What Are The Remittance Industry Growing Aspects in South Asia?

The continent of Asia is well known for its deeply rooted culture, amiable people and leisure cuisines. This is no surprise to know that a considerable population of Asians, migrate every year to other countries to earn money for their families and loved ones. If anyone wants to send money to Pakistan, hundreds of available options can assist you in doing so. Some Asians only migrate within the continent. However, some of them are working in other continents.

Which Countries Are In Higher Money Receiving List?

Due to these reasons, using an online money transfer service is very notable in Asia. The industry of this continent is elevating continuously. In 2016, South Asia was recorded to have a total of 116$ billion remittance transfer, that was 4.5% greater than the last year. If we talk about the countries then,

  • India stands on a high remittance receiver list, with money transfers of 70$ billion.
  • China is on the second, with 64$ billion remittances.
  • With 17$ billion, Pakistan stands on the 7th position.
  • Bangladesh comes on 8th, with 15$ billion remittances.

Can You Send Money Online with Following Aspects in Mind?

Except for China, almost all countries in South Asia directly impact money transfer. In a research conducted in 2013, Pakistan, Nepal, Bangladesh and Sri-Lanka exceeded 6% of their national GDP, and 75% of the national reserves. All these facts basically highlight the elevating importance of Remittance Industry in all over South Asia. When it comes to sending money online, these ratios substantially impact anyone working abroad.

In 2015, the annual growth of remittance industry was estimated to be flat 3.5%. As the currency is highly valued in Europe, there are more chances of higher migration to that part of the world. Due to FIFA 2022, there will be enormous chances of Qatar’s constructive development. So, there will be many options for Asians to fit in, in the coming years.

The most prominent benefit is sending money to South Asia is their cheapest transfer fee. The average cost of sending money to Asia is as low as 5.7%. If we look at the global average cost for sending remittances, it is nearly 7.68%. This gives an extra edge to Asian Countries, helping them gain maximum benefit from foreign transfers.

What Are Popular Money Transfer Platforms in Asia?

Different banks and Money Transfer Companies are providing their services in Asia. Even if someone has to send money to Pakistan online or any other South Asian country, compare different options to get an optimum rate.

Different well-known companies including Western Union, Transfer Wise and ACE Money Transfer are providing credible services, in all over Asia. To choose the best provider, according to your own needs, it is essential to analyse all top-recommended companies operating in Asia. Mostly for money transfer to Pakistan, it will help you get the best rates and quickest transfers.