Similarly, using a prepaid debit card is not always useful if they live in a town without ATMs or merchants that accept cards. For this reason, you should find out how prepaid debit cards are looked upon in the area before you transfer money to China using one.Fortunately for your relatives in China, using a prepaid debit card is a great option. There are many ATMs and merchants that do indeed accept debit cards. This is especially true if your...more
Though money transfers to most countries have grown throughout the years in general, the number of people who send money to Armenia has increased exponentially in the past decade. In 1995, a mere $65 million was sent to the area, and that number stayed about the same until about 2003. Most countries show a gradual increase in remittances, but Armenia's pattern shows a huge increase in 2003, at which time remittances skyrocketed to about $700...more
The general pattern of remittances to different countries in the last several years has been steady growth, followed by a slight decline in the most recent few years. This is likely a result of the economic downturn that most countries are experiencing. However, Peru has not shown the same trend. In fact, by the second quarter of 2009, remittances had risen by over five percent compared to the first quarter, settling at $564 million for just that quarter of the year. In 2008, about $2.4 billion was sent to the area, about a 14 percent increased compared to 2007.According to recent statistics, the average money sent to the area when people send money to Peru is about $76 per person. If this is the amount that you usually transfer, and the method you choose charges a percentage of the amount you send without a minimum flat fee, you may be getting a good deal. However, some options charge a high flat fee, which means that making frequent transactions of small denominations can ensure that you pay a lot in fees. Many banks are an example of this type of method, as they often charge a flat fee of about $30 when you send money to Peru. Instead, consider options with a low flat fee.One...more
Transfers to the area remained steadily low until about 1982, at which time the rate of remittances began increasing every year thereafter. In fact, since about that time, remittances have increased by about 19 percent every year, reducing poverty a little bit with every transfer. Between 2006 and 2008, the rate increased even more sharply than...more
While remittances to this area have certainly grown over the years, there has still not been the extreme growth witnessed in most other countries. In 2000, about $320 million was sent to the country, and 2001 saw a slight increase to $336 million. It slowly rose over the years until it reached about $600 million in 2005, with about $656 in 2006,...more
In many cases, if you are in South Korea and want to send money to another country, you will find that there are restrictions on how much you can send at once. The same is not true when it comes to the need to send money to South Korea from the United States, which is good news when you need to help your family fast. Find out some basic information regarding remittances to this country before you send money to South Korea.Many banks offer the ability to send money to countries that are nearby easily and cheaply, but they do not usually make it simple to transfer money to South Korea. For this reason, comparing methods and their corresponding rates carefully is especially important. For example, Citibank charges $20 per transfer, even if you have a preferred account, while that price is usually cut in half for transfers to other countries. Additionally, Citibank Korea charges $10 USD just for your relatives to receive the money. Other banks that you might consider remitting to in the area include Kookmin Bank, Shinhan Financial Group, and Hana Bank, but it will likely cost up to $40 per transfer. Clearly, the option of transferring money to South Korea through a bank is not...more
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Remittances are considered the main benefit of migration to other countries. Many families cannot do without the monetary support of their close relatives, so when a few of them move away, the relatives continue supporting them through frequent money...more
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