Global Money Transfer (Remittances) Market Report: 2010 Edition

Remittance is constantly gaining importance in the economic planning of all the major developing economies of the world. With globalization and technological advancements in communication systems and more open approach to acquisition of manpower from across the borders, internationally, has given right to recognition of remittance as an important market phenomenon. According to the World Bank, the global remittance market reported a decline of 6.5% in 2009 in response to recent economic downturn. However it is anticipated that the global remittance market would grow at 9.2% during 2010-2011, as the global economy recovers.

The developing countries which include several low and middle income countries, account for more than three fourth of the global remittance inflows with majority contribution from India, China, Mexico and Philippines, due to their large emigrant population. East Asia & Pacific and South Asia region collectively account for almost half of the total remittance flows to developing countries. The Latin American and Caribbean region suffered the highest decline in terms of remittance flows due to the severe global economic downturn. The remittance flows from the US to Mexico which is the largest remittance corridor, faced significant pressure in the year 2009, both in terms of volume and price, due to severe challenges faced by the US economy.

With migration destinations becoming more diversified across the continents remittances are showing increased resilience and a shift in flow and share amongst the nations. During the period of crisis, remittances have emerged as source of external financing contributing to reduction in current account deficits. Telecom revolution has opened new vistas of remittances through mobile phones and microfinancing through leveraging remittances. The increasing international migration, rising employment rate with the opening up of economies contribute to growth of remittances.

The companies operating in the global remittance market face strong competition with few large competitors and numerous small and niche competitors. The leading money transfer organization like Western Union, Money Gram and Euronet, and other independent players compete on the basis of technology, price and quality of service offered to remitters.

Scope
The report analyzes the global remittances market with focus on India, China, Mexico and Philippines. It also discusses the major trends, growth drivers and challenges for the remittances market. The report presents the competitive structure of the industry and profiles major players with a discussion of their key business strategies.
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1. Remittances – An Overview

2. Remittances Market Overview

2.1 Global Remittance Market

Remittance Inflow Growth
Remittance Outflow Growth

2.2 Global Remittance Market by Regional Income Characteristics

2.2.1 Low Income Countries
2.2.2 Middle Income Countries
2.2.3 High Income Countries

2.3 Remittance Market of Developing Countries

2.3.1 East Asia and Pacific Region
2.3.2 Europe and Central Asia Region
2.3.3 Latin America and Caribbean Region
2.3.4 Middle East and North Africa Region
2.3.5 South Asia Region
2.3.6 Sub Saharan Africa

2.4 Largest Remittance Receiving Countries

2.4.1 India

Remittance Flow
Annual Emigration
Private Transfer

2.4.2 China
2.4.3 Mexico
2.4.4 Philippines

3. Remittances Market - Market Dynamics

3.1 Key Trends

3.1.1 Diversity of Migration Destinations Leads to Higher Resilience in Remittances
3.1.2 Lower the Barriers to Labor Mobility, Stronger the Link between Remittances and Economic Cycles
3.1.3 Exchange Rate Movements Influence Consumption-Investment Motive
3.1.4 Leveraging Remittances as a Source of External Financing
3.1.5 Remittances Contribute to Sovereign Creditworthiness
3.1.6 Reduction in Total Cost for Migrant Remittances

3.2 Significant Developments

3.2.1 US Signs Historic Deal with El Salvador and Honduras
3.2.2 Diaspora Bonds as a Source of Financing
3.2.3 Remittances through Mobile Phone Technology
3.2.4 Leveraging Remittances for Microfinance
3.2.5 New Remittance Technology

3.3 Growth Drivers

3.3.1 Increasing International Migration
3.3.2 Global Economic Growth
3.3.3 Increasing Employment Rates

3.4 Challenges

3.4.1 Closure of Small Money Transfer Companies’ Accounts
3.4.2 Inefficient Retail Payments Infrastructure

4. Remittances Market - Competitive Scenario

Competitive Overview
Market Share

5. Company Profiles

5.1 The Western Union Company

Overview
Key Financials
Business Strategies
Market Expansion through Alliances and Acquisition
Increased Investment in Electronic Channels

5.2 MoneyGram International, Inc.

Overview
Key Financials
Business Strategies
Expansion in Regions with Strong Remittance Potential
Strategic Alliances
Extending Agent Network

5.3 Euronet Worldwide, Inc.

Overview
Key Financials
Business Strategies
Strategic Alliances
Leveraging Cross Selling Opportunities

6. Market Outlook

6.1 Market Forecast

6.2 Forecast Methodology
6.2.1 Dependent and Independent Variables
6.2.2 Correlation Analysis
6.2.3 Regression Analysis
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LIST OF TABLES
International Migrants as % of World Population, 1990-2010E
Dependent & Independent Variables (2000– 2009)
Correlation Matrix
Model Summary – Coefficient of Determination
Regression Coefficients Output

LIST OF FIGURES
Global Remittance Inflows, 2000-2009
Global Remittance Outflows, 2000-2008
Top 10 Addressers of Remittances, 2008
Remittance Flow to Low Income Countries, 2000-2009
Remittance Flow to Middle Income Countries, 2000-2009
Remittance Flow to High Income Countries, 2000-2009
Average Annual Net Emigration Number in Developing Countries, 1990-2050
Remittance Flow to Developing Countries, 2000-2009
Remittances Proved to be Resilient Compared to Other Flows, 1990-2009E
Breakdown of Developing Countries Remittance Inflow: 2000 vs. 2009 vs. 2011
Remittance Flow to East Asia and Pacific Region, 2000-2009
Remittance Flow to Europe and Central Asia Region, 2000-2009
Remittance Flow to Latin America and Caribbean Region, 2000-2009
Remittance Flow to Middle East and North Africa Region, 2000-2009
Remittance Flow to South Asia Region, 2000-2009
Reduction in Remittance Flow from GCC Countries, September 2007-March 2010
Remittance Flow to Sub-Saharan Africa Region, 2000-2009
Top 20 Recipients of Migrant Remittances, 2009
Top 20 Recipients of Migrant Remittances as % of GDP, 2008
Remittance Flows to India, 2000-2009
Annual Net Emigration Number from India, 1990-2050
Private Transfers to India, Q207 – Q409
Remittance Flows to China, 2000-2009
Remittance Flows to Mexico, 2000-2009
Slow Recovery of US Housing Construction Keep Remittances to Mexico Subdued, August 2006 – February 2010
Remittance Flows to Philippines, 2000-2009
Saudi Arabia’s Share in Remittance Flow to Bangladesh from GCC, Feb-06-Feb-10
Remittance Outflow from Russia are Correlated with Oil Prices, Q402 – Q409
Remittance Inflows to Poland and Romania, Q206 – Q409
Impact on Current Account Deficits of Low Income Countries, 2000-2009E
Remittances Offset Trade Deficits in Middle and Low Income Countries, 2009E
Remittances Contribute to Sovereign Creditworthiness
Global Average Total Cost of Sending US$200, 2008-Q110
International Migrants Population, 2000-2011E
Global GDP Growth, 2000-2011E
Global Employment Rates, 2000-2011E
Number of Agent Locations of Major Money Transfer Organizations, 2009
Money Transfer’s Organizations Market Share, June 2010
Western Union’s Revenue Share by Business Segments, 2009
Western Union’s Money Transfer Revenues, 2005-2009
Money Gram’s Revenue Share by Business Segments, 2009
Money Gram: Agent Locations, 2009
Money Gram’s Money Transfer Revenues, 2005-2009
Money Gram’s Revenue Share by Business Segments, 2009
Euronet’s Money Transfer Revenues, 2005-2009
Global Remittance Inflow Forecast, 2009-2011F
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