Remittances are an important source of income for households, particularly in developing countries. Remittances are gaining importance in the economic planning of all major developing economies of the world. With globalization and growing socio-political activities, more and more people from underdeveloped or developing economies are working outside the countries of their origin. Remittances are being considered as an important financial resource for development as well as a social change by financial planners in developing economies. The worldwide inflow and outflow of remittances is rising constantly since past several years with the exception of 2009, which was characterized by global economic slowdown. The developing nations which include both low-income and middle income countries account for the majority of the global remittance inflow with majority contribution from India, China, Mexico and Philippines, due to their large emigrant population. The largest source of remittance flow to developing regions is high income countries including the US and Western Europe, with the GCC countries fast developing as an important source. The key trends observed within the market include exchange rate, fluctuating remittance cost, regional employment or unemployment affecting remittances, number of RSPs and cost variation across India and China and dominance of cash prices over the remittance market. The global remittance market faces several challenges which include the taxes which are imposed by the government on remittances and numerous legal and regulatory hurdles. The major factors which will contribute in the growth of the industry include growing international migration, rising employment rate and global economic growth. The report analyzes the global remittances market with focus on India, China, Mexico and Philippines. 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, Euronet are profiled in this report.

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Global Money Transfers (Remittances) Market
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2012

2. View Report Details
Executive Summary
Remittances are an important source of income for households, particularly in developing countries. Remittances are gaining importance
in the economic planning of all major developing economies of the world. With globalization and growing socio-political activities, more and
more people from underdeveloped or developing economies are working outside the countries of their origin. Remittances are being
considered as an important financial resource for development as well as a social change by financial planners in developing economies.
The worldwide inflow and outflow of remittances is rising constantly since past several years with the exception of 2009, which was
characterized by global economic slowdown.
The developing nations which include both low-income and middle income countries account for the majority of the global remittance
inflow with majority contribution from India, China, Mexico and Philippines, due to their large emigrant population. The largest source of
remittance flow to developing regions is high income countries including the US and Western Europe, with the GCC countries fast
developing as an important source.
The companies operating in the global remittance market are faced with strong competition with few large competitors and numerous small
and niche competitors. The leading money transfer organization like Western Union, Money Gram, Euronet, and other independent
players compete on the basis of technology, price and quality of service offered to remitters.
The report analyzes the global remittances market with focus on India, China, Mexico and Philippines. The key trends observed within the
market include exchange rate, fluctuating remittance cost, regional employment or unemployment affecting remittances, number of RSPs
and cost variation across India and China and dominance of cash prices over the remittance market. The global remittance market faces
several challenges which include the taxes which are imposed by the government on remittances and numerous legal and regulatory
hurdles. The major factors which will contribute in the growth of the industry include growing international migration, rising employment
rate and global economic growth.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the
industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base
to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or
predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.

3. Remittance is a transfer of money by a foreign migrant worker to his or her families in home country.
Global Remittance Inflow (2007-2011)
In 2011, the global remittance inflow increased to US$.....
billion in 2011 in comparison with US$..... billion in 2010,
showing a growth of approximately ….%. This increase was
mainly due to improvement in employment and incomes of
migrants drawn by booming economies in the OECD and
non-OECD high income countries, a shift from informal to
US$ Billion
formal channels, and better recording of flows.
The global remittance outflow recorded an increase of
approximately …..% from US$..... billion in 2010 to US$….
billion in 2011.
•Industry Developments and trends:
2007 2008 2009 2010 2011
-Regional employment/unemployment affecting remittances
-Exchange rate
- Fluctuating remittance cost
Global Remittance Inflow (2007-2011)
- Number of RSPs and cost variation across India and China
- Cash services dominate the Remittance market
Market Growth Drivers
-Global Economic Growth
-Growing International Migration
US$ Billion
-Rising employment rate
2007 2008 2009 2010 2011

4. Developing countries are the main source of emigrants and represent the largest share of remittance
inflows globally.
Top 10 Addressers of Remittances (2011) As of 2011, the US accounted for the highest outflow of remittances
with nearly US$.... billion. Switzerland was the second largest
remittance sending country accounting for US$..... billion, followed by
Saudi Arabia and the Russian Federation.
US$ Billion
 Due to the large emigrant population in developing countries, global
remittance flows to developing countries are likely to grow from US$.....
billion in 2009 to US$..... billion in 2012 with an estimated CAGR of
…..% for the cited period.
 The largest developing market in 2012 is expected to be East Asia
Republic
Arabia
Germany
Federation
Italy
Kuwait
France
Spain
USA
Switzerland
Saudi
and the Pacific region since remittance flows to this region is estimated
Korea,
Russian
to increase by approximately ….% rising from US$.... billion in 2011 to
US$......billion in 2012.
Remittance Flow to East Asia and Pacific Region (2009-2012E)
Remittance Flow to Developing Countries (2009-2012)
)
US$ Billion
US$ Billion
2009 2010 2011 2012E
2009 2010 2011 2012

5. The Global Remittance Market is highly fragmented and companies face intense
competition. In 2011, the market leader in terms of revenue was Western Union
Global Remittance Inflow Forecasts (2009-2014F)
US$ Billion
2009 2010 2011 2012F 2013F 2014F
The four largest remittance receiving countries in the world, India, China, Mexico, and the Philippines, accounted for approximately
….% of the top 10 recipients of migrant remittances in 2012.
On the competition front, Western Union is the leading company in the market for remittance market world over, with approximately
……% of the market share for the year 2011, followed by MoneyGram with ……% and ….. with …..%.
 The global money transfers (Remittance) market is likely to grow from US$......... billion in 2009 to US$........... billion in 2014, at a
CAGR of ……….%.
Key Issues faced by the respective industry include:
Stringent Legal and Regulatory Requirements, Difficulty in Establishing Network of Access Points and Tax Imposition on Remittances
Note: Market attractiveness is inverse of penetration. Low penetration means high attractiveness and vice-versa

6. Table of Contents
List of Graphs & Tables
1. Remittances: An Overview
List of Charts
1.1 Definition
1.2 Remittance Marketplace Basic Account-based Model
Basic Non-account Based Model
1.2.1 Components of Remittance Marketplace Value Chain: Remittance Industry
1.2.2. Recruitment Market Value Chain Global Remittance Inflow (2007-2011)
Global Remittance Outflow (2007-2011)
2. Global Remittance Market Top 10 Addressers of Remittances (2011)
Remittance Flow to Low Income Countries (2009-2012)
-Remittance Inflow Growth Remittance Flow to Middle Income Countries (2009-2012)
Remittance Flow to High Income Countries (2009-2012)
-Remittance Outflow Growth
Remittance Flow to Developing Countries (2009-2012)
Remittance Flow to East Asia and Pacific Region (2009-2012)
2.1. Remittance Market by Income Characteristics
Remittance Flow to Europe and Central Asia Region (2009-2012)
Remittance Outflows from Western Europe
2.1.1 Low Income Countries Remittance Inflows to Eastern Europe
2.1.2 Middle Income Countries Prices Driving Remittances to Central Asia (Q307-Q312)
2.1.3 High Income Countries Remittance Flow to Latin America and Caribbean Region (2009-2012)
Remittance Flow to Middle East and Africa Region (2009-2012)
2.2 Remittances Market by Region Remittance Flow to South Asia Region (2009-2012)
Remittance Flow to Sub Saharan Africa (2009-2012)
2.2.1 Developing Countries Top 10 Recipients of Migrant Remittances (2012)
2.2.2 East Asia and Pacific Region Top 10 Recipients of Migrant Remittances as % of GDP (2011)
2.2.3 Europe and Central Asia Region Remittance Flows to India (2001-2011)
2.2.4 Latin America and Caribbean Region Private Transfers to India (Q110-Q112)
2.2.5 Middle East and North Africa Region Remittance Flows to China (2001-2012)
2.2.6 South Asia Region Remittance Flows to Philippines (2001-2012)
2.2.7 Sub Saharan Africa Remittance Flow to Mexico (2001-2012)
Distribution of Remittances by Channel (2001-2011)
2.3 Remittances Market by Largest Receiving Countries Change in Employment Rate from Q109 to Q411
Migrant and Natives’ Employment in the US (Mar-09 to Sep-12)
The US Migrant Employment by Sector (Jan-Sept 2009 to Jan-Sept
2.3.1 India
2012)
2.3.2 China
2.3.3 Philippines
2.3.4 Mexico
3. Market Dynamics

7. 3.1 Key Trends and Developments
Remittance Cost for Top 20 Largest Bilateral Remittance Corridors
(Q109-Q312)
3.1.1 Regional Employment/Unemployment Affecting Remittances
Remittance for Selected Source Countries (Q312)
3.1.2 Fluctuating Remittance Cost
Exchange Rate of Indian Rupee against US$ (Q110-Q312)
3.1.3 Exchange Rate
Exchange Rate of Mexican Peso against US$ (Q110-Q312)
3.1.4 Number of RSPs and Cost Variation across India and China
Exchange Rate of Philippine Peso against US$ (Q110-Q312)
3.1.5 Cash Services Dominate Remittance Market
Number of RSPs in Common Sending Countries (November 2012)
Average Cost by Product Type (November 2012)
3.2 Growth Drivers
Global GDP Growth (2001-2011)
International Migrants Population (2000-2010)
3.2.1 Global Economic Growth
Global Employment Rates (2002-2011)
3.3.2 Growing International Migration
Money Transfer - Organization Share by Revenue (2011)
3.3.3 Rising Employment Rates
No. of Agent Locations of Major Money Transfer Organizations
(2011)
3.3 Challenges
Western Union’s Revenue Share by Business Segments (2011)
Western Union’s Money Transfer Revenues (2007-2011)
3.3.1 Stringent Legal and Regulatory Requirements
MoneyGram’s Revenue Share by Business Segments (2011)
3.3.2 Difficulty in Establishing Network of Access Points
MoneyGram: Agent Locations (2011)
3.2.3 Tax Imposition on Remittances
Money Gram’s Money Transfer Revenues (2007-2011)
Euronet’s Revenue Share by Business Segments (2011)
4. Competitive Landscape
Euronet’s Money Transfer Revenues (2007-2011)
Global Remittance Inflow Forecasts (2009-2014F)
Competitive Overview
Market Share List of Tables
5. Company Profiles Change in Mexico’s Remittance Receipts (2007-2012)
Dependent & Independent Variables (2001-2011)
5.1 The Western Union Company Correlation Matrix
Model Summary – Coefficient of Determination
5.1.1 Business Overview Regression Coefficients Output
5.1.2 Financial Overview
5.1.3 Business Strategies
-Focus on Marketing Initiatives
-Expansion through Strategic Acquisitions
5.2 MoneyGram International, Inc.
5.2.1 Business Overview
5.2.2 Financial Overview

8. 5.2.3 Business Strategies
-Expansion through Strategic Alliances
-Growth through Geographic Expansion
5.3 Euronet Worldwide, Inc.
5.3.1 Business Overview
5.3.2 Financial Overview
5.3.3 Business Strategies
-Focus on Money Transfer Segment
-Expansion through Acquisitions
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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Market”. To know more about this report or for any customized research requirement, please contact the following:
Koncept Analytics
CS-36, Second Floor, Ansal Plaza
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Vikas Gupta T. +91-120-4130959
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vikas@konceptanalytics.com
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