- Spending on education and medical expenses increase as pandemic continues at global
- 68% of respondents send money at least monthly
- Nearly 50% of respondents cited the amount sent for medical expenses increased in 2021
According to the Research by WorldRemit, a leading global
payments company, has found that people sending money from the US, the UK and
Canada continue to adjust their remittance habits to a new way of living due to
COVID-19.
The results from WorldRemit’s study of more than 3,000 of
its customers paint a striking picture of the importance of remittances to the
loved ones of immigrants, alongside the impact we know it has on the global
economy.1 68% of respondents sent money abroad at least monthly, with a further
28% sending multiple times a year.
The pandemic has had a significant effect on the amounts of
money sent, particularly for the key reasons people send money abroad.
When asked to provide context to the reasons people send
money home to loved ones, the most common were daily expenses, gifts, medical
expenses and education. As a result of COVID, people sent more money abroad for
the following categories during 2021:
- 44% cited the amount they send for medical expenses has increased
- 41% cited the amount they send for daily expenses has increased
- 38% cited the amount they send for utilities increased
- 35% cited the amount they send for education increased
The most common countries remittances sent by our
respondents were to the Philippines (18%), Nigeria (11.5%), Ghana (10.5%),
which have all seen significant GDP growth – 4.5% in the Philippines,2 1.5% in
Nigeria3 and 5.1% in Ghana.4 This trend is likely to continue as these
countries continue to recover rapidly from the COVID-19 pandemic.
Karen Jordaan, Head of UK at WorldRemit said:
“We understand the unique challenges migrants face on a
day-to-day basis when supporting loved
ones overseas, whether it be helping to ensure their family members get access
to medical care or have money to pay for basic cost of living expenses.
“WorldRemit understands the needs of our customers and
strives to offer a safe, fast and convenient service. We are also encouraged by
our customers and how they are investing in the future, namely education and
new business ventures.”
WorldRemit is a leading global payments company and, along
with Sendwave, part of Zepz, a group powering two global payments brands.
The brand disrupted an industry previously dominated by
offline legacy players by taking international money transfers online – making
them safer, faster and lower-cost. The brand currently send from 50 countries to
recipients in 130 countries and operate in more than 5,000 money transfer
corridors worldwide and employs over 1,200 people globally.
On the sending side, WorldRemit is 100% digital (cashless),
increasing convenience and enhancing security. For those receiving money, the
company offers a wide range of options including bank deposit, cash collection,
mobile airtime top-up and mobile money.
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