Savings on money transfers from UK come as real gift at Christmas
WorldRemit research reveals that people living in the UK and sending money through traditional money transfer services are having to work extra hours simply to cover the costs of sending money home. Why? Because the time and cost of sending through traditional money transfers makes it so expensive.
If, however, they switched to lower cost, more convenient channels like WorldRemit, they could make significant savings. Savings that could go to buy extra presents for their loved ones with every remittance they send.
Those with family and friends living in the Guatemala and Honduras have most to gain by switching to lower-cost, more convenient channels. The high costs of sending money home mean they are losing out on up to 6% when sending money home - enough to a musical kids toy or chocolate and coffee back home this Christmas.
Ten countries where saving as you send money could buy family and friends an extra Christmas gift
Switching to lower-cost money transfer channels when sending money abroad from the UK could put an extra gift under the Christmas tree for families around the world.
Traditional money transfer services mean both senders and recipients need to take time off to travel to an agent to either pay in or collect money. It’s time that could be spent with family and friends this Christmas.
Travelling to an agent to pay in money means taking at least a half hour out of your day and with average hourly salaries for the UK of between $14 and $16 (£10-12) people are working more than an hour longer just to cover the costs of sending the money through traditional, high cost channels. Saving the cost of a bus ticket in the UK to pay in money twice a month, could be enough to buy cinema tickets in Ghana, a journal in Nigeria or a box of toiletries in the Philippines.
In short, sending money frequently, without having to pay high costs or waste time, brings families and friends closer together, even when living hundreds of miles apart. So we hope we can give people the precious gift of more time with family and friends this Christmas – and perhaps a few extra presents under the tree.
The savings were calculated based on sending the equivalent of $200 in the local currency of the sender country using a weighted average of pay-in and pay-out methods for the leading traditional money transfer operator compared to WorldRemit.