Money movement across borders can be fragmented, slow and inefficient; New Visa research reveals consumers see the future as digital
In conjunction with the study,
“Fast, easy and secure payments can make a profound difference to families, communities and economies around the world,” said
The Money Travels: 2023 Digital Remittances Adoption study examines how consumers send money abroad, diving into the rates, methods, and reasons for sending and receiving these lifeline payments. Highlights include:
Digital remittances are the preferred method
amongst surveyed consumers across all surveyed countries. 60-70% of surveyed remittance users across
North Americahave used an app-based digital payment method to send/receive money internationally, whereas only 10-15% of surveyed U.S.remittance users rely on cash, checks, and money orders. Similarly, sending money through digital apps is the most popular method for 69% and 65% of surveyed consumers in Saudi Arabiaand the United Arab Emirates, respectively, compared to digital from a physical location, cash, or check.
Adoption of app-based digital payments is high, with low barriers to usage. Three-quarters of surveyed remittance senders in
Mexicoand Peruhave used app-based digital payment methods, while two-thirds of recipients have used an app. Additionally, in Europe, 62-67% of surveyed consumers across Franceand Polandwho have sent international remittances have used digital methods.
Remitter pain points include but are not limited to high fees and issues with calculating exchange rates. In total, 38% of surveyed consumers on the send side in the
United Arab Emiratesreport fees being too high when sending digital remittances, and 37% of surveyed consumers on the send side in Singaporereport issues with calculating the exchange rates.
App-based digital payments are considered the most secure method by a strong proportion of remittance users across countries. In
Singapore, a key remittance country on the send side, three out of five (61%) surveyed consumers reported using digital-only means for sending money internationally thanks to ease of use and security (53%).
Rates of sending and receiving remittances vary widely by country. Of the countries surveyed,
Poland, Mexico, Peruand the Philippinesreceive remittances at higher rates than sending them. Franceand Singaporesee higher send rates.
Sending more money, more often, is easier than ever. Over half of those who have sent money internationally do so about once per month or more often in the
United Arab Emirates(71%), Saudi Arabia(64%) and the Philippines(48%). Among those who have received money 80% do so at least a few times per year in Saudi Arabia, followed by the Philippines(77%), and Mexico(72%).
A new “
This survey was conducted by Morning Consult during
1 World Bank Personal remittances, received (current US$)
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