Sending money in a time of COVID: Customer survey
COVID-19 has affected all our lives the world over: the way we learn, work, shop and interact with others. But, as we at WorldRemit are in the business of remittances, we wanted to know specifically how the pandemic has affected the way our community sends money to their loved ones.
And so, at the end of 2021, we sent a survey to our customers in the UK, US, and Canada to find out more about the current shape of remittances and measure the impact COVID has had on their lives. With over 3,000 responses, the findings were interesting.
But before we get into the details- the top line is that remittances are more important than ever to those both living away from home and locals with family still abroad - and to the global economy in general. 68% of our respondents said they sent money abroad at least monthly, with a further 28% sending multiple times a year.
WorldRemit Content Team
• 3 mins to read • Updated
Where do our customers send money to?
We asked our customers which countries they had sent money to in the last 12 months. The top three destinations were individual countries; 18% of our customers sent to the Philippines, 11% to Nigeria and 10% to Ghana. ‘Other corridors’ not specifying individual countries accounted for 35% of our customers. This category includes; Uganda, South Africa, and Zimbabwe.
Why do our customers send money?
The pandemic has had a significant effect on the amounts of money sent, or planned to be sent in 2021. And people, of course, send money for a whole range of reasons. The most common were for daily expenses, utilities, gifts, medical expenses, and education.
How has COVID impacted money transfer habits?
Not surprisingly COVID-19 has had an impact on how much and how often people send money. Though the majority of customers said their sending behaviour has stayed the same - especially for sending money to their own bank account abroad, rent and mortgages and for religious and national holidays.
Increases in send
As a result of COVID-19, people said they sent more money abroad for the following reasons during 2021:
44% said the amount they sent for medical expenses increased
41% said the amount they sent for daily expenses increased
38% said the amount they sent for utilities increased
35% said the amount they send for education increased
Decreases in send
The areas that saw the biggest decline in money being sent were business investments and depositing to one’s own bank account. Though the figures are not significant, as there were still more people sending the same or more in business investments than sending less.
How long have customers been based in their country?
The whole world was affected by Covid and many of our customers sending money will have been extremely concerned for their family and friends back home. But it’s interesting to consider how long it takes for a new country to feel like ‘home’. However long that is - our customers never forget their family and friends in their country of origin.
51% of the customers we spoke to (who weren’t born in the UK, US, or Canada) had lived in their current country for less than 19 years and 42% for 20 years or more.
Why do customers choose to move abroad?*
Many of our customers move abroad for better work opportunities and for the chance to earn better money. They then send some of that money home in support of their loved ones. It’s a real act of selflessness, which we are honored to support with our services.
Of our customers who weren’t born in the countries they currently live in, 22% said that they had moved to another country for work. This was the biggest reason for people making the move followed by education (17% of customers) and those wanting to be closer to family and/or friends (13% of customers).
Beyond just facts and figures, WorldRemit is here for you.
However you and your sending patterns fit into this data, it’s good to know WorldRemit is here for you when you want to send money home. We’re fast, secure and convenient – plus, we offer you a choice of ways to send from your app or laptop. If you have any further queries our Customer Care team is on hand 24/7, 365 days a year.
*Questions concerning country of birth and reasons for moving were optional. We recorded: 2,668 responses for the question about country of birth. 1818 chose to tell us how long they had lived in their current countries and 1,665 told us the reasons for moving.
Back to homeWorldRemit allows customers to stay connected and support their loved ones. Our Content Team plays an integral part in that. We celebrate the global community and help you to achieve your ambitions.