Global remittances reached an all-time high of around $800 billion in 2022, with low- and middle-income countries receiving 2/3 of those funds. As more people work and live abroad, there is an ever-increasing need for access to effective remittance services, for these individuals to send their money home to support their families and loved ones.

International transfer fees still sit at around 6.3% on average, which significantly exceeds the 3% remittance target cost set by the United Nations’ Sustainable Development Goal. These targets recognise that the grand majority of those utilising remittances services are low- and middle-income families, who are suffering from high costs through opaque pricing with hidden fees and foreign exchange markups.

To combat the costly remittance fee trap that many are falling into, Saver.Global has created a Moving Money course for the SaverLearning platform. In collaboration with industry experts, the course has been designed to empower learners to take control of their remittance-sending process. From navigating foreign exchange (FX) rates to understanding transfer fees, it equips users with the skills to make informed decisions when sending money overseas.

Recent studies have revealed that digital remittances have the potential to cut transaction costs by more than half, as well as offering a more convenient alternative for individuals sending money to family and friends overseas.

Digital remittance platforms often bypass obstacles like hidden fees and limited banking access, particularly in remote or underserved areas. In countries like Fiji lowering the remittance costs to the 3% UN target could save families up to $30 million a year.

Through the Moving Money course, learners will be introduced to the steps required to open an account with one of these digital providers, ensuring they can send money quickly, securely, and cost-effectively.

Currently, Moving Money is available in English and newly Bengali, with support from International Labour Organisation’s TRIANGLE IN ASEAN Programme (Khmer)and ILO’s MWEA programme (Nepali coming soon).

[1] World Bank. 2023. Remittance Flows Continue to Grow in 2023 Albeit at Slower Pace.

[2] World Bank Blogs. 2021. Ending remittance hidden fees: the international community calls for action

[3] Lowy Institute. 2023. Reducing remittance costs in the Pacific Islands