href=\"https:\/\/rethinkq.adp.com\/author\/matthew-zeitlin\/\" class=\"author--name\">Matthew Zeitlin<\/a>\n\n          \n          <p>Based in Brooklyn, Matthew Zeitlin is a business and economics journalist. He has written for the New York Times, Barron\u2019s and the Guardian.<\/p>\n          <div class=\"block--author-social\"><ul class=\"author--socials\"><li><a href=\"https:\/\/www.matthewzeitlin.com\/\" title=\"Author Website\" target=\"_blank\"><i class=\"fas fa-globe\"><\/i><\/a><\/li><\/ul><\/div>\n        <\/div>\n      <\/div>\n       <\/div>\n\n<div class=\"block--recommended-content alignwide is-style-bg-adp-tan\"><div class=\"block-recommended-content__inner\">\n\n<h2 class=\"wp-block-heading\">Read more<\/h2>\n\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/story-of-global-remittances-in-6-charts\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/header_contributer-4-1-1084x576.png\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">The story of global remittances in 6 charts<\/span>\n          <p>The money that people working far from home send back to their families \u2014 remittances \u2014 makes a big difference, especially in times of crisis.\u00a0<\/p>        <\/div>\n      <\/a><\/div> <\/div>\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/money-matters-bahamas\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2023\/11\/Screenshot-2023-10-13-at-17.31.45-1084x576.png\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">The Bahamas, a small island nation with big business<\/span>\n          <p>Businesses around the world entrust this small Caribbean country with their financial dealings. <\/p>        <\/div>\n      <\/a><\/div> <\/div>\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/editors-note-power-of-the-paycheck\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/header-01-1084x576.jpeg\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">The power of the paycheck<\/span>\n          <p>Exploring stories of remittances led to some surprising discoveries about my own family history.<\/p>        <\/div>\n      <\/a><\/div> <\/div>\n<\/div><\/div>\n\n\n<section class=\"wp-block-group alignfull section--sign-up has-background\" style=\"background-color:#7967ae\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"has-text-align-center is-style-default has-white-color has-text-color has-large-font-size\"><a href=\"\/sign-up\/\">Sign up<\/a> to keep up to date with ReThink Q.<\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"<p>More than $717 billion in remittances moved globally in 2019 \u2014\u00a0but the cost of sending money varies widely depending on the destination.<\/p>\n","protected":false},"author":1,"featured_media":778,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[116,117],"tags":[98,89,101,90],"coauthors":[26],"class_list":["post-777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-features","category-remittances","tag-global-economy","tag-migration","tag-money-transfer","tag-remittances","issue-issue-1-lifelines"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - 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