Hidden Billion Dollar Fees In Global Economics | Remittances, Sending Money Home
Money Transfers to Africa, the Hidden Billion Dollar Fees In Global Economics
Remittance Streams of Money and Fees
The true size of remittances, including unrecorded flows through formal and informal channels, is believed to be significantly larger. The bulk of the remittances were to North and West Africa, regions with the largest number of migrants abroad and which alone received some 80 percent of the total funds from the diaspora.
Making money off African immigrants hard earned money; money transfer companies.
Nigerian expats send the largest amount of remittances home from the United States, nearly 5.7 billion dollars a year. The charges from money transfer companies to send this money is between 399 million to a little over one billion dollars in fees alone.