I took time to ask 237 people how they send money abroad. Here is what I learned, and what could be useful to you.
Ok, we’ll dive into statistics in this article. It is very interesting to see how people deal with money transfers.
You have different kind of people who needs to send money abroad: expatriates, students abroad, migrants, travelers, traders.
- Expatriates : 49%
- Students abroad: 28%
- Other: 14%
- Traveler: 6%
- Trader: 3%
The most important criteria
I asked them which criteria was the most important to them.
- Savings: 90%
- Speed: 5%
- Easiness: 5%
The way to send money abroad
Which service to they use to send money abroad?
- The bank: 49%
- An online money transfer service: 31%
- A FX broker: 9%
- A traditional money transfer service: 7%
- Other: 4%
- A Blockchain network: 0,2%
The amount sent
Which amount are they used to transfer every month? (based on the dollar reference)
- 500 to 1000$: 19%
- 1500 to 2500$: 16%
- 2500 to 5000$: 15%
- 1000 to 1500$: 14%
- More than 5000$: 14%
- Don’t want to say: 12%
- Less than 500$: 10%
How they prefer receive money
It’s not about how they receive money, but how they PREFER it.
- By bank account: 85%
- It depends: 11%
- To an agent to withdraw cash: 2%
- Other: 1%
Is the payment method important?
- Not really, I want the fastest and the cheapest: 61%
- I prefer to send to my bank account: 35%
- I prefer to use my credit card: 4%
- Other: 0,2%
It is very interesting to see how 85% of them want to receive money on a bank account and no other way. It’s not a surprise, but it is a very high percentage.
And most of them don’t care about the payment method. They mostly want to get the cheapest and fastest.
Another great learning is the amount sent by each one of them. The balance is very strong.
I will deeper analyze all those results later, I just wanted to quickly share it with you guys. And you, which kind of money transferrer are you?