Remittance data shows COVID-19 sparked increase in money sent globally

Spending on education and medical expenses increase as pandemic continues at global scale

• 68% of respondents send money at least monthly

• Nearly 50% of respondents cited the amount sent for medical expenses increased in 2021

• The most common countries remittances sent by our respondents were to the Philippines (18%), Nigeria (11.5%), Ghana (10.5%)

January, 2022 – LONDON: Research from 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, or planned to be sent in 2021, 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. 

“We are proud to support customers in every aspect of their lives, as we understand the unique situation migrants face in normal circumstances, let alone when they are caring for loved ones and ensuring they get access to medical care and have funds to pay for basic daily needs and cost of living. “WorldRemit strives to offer a consistent, safe, quick and convenient experience for people all around the world to help alleviate their concerns during these uncertain times. We are also encouraged by our customers and how they are betting big on the future: investing in education and new business ventures.”

To learn more about WorldRemit, or to see more results from the survey, please visit our website.

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About WorldRemit

We are a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global remittance brands. 

We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower cost. We currently operate in more than 5,000 money transfer corridors worldwide and as part of Zepz, are part of a 1,400 person global workforce.

Sending money with WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, we offer a wide range of options, including bank transfer, cash pickup, airtime top up and mobile money. 

Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom, with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.

About Zepz

Zepz Group is the group powering leading global remittance brands: WorldRemit and Sendwave. Since 2021, Zepz Group has been disrupting an industry previously dominated by offline legacy players by reducing the barriers to finance and increasing safety and convenience for users. Every day, Zepz Group and its brands work towards unlocking the prosperity of cross-border communities through finance and technology - driven by the vision of a world that celebrates migrants’ impact on prosperity, at home and abroad.

Zepz Group brands have helped cross-border communities send over $15bn from 50 countries, to recipients in 130 countries in 2022, and operate over 5,000 money transfer corridors worldwide. Zepz Group employs over 1,400 people globally as a remote-first employer, with team members located across six continents.