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International Remittances Day: EU commits to reducing transaction costs to make the most of the main source of income for migrants and their families

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Remittance flows to migrant countries of origin are higher than official aid flows and foreign direct investment. Globally, they continue to provide a critical lifeline for the most vulnerable, especially in low-income countries.

Objective 10 of Sustainable Development Reducing inequality within and between countries includes a key objective for remittances: reducing the transaction costs of such transfers to 3%. By achieving this key goal from the EU, migrants in the EU and their families and friends at home can now save up to 1.5 billion in fees each year. This means a 25% reduction in costs since 2015 and the European Commission has several initiatives aimed at facilitating these transactions and reducing these costs even further. It is also working to accelerate the digitalization of remittances and investment schemes through formal channels to further enhance the social and economic impact of remittances.

The Commission is in partnership with the International Fund for Agricultural Development (IFAD) and the African Union through the African Remittance Institute. In partnership with the IFAD PRIME Africa initiative, the Commission is supporting 15 innovative business initiatives in Africa for remittances, promoting digitalisation and financial inclusion, benefiting over 1 million people.

The Commission is also committed to having a better measure of official remittances and is actively participating in the World Bank’s working group on improving remittance statistics through EUROSTAT. The Joint Research Center is publishing a report today on how to improve remittance estimates and forecasts.

Background

Globally, 200 million migrant workers send a portion of their income to help feed, shelter, educate and support at home for the health of their family members in more than 125 countries. In 2022, remittance flows to low- and middle-income countries are expected to reach 589 billion.

According to the latest available data from the World Bank and EUROSTAT, the flow of remittances from the EU to low- and middle-income countries was 64.8 billion, while remittances from the EU to the world were 110 billion. Remittances sent by the EU account for 11% of the total inflows received from low- and middle-income countries and benefit the approximately 105 million people living there.

Sources

1/ https://Google.com/

2/ https://ec.europa.eu/international-partnerships/news/international-remittance-day-eu-committed-reducing-transaction-costs-make-most-key-source_en

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