Migrants’ Remittances from the United Kingdom : International Remittances and Access to Financial Services for Migrants in London, UK, A Greenback 2.0 Report

This report will share key findings from the research, starting with an overview in section two of the international remittance context and the UK remittance market. It also provides a view on trends in the UK market, particularly in the wake of si...

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Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2015
Subjects:	NEW MARKET BUSINESS OWNERS TOTAL COST DEPOSIT FINANCIAL SERVICES SOURCES OF INCOME CREDIT CARDS DEVELOPMENT ASSISTANCE PEOPLE FINANCING INCOME INTEREST ACCESS TO PAYMENT FINANCIAL LITERACY FINANCIAL TOOLS TUITION BIAS WORTH REMITTANCE FINANCIAL RESOURCES BANKING SERVICES INFORMATION BANK ACCOUNT ENTREPRENEURS MONEY TRANSFER MORTGAGE LOAN FEE SAVINGS PRODUCT COST OF REMITTANCE CREDIT CARD PAYMENTS SAVING CURRENT ACCOUNTS FORMAL BANKING DEBT PAYMENT ACCESS TO BANKING ACCESS TO FINANCIAL SERVICES CREDITS SAVINGS START-UP FINANCIAL NEEDS BANKING PRODUCTS ENTRY POINTS TRAINING COMMERCIAL BANK BANKING RELATIONSHIPS UNION CURRENT ACCOUNT MONEY PHONE PENETRATION EXCHANGE RATES PAYMENT DEBT HOUSEHOLD INCOME PREJUDICE ELIGIBILITY CRITERIA LANGUAGE BARRIER FINANCIAL PRODUCTS CUSTOMER SERVICE DIRECT INVESTMENT LOANS BANK CREDIT BANKING ACCOUNT FINANCE REMITTANCE CORRIDOR VOUCHER SAVINGS ACCOUNT BANKS PROFIT MARGIN MONTHLY INCOMES MAINSTREAM BANK EQUITY TRANSACTION CAPITAL QUESTIONNAIRE OVERDRAFT CUSTOMER BASE STUDENT EDUCATION LEVELS FAMILY GENDER BANK FOREIGN DIRECT INVESTMENT CREDIT FORMAL FINANCIAL SERVICES STAKEHOLDERS HOUSEHOLD KEY CHALLENGE EMPLOYMENT STATUS EDUCATION LEVEL INCOMES PROPERTY SOCIAL NETWORKS SAVINGS PRODUCTS ACCESS TO BANK ACCOUNTS VOUCHERS FINANCIAL ACCESS TRANSACTION COSTS ACCESS TO BANKING SERVICES FINANCIAL SERVICE CULTURAL NORM BANK ACCOUNTS ACCESS TO CREDIT ECONOMIC DEVELOPMENT BANK LOAN OPEN MARKET FINANCIAL BEHAVIORS LEVEL OF EDUCATION SECURITY BANK LOANS EDUCATION HUSBAND INVESTMENT EMPLOYEE EMPLOYMENT CENTRE DEMOGRAPHIC PROFILE EXTERNAL SHOCKS EARNINGS PERSONAL SAVINGS ALTERNATIVE BANKING STUDENTS BORROWING FINANCIAL SUPPORT INVESTMENTS DEBIT CARD ONLINE BANKING FEES FAMILIES WOMEN REMITTANCES CUSTOMER SERVICES ANGEL INVESTOR FINANCIAL SECTOR GUARANTEE CASH FLOW EMPLOYEES
Online Access:	http://documents.worldbank.org/curated/en/2015/09/25068036/migrants’-remittances-united-kingdom-international-remittances-access-financial-services-migrants-london-uk-greenback-20-report http://hdl.handle.net/10986/22772

id	okr-10986-22772
recordtype	oai_dc
spelling	okr-10986-227722021-04-23T14:04:10Z Migrants’ Remittances from the United Kingdom : International Remittances and Access to Financial Services for Migrants in London, UK, A Greenback 2.0 Report World Bank NEW MARKET BUSINESS OWNERS TOTAL COST DEPOSIT FINANCIAL SERVICES SOURCES OF INCOME CREDIT CARDS DEVELOPMENT ASSISTANCE PEOPLE FINANCING INCOME INTEREST ACCESS TO PAYMENT FINANCIAL LITERACY FINANCIAL TOOLS TUITION BIAS WORTH REMITTANCE FINANCIAL RESOURCES BANKING SERVICES INFORMATION BANK ACCOUNT ENTREPRENEURS MONEY TRANSFER MORTGAGE LOAN FEE SAVINGS PRODUCT COST OF REMITTANCE CREDIT CARD PAYMENTS SAVING CURRENT ACCOUNTS FORMAL BANKING DEBT PAYMENT ACCESS TO BANKING ACCESS TO FINANCIAL SERVICES CREDITS SAVINGS START-UP FINANCIAL NEEDS BANKING PRODUCTS ENTRY POINTS TRAINING COMMERCIAL BANK BANKING RELATIONSHIPS UNION CURRENT ACCOUNT MONEY PHONE PENETRATION EXCHANGE RATES PAYMENT DEBT HOUSEHOLD INCOME PREJUDICE ELIGIBILITY CRITERIA LANGUAGE BARRIER FINANCIAL PRODUCTS CUSTOMER SERVICE DIRECT INVESTMENT LOANS BANK CREDIT BANKING ACCOUNT FINANCE REMITTANCE CORRIDOR VOUCHER SAVINGS ACCOUNT BANKS PROFIT MARGIN MONTHLY INCOMES MAINSTREAM BANK EQUITY TRANSACTION CAPITAL QUESTIONNAIRE OVERDRAFT CUSTOMER BASE STUDENT EDUCATION LEVELS FAMILY GENDER BANK FOREIGN DIRECT INVESTMENT CREDIT FORMAL FINANCIAL SERVICES STAKEHOLDERS HOUSEHOLD KEY CHALLENGE EMPLOYMENT STATUS EDUCATION LEVEL INCOMES PROPERTY SOCIAL NETWORKS SAVINGS PRODUCTS ACCESS TO BANK ACCOUNTS VOUCHERS FINANCIAL ACCESS TRANSACTION COSTS ACCESS TO BANKING SERVICES FINANCIAL SERVICE CULTURAL NORM BANK ACCOUNTS ACCESS TO CREDIT ECONOMIC DEVELOPMENT BANK LOAN OPEN MARKET FINANCIAL BEHAVIORS LEVEL OF EDUCATION SECURITY BANK LOANS EDUCATION HUSBAND INVESTMENT EMPLOYEE EMPLOYMENT CENTRE DEMOGRAPHIC PROFILE EXTERNAL SHOCKS EARNINGS PERSONAL SAVINGS ALTERNATIVE BANKING STUDENTS BORROWING FINANCIAL SUPPORT INVESTMENTS DEBIT CARD ONLINE BANKING FEES FAMILIES WOMEN REMITTANCES CUSTOMER SERVICES ANGEL INVESTOR FINANCIAL SECTOR GUARANTEE CASH FLOW EMPLOYEES This report will share key findings from the research, starting with an overview in section two of the international remittance context and the UK remittance market. It also provides a view on trends in the UK market, particularly in the wake of significant bank de-risking, leading many remittance service providers (RSPs) to seek out alternative banking solutions. Section three outlines the objectives of the research, the survey design and the sampling techniques for the fieldwork. This is followed by Section 4, which presents the empirical findings of the 602 interviews collected. It begins with demographic and economic characteristics of the participants before focusing on migrants’ attitudes and behaviors regarding remittance sending, using financial services, and savings and investment. Given the current environment for remittance service providers in the UK (and in several other countries) and the global commitment to reducing remittance costs, there is a focus on the service providers used and the costs incurred. Finally, the report concludes with a summary of the main findings and provides recommendations on addressing the barriers and issues faced by migrants in London regarding financial and remittance services, as well as potential areas of further inquiry. 2015-10-19T19:45:38Z 2015-10-19T19:45:38Z 2015-07 Report http://documents.worldbank.org/curated/en/2015/09/25068036/migrants’-remittances-united-kingdom-international-remittances-access-financial-services-migrants-london-uk-greenback-20-report http://hdl.handle.net/10986/22772 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Other Financial Sector Study
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	NEW MARKET BUSINESS OWNERS TOTAL COST DEPOSIT FINANCIAL SERVICES SOURCES OF INCOME CREDIT CARDS DEVELOPMENT ASSISTANCE PEOPLE FINANCING INCOME INTEREST ACCESS TO PAYMENT FINANCIAL LITERACY FINANCIAL TOOLS TUITION BIAS WORTH REMITTANCE FINANCIAL RESOURCES BANKING SERVICES INFORMATION BANK ACCOUNT ENTREPRENEURS MONEY TRANSFER MORTGAGE LOAN FEE SAVINGS PRODUCT COST OF REMITTANCE CREDIT CARD PAYMENTS SAVING CURRENT ACCOUNTS FORMAL BANKING DEBT PAYMENT ACCESS TO BANKING ACCESS TO FINANCIAL SERVICES CREDITS SAVINGS START-UP FINANCIAL NEEDS BANKING PRODUCTS ENTRY POINTS TRAINING COMMERCIAL BANK BANKING RELATIONSHIPS UNION CURRENT ACCOUNT MONEY PHONE PENETRATION EXCHANGE RATES PAYMENT DEBT HOUSEHOLD INCOME PREJUDICE ELIGIBILITY CRITERIA LANGUAGE BARRIER FINANCIAL PRODUCTS CUSTOMER SERVICE DIRECT INVESTMENT LOANS BANK CREDIT BANKING ACCOUNT FINANCE REMITTANCE CORRIDOR VOUCHER SAVINGS ACCOUNT BANKS PROFIT MARGIN MONTHLY INCOMES MAINSTREAM BANK EQUITY TRANSACTION CAPITAL QUESTIONNAIRE OVERDRAFT CUSTOMER BASE STUDENT EDUCATION LEVELS FAMILY GENDER BANK FOREIGN DIRECT INVESTMENT CREDIT FORMAL FINANCIAL SERVICES STAKEHOLDERS HOUSEHOLD KEY CHALLENGE EMPLOYMENT STATUS EDUCATION LEVEL INCOMES PROPERTY SOCIAL NETWORKS SAVINGS PRODUCTS ACCESS TO BANK ACCOUNTS VOUCHERS FINANCIAL ACCESS TRANSACTION COSTS ACCESS TO BANKING SERVICES FINANCIAL SERVICE CULTURAL NORM BANK ACCOUNTS ACCESS TO CREDIT ECONOMIC DEVELOPMENT BANK LOAN OPEN MARKET FINANCIAL BEHAVIORS LEVEL OF EDUCATION SECURITY BANK LOANS EDUCATION HUSBAND INVESTMENT EMPLOYEE EMPLOYMENT CENTRE DEMOGRAPHIC PROFILE EXTERNAL SHOCKS EARNINGS PERSONAL SAVINGS ALTERNATIVE BANKING STUDENTS BORROWING FINANCIAL SUPPORT INVESTMENTS DEBIT CARD ONLINE BANKING FEES FAMILIES WOMEN REMITTANCES CUSTOMER SERVICES ANGEL INVESTOR FINANCIAL SECTOR GUARANTEE CASH FLOW EMPLOYEES
spellingShingle	NEW MARKET BUSINESS OWNERS TOTAL COST DEPOSIT FINANCIAL SERVICES SOURCES OF INCOME CREDIT CARDS DEVELOPMENT ASSISTANCE PEOPLE FINANCING INCOME INTEREST ACCESS TO PAYMENT FINANCIAL LITERACY FINANCIAL TOOLS TUITION BIAS WORTH REMITTANCE FINANCIAL RESOURCES BANKING SERVICES INFORMATION BANK ACCOUNT ENTREPRENEURS MONEY TRANSFER MORTGAGE LOAN FEE SAVINGS PRODUCT COST OF REMITTANCE CREDIT CARD PAYMENTS SAVING CURRENT ACCOUNTS FORMAL BANKING DEBT PAYMENT ACCESS TO BANKING ACCESS TO FINANCIAL SERVICES CREDITS SAVINGS START-UP FINANCIAL NEEDS BANKING PRODUCTS ENTRY POINTS TRAINING COMMERCIAL BANK BANKING RELATIONSHIPS UNION CURRENT ACCOUNT MONEY PHONE PENETRATION EXCHANGE RATES PAYMENT DEBT HOUSEHOLD INCOME PREJUDICE ELIGIBILITY CRITERIA LANGUAGE BARRIER FINANCIAL PRODUCTS CUSTOMER SERVICE DIRECT INVESTMENT LOANS BANK CREDIT BANKING ACCOUNT FINANCE REMITTANCE CORRIDOR VOUCHER SAVINGS ACCOUNT BANKS PROFIT MARGIN MONTHLY INCOMES MAINSTREAM BANK EQUITY TRANSACTION CAPITAL QUESTIONNAIRE OVERDRAFT CUSTOMER BASE STUDENT EDUCATION LEVELS FAMILY GENDER BANK FOREIGN DIRECT INVESTMENT CREDIT FORMAL FINANCIAL SERVICES STAKEHOLDERS HOUSEHOLD KEY CHALLENGE EMPLOYMENT STATUS EDUCATION LEVEL INCOMES PROPERTY SOCIAL NETWORKS SAVINGS PRODUCTS ACCESS TO BANK ACCOUNTS VOUCHERS FINANCIAL ACCESS TRANSACTION COSTS ACCESS TO BANKING SERVICES FINANCIAL SERVICE CULTURAL NORM BANK ACCOUNTS ACCESS TO CREDIT ECONOMIC DEVELOPMENT BANK LOAN OPEN MARKET FINANCIAL BEHAVIORS LEVEL OF EDUCATION SECURITY BANK LOANS EDUCATION HUSBAND INVESTMENT EMPLOYEE EMPLOYMENT CENTRE DEMOGRAPHIC PROFILE EXTERNAL SHOCKS EARNINGS PERSONAL SAVINGS ALTERNATIVE BANKING STUDENTS BORROWING FINANCIAL SUPPORT INVESTMENTS DEBIT CARD ONLINE BANKING FEES FAMILIES WOMEN REMITTANCES CUSTOMER SERVICES ANGEL INVESTOR FINANCIAL SECTOR GUARANTEE CASH FLOW EMPLOYEES World Bank Migrants’ Remittances from the United Kingdom : International Remittances and Access to Financial Services for Migrants in London, UK, A Greenback 2.0 Report
description	This report will share key findings from the research, starting with an overview in section two of the international remittance context and the UK remittance market. It also provides a view on trends in the UK market, particularly in the wake of significant bank de-risking, leading many remittance service providers (RSPs) to seek out alternative banking solutions. Section three outlines the objectives of the research, the survey design and the sampling techniques for the fieldwork. This is followed by Section 4, which presents the empirical findings of the 602 interviews collected. It begins with demographic and economic characteristics of the participants before focusing on migrants’ attitudes and behaviors regarding remittance sending, using financial services, and savings and investment. Given the current environment for remittance service providers in the UK (and in several other countries) and the global commitment to reducing remittance costs, there is a focus on the service providers used and the costs incurred. Finally, the report concludes with a summary of the main findings and provides recommendations on addressing the barriers and issues faced by migrants in London regarding financial and remittance services, as well as potential areas of further inquiry.
format	Report
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Migrants’ Remittances from the United Kingdom : International Remittances and Access to Financial Services for Migrants in London, UK, A Greenback 2.0 Report
title_short	Migrants’ Remittances from the United Kingdom : International Remittances and Access to Financial Services for Migrants in London, UK, A Greenback 2.0 Report
title_full	Migrants’ Remittances from the United Kingdom : International Remittances and Access to Financial Services for Migrants in London, UK, A Greenback 2.0 Report
title_fullStr	Migrants’ Remittances from the United Kingdom : International Remittances and Access to Financial Services for Migrants in London, UK, A Greenback 2.0 Report
title_full_unstemmed	Migrants’ Remittances from the United Kingdom : International Remittances and Access to Financial Services for Migrants in London, UK, A Greenback 2.0 Report
title_sort	migrants’ remittances from the united kingdom : international remittances and access to financial services for migrants in london, uk, a greenback 2.0 report
publisher	World Bank, Washington, DC
publishDate	2015
url	http://documents.worldbank.org/curated/en/2015/09/25068036/migrants’-remittances-united-kingdom-international-remittances-access-financial-services-migrants-london-uk-greenback-20-report http://hdl.handle.net/10986/22772
_version_	1764451968288292864

Migrants’ Remittances from the United Kingdom : International Remittances and Access to Financial Services for Migrants in London, UK, A Greenback 2.0 Report

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