Migrants transfer €32 billion from EU back home
Migrants in the EU transferred €32 billion back home in 2008, according to Eurostat. In 2004, the amount of money transfered from immigrants was €19.4 billion. The sharp increase in money transfers is mainly due to an increase in salaries. These figures include both intra-EU transfers and transfers to destinations outside of the EU.
Two thirds of all money transfers come from four EU countries:
- Spain – €7.8 billion
- Italy – €6.4 billion
- France – €3.4 billion
- Germany – €3.1 billion
Worldwide remittances are estimated to be around US$283 billion (although this figure is hard to measure). The continuous increase of international money transfers has led many financial institutions to refocus on the migrant market. For years, national banks had neglected this market, leaving significant growth opportunities for international money transfer agencies such as Money Gram and Western Union.