Friday, April 1, 2011

How much does it cost to send money home?

World Bank's Remittance Price Worldwide.
This website provides data on the cost of sending and receiving small amounts of money from one country to another. Called remittances, these international transfers are often initiated by migrant workers. The aggregate cash flows and the number of participants are enormous. In fact, the World Bank estimates that remittances totaled $440 billion in 2010, of which $325 billion went to developing countries, involving some 192 million migrants or 3.0% of world population. The money received is an important source of family (and national) income in many developing economies, representing in some cases a very relevant percentage of the GDP of the receiving countries. The site covers 200 "country corridors" worldwide. The corridors studied flow from 29 major remittance sending countries to 86 receiving countries, representing more than 60% of total remittances to developing countries. 
For those interested in the causes and consequences of remittances, this should be an awesome data source. Here are examples of tables and figures you can create based on its monthly data.

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