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Sending $580bn in 2014, migrants paid twice as much as they should have in money transfer fees

Last updated October 10, 2014
Written by François Briod

A World Bank report puts the global amount of remittances in 2014 at $582 billion and estimates that migrants paid an average of 7.9% in fees on these money transfers. A huge cut that could be reduced by $28 billion if migrants used cheaper services.