Remittance Prices Worldwide

MAKING MARKETS MORE TRANSPARENT

News

A new Greenback report is out: London, UK! Following the crisis affecting Somali money transfer operators' access to bank accounts in the UK, the World Bank has been working with the UK authorities to support remittance flows to Somalia. It is within this context that a survey of migrants residing in London was funded by DFID-UK and undertaken for the World Bank by Developing Markets Associates, to investigate the level of financial inclusion and the remittance sending practices.

The 7th edition of Balon Mundial, the football competition of migrant communities living in Turin, ended on July 5th with the victory of Brazil. Over 46 teams representing more than 30 counties and a total of 1200 athletes participated this year.

“Rimesse in Onda” (Remittances on Air), a radio show dedicated to remittances, funded by Project Greenback 2.0 - Challenge Fund, ended on Saturday, 26 June.

Last Sunday, an "unexpected" stand appeared in one of the squares of Turin where migrants usually hang out: the stand of "Lo sapevi che?” ("Did you know that?"), a project funded by the European Union to inform migrants on their rights in the labour market. Project Greenback 2.0, in collaboration with “Lo sapevi che?”, was there to provide information about financial services and remittances. A public conference was also organized on Tuesday, June 30, to present the results of “Lo sapevi che?”.

We published the results of Project Greenback's survey in Montreuil!

"Migrants' Remittances from France" provides the results of a survey conducted on a sample of migrants living in Montreuil and follows the same methodology as the Turin survey. The survey constitutes the “baseline scenario” informing actions to be developed in Montreuil. Specifically, it investigates the socio-economic characteristics of migrants, as well as their financial inclusion and remittance behavior. Particular attention has been given to the channels used to transfer money abroad.

On May, 7 2015, Project Greenback 2.0 hosted in Turin the workshop “From Cash to Cashless” organized by MasterCard as a part of the financial education program Master Your Card. The main topics of the workshop were electronic payments, their link with remittances, and their role in promoting a healthy, safe and efficient market. The event was an important opportunity for participants to ask questions, present their doubts, and deepen their understanding of opportunities and risks of electronic payments.

Migration experiences are often associated with some sort of transnational economic activity which connects the past and the present of migrants abroad, and specifically with remittances. Motivations to send money at origin have been deeply investigated at the micro as well as at the macro level, as remittances can affect recipient households’ wellbeing, investment and consumption levels in the receiving countries and play an insurance role against external shocks.

Based on the Greenback 2.0 Turin Survey, this paper explores the effect of the economic crisis on income trends and on the flow of monetary remittances sent to the families left home among three surveyed groups in Turin — Moroccans, Peruvians, and Romanians. Results show a widespread worsening of the average economic conditions since the outbreak of the crisis in 2008.

ANGI is an Italian-Chinese association, which is helping Chinese migrants in Turin, Italy. The association is now providing information on remittance services to Chinese migrants, thanks to Project Greenback 2.0. This video (in Chinese) was produced by ANGI thanks to the Greenback 2.0 Challenge Fund.

“Do you send money home? Do you really know how much it costs?” 

Thanks to a project funded by the World Bank Challenge fund in the contest of Project Greenback 2.0, ANGI (Association New Italian-Chinese Generation) helps the Chinese community living in Turin to answer these questions by opening a free information desk on remittances. 

The objective of the service is to promote the use of safer and more efficient channels for sending money home and increase awareness and knowledge of the available remittance services.

Pages