REMITTANCE data showed that sending money abroad was at its most massive state, particularly since the COVID-19 disease continues to affect many countries.
In a most recent research initiative by WorldRemit, a global payments company, it 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.
WorldRemit performed the study among over 3,000 of its customers in order to paint a striking picture of the importance of remittances to the loved ones of immigrants, alongside the impact that we all know it has on the global economy.
The results showed that 68 percent of respondents sent money abroad at least monthly, with a further 28 percent sending multiple times a year.
The pandemic has increased expenses and thus, remittances during 2021. When asked to provide context behind sending money home to loved ones, the most common reasons given were daily expenses, gifts, medical expenses, and education.
About 44 percent of the respondents noted an increase in the amount of remittances they send, particularly with regard to medical expenses, while about 41 percent also noted an increase in the sending of remittances related to daily expenses.
The sending of remittances for utilities also increased according to 38 percent of the respondents, while 35 percent said the amount they send for education has also increased.
The Philippines was one of the top most recipient countries for remittances at 18 percent among respondents. This trend is likely to continue as these countries continue to recover rapidly from the COVID-19 pandemic — with the country having seen a significant GDP growth of 4.5 percent.
“We are proud to support customers in every aspect of their lives, as we understand the critical role migrants play in their families in normal circumstances and even more so during a pandemic — ensuring their loved ones have access to medical care and the funds for their day-to-day needs,” explains Earl Melivo, WorldRemit Philippines Country Director to FrontpagePH.com.
Melivo adds: “WorldRemit strives to offer a reliable, fair and convenient experience for people all around the world supporting their families back home. In turn, we are also inspired by our customers who continue to invest in education despite these uncertain times, thus shaping a better future for their loved ones.”
To learn more about WorldRemit, or to see more results from the survey, visit https://www.worldremit.com/en/blog/money-transfer/sending-money-in-a-time-of-covid-customer-survey/.