Remittances are often at the core of international payment transactions, and while they may have declined year-over-year due to various economic challenges, Visa, the payments giant, has published a new report detailing why senders should remain positive about future remittances.
The Visa report, titled Money Travels: 2024 Digital Remittances Adoption surveyed 45,000 remittance senders and receivers across twenty countries. In the UK, it found that 13 per cent of users sent money for general humanitarian assistance and almost a third (29 per cent) cited an ‘unexpected need’ to send money abroad.
Visa works in collaboration with global remitters such as Brightwell, Thunes, Remitly and Western Union to help enable efficient money movement through digitised remittances.
The report also found that digital applications are the preferred ways to move money globally for more than two-thirds of remittance users. Forty-three per cent experience no issues when sending or receiving digital remittances. However, 76-77 per cent have experienced issues when sending or receiving physical remittances including cash, checks, and money orders.
The Money Travels: 2024 Digital Remittances Adoption study examines how consumers send money abroad, diving into the rates, methods, and reasons for sending and receiving these lifeline payments.
From a UK point of view, the report revealed that the country was well over the global average (39 per cent) when it comes to how many people had sent money abroad (55 per cent). This was only second globally to the UAE (59 per cent). Additionally, 32 per cent of the UK respondents expected to send money overseas over the next year. This was also higher than the global average of 23 per cent. In fact, 43 per cent plan to send more the same amount of money in 2024 as last year.
When asked why they sent money abroad, 65 per cent said that supporting the lives of people in crisis was important to them.
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