Preview

Global Money Transfer (Remittances) Market Report: 2012 Edition - Market Research Report

Satisfactory Essays
Open Document
Open Document
435 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Global Money Transfer (Remittances) Market Report: 2012 Edition - Market Research Report
Global Money Transfer (Remittances) Market Report: 2012 Edition

For more details on the content of report and ordering information please visit:

http://www.aarkstore.com/reports/Global-Money-Transfer-Remittances-Market-Report-2012-Edition-70275.html

Remittances are an important source of income for households, particularly in developing countries. Remittances are gaining importance in the economic planning of all major developing economies of the world. With globalization and growing socio-political activities, more and more people from underdeveloped or developing economies are working outside the countries of their origin. Remittances are being considered as an important financial resource for development as well as a social change by financial planners in developing economies. The worldwide inflow and outflow of remittances is rising constantly since past several years with the exception of 2009, which was characterized by global economic slowdown. The developing nations which include both low-income and middle income countries account for the majority of the global remittance inflow with majority contribution from India, China, Mexico and Philippines, due to their large emigrant population. The largest source of remittance flow to developing regions is high income countries including the US and Western Europe, with the GCC countries fast developing as an important source. The companies operating in the global remittance market are faced with strong competition with few large competitors and numerous small and niche competitors. The leading money transfer organization like Western Union, Money Gram, Euronet, and other independent players compete on the basis of technology, price and quality of service offered to remitters.

The report analyzes the global remittances market with focus on India, China, Mexico and Philippines. The key trends observed within the market include exchange rate, fluctuating remittance cost, regional employment

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Payment: in this step if payment is owed then the payer sends the payment to the provider with remittance advice (RA) which is an explanation of the decisions made.…

    • 364 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Acc 403 Week 8 Homework

    • 1873 Words
    • 8 Pages

    | Trace from the sample of remittance advices to the cash receipts journal in order to determine if related cash is recorded.…

    • 1873 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    Leaving the remittances in an insecure place, like the cashier’s in-tray, with no supporting record could lead to them being lost or stolen with no record.…

    • 1171 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    •the economies of many poorer countries depend in part on remittances sent to their citizens…

    • 1597 Words
    • 6 Pages
    Satisfactory Essays
  • Best Essays

    Jost, P., & Sandhu, H. S. (2000, January 1). Money laundering - The hawala alternative remittance system. INTERPOL. Retrieved January 18, 2011, from http://www.interpol.int/public/financialcrime/moneylaundering/hawala/default.asp…

    • 1528 Words
    • 7 Pages
    Best Essays
  • Good Essays

    Cashflow Fever Analysis

    • 507 Words
    • 3 Pages

    The video “Cash Flow Fever” is all about the effects of immigrants sending money, also called remittances, back to their home country from America. The video first talks about how remittances can contribute a great deal of money to poor families and that the value of remittances to Latin America is larger than all of the foreign aid to that region combined (2:10-2:20). The video also shows that banks are beginning to appreciate the potential market and are getting involved, lowering the cost of remittances (2:30-2:50), leading to the largest benefit of remittances which is the starting up of banks in the Latin America community which allows for easy access to loans (18:40-19:00).…

    • 507 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Remittance Advice- Is a document mailed to the customer and returned to the seller at the time of cash payment. It has the customer name, invoice number, and invoice amount.…

    • 1068 Words
    • 5 Pages
    Powerful Essays
  • Good Essays

    Bartleby

    • 367 Words
    • 2 Pages

    1. What does the subtitle of “Bartleby” suggest? What is the significance of Wall Street and the walls in the story?…

    • 367 Words
    • 2 Pages
    Good Essays
  • Better Essays

    Christian Gold is met with some opposition as she works to define Western Union’s global placement. The new president of Western Union points out that Western Union International, a single entity responsible for all of Western Union’s international organizational operations, was not sufficient enough to meet the global clientele. Fully versed in geography and varying cultures, Gold understands that each region must be treated uniquely based on its regional needs and culture (Gosling & Mintzberg, 2003?). By 2003, Gold proposes that Western Union International be divided into three divisions: the Americas; Europe, Middle East, Africa, and South Asia; and Asia-Pacific. Each region will be led by a division head. Gold’s theory is that each leader head can better manage the cultural needs of the individual regions, helping Western Union better target its consumers in different cultural markets. The fear of lost revenue and product control is causing pause in the parent company, First Data Corporation. Gold also faces opposition of her peers who agree with her strategic plan to grown Western Union International but differ on other aspects such as profit and loss responsibility and decentralization.…

    • 1703 Words
    • 7 Pages
    Better Essays
  • Good Essays

    The first reason to restructure the union is in order for it to expand its services globally. To meet the needs of the customers, structures have to be in place within regions. The success of this relies on the implementation of a worldwide marketing scheme to bring goods to the global and domestic market efficiently (Ivey, 2005). Herewith, it will also maintain brand stability across the world. Secondly, construct monetary facilities that would ensure right monetary decisions and accurate distribution of funds to the rightly places. For instance, most of the Western Union clients are immigrants. Therefore, the organization expected an increase in monetary transfer due to high rate of immigration and rates of international employment. Lastly, restructuring creates a uniform platform that would ensure the use of information technology internationally (Ivey, 2005). There is also a need to expand and distribute human resource services globally. However, it is difficult to achieve all these objectives with the existing US based structure; hence, the inevitable need for restructuring.…

    • 1123 Words
    • 5 Pages
    Good Essays
  • Good Essays

    Latin American Immigrants

    • 529 Words
    • 3 Pages

    More citizens are leaving than are entering. Many of these Latin American immigrants settle in the United States and send home remittances every month to their families who stayed behind. This money amount peaked in 2008, just before the financial crisis, with seventy billion dollars being sent from new immigrants back home. Five years later, the remittance number was around sixty billion dollars, still a considerable sum.…

    • 529 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Ethnic Identity Essay

    • 13010 Words
    • 53 Pages

    The migration of South Asians from one country to another is becoming increasingly common. This…

    • 13010 Words
    • 53 Pages
    Powerful Essays
  • Powerful Essays

    Compulsory Assignment n 1

    • 1085 Words
    • 3 Pages

    Jost, M. P., (????) The Hawala Alternative Remittance System and its Role in Money Laundering. U.S. Department of the Treasury Retrieved from: http://www.treasury.gov/resource-center/terrorist-illicit-finance/documents/fincen-hawala-rpt.pdf…

    • 1085 Words
    • 3 Pages
    Powerful Essays
  • Best Essays

    After the fall of communist regime or from the beginning of the 1990’s, Albania is one of the countries with the large number of emigrants, and it is one of the country that mostly receives remittances which are funds received from migrants working abroad. The aim of this paper is to show the impact of remittances on the Albanian economy and the effect that it has in the GDP and the economic growth. Also, this paper is going to analyze the impact of remittances on poverty level in Albania. Studies show that remittances have a significant impact on the reduction of poverty in the country by directly raising household income and consumption .It is going to be used the regression analysis with the data received from INSTAT and World Bank in order to have a more clear information about the impact of the remittances in Albania economy and on the household income level of people. At the end of the analysis it is going to be discussed the conclusions the importance of remittances, if they play a key role in economy.…

    • 4023 Words
    • 17 Pages
    Best Essays
  • Good Essays

    The major factor which has propelled the growth of the business correspondent industry in India is the financial inclusion mandate set by the Reserve Bank of India for banks to extend banking services to the unbanked population in the country. Banks in India are therefore increasingly focusing on expanding their geographic coverage and providing customers multiple product offerings through business correspondents. The no frills accounts offered by BCNMs are utilized majorly for G2P payments while the remittance services are used by the out-migrant population. The RBIs approval for interoperability is also expected to consolidate the BCNM model in near future as it will help them widen their product portfolio by offering different products and services to their customers from different partner banks as well as in diversifying the risk. The various entities which are playing the role of a business correspondent include Sections 25s, NGOs, MFIs, retailers, village grocers and others. However, the business correspondents also face challenges such as large number of dormant savings account and low commissions from banks. Despite of this, BCNMs have emerged as a strong channel for domestic money transfer or remittances in India in recent years. The contribution of the BCNMs in the total remittances through banks in India increased from just 4.0% in FY’2008 to around 30.0% in FY’2013.…

    • 432 Words
    • 2 Pages
    Good Essays