Remittance, Cash-in & Cash-out
The global remittance market size was valued at $682.60 billion in 2018 and is projected to reach $930.44 billion by 2026, growing at a CAGR of 3.9% from 2019 to 2026. Remittance refers to transfer of money by foreign migrants to their home countries.
Remittance refers to an amount of money transferred or sent from one party to another, usually overseas.
Remittances can be personal money transfers made to family and friends, as well as business payments. Today, more remittances are being sent than ever before, and two key factors are driving this increase:
Migration – more people are now choosing to live and work abroad. Therefore, many remittances are made by people working and living abroad to family back home.
Globally connected businesses – the internet makes it easier than ever for businesses to connect and collaborate with suppliers, clients and employees all around the world. This has resulted in a sharp increase in overseas remittances paying for business invoices.
Unique business partnerships serve as an avenue for our clients in sending out or receiving money internationally or domestically via Western Union. Across the Philippines alone our clients have access to nearly 10,000 distinct cash-in/cash-out physical locations. Client partners can earn from every remittance whether it is a sending out or a receiving a transaction. The more transactions processed, the higher the profit.
If you need to pay a remittance, there are several ways to do so, including:
- Wire transfer/ bank transfer
- Mobile money