StatsCan launches study on international money transfers

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Statistics Canada is conducting a Study on International Money Transfers on behalf of Global Affairs Canada. The study will provide the Government of Canada with timely, up-to-date information on the costs and fees associated with transferring money outside Canada. The project is driven by a G20 commitment to lower the costs associated with transferring money outside Canada.

This study began on April 18 and will conclude on July 16, 2018, via the Internet using an online electronic questionnaire. The survey’s target population are landed immigrants, temporary residents of Canada and naturalized Canadians aged 18 and older.

The data collected through this survey will also support the development of programs and policies that facilitate safer, more reliable and low-cost money transfers from Canada to other countries, and that increase the financial literacy of people who use these services.

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Globalized money transfer industry has tripled to more than $529 billion a year, according to the World Bank.

The amount of money that leaves Canada was $24 billion a year in 2012, according to the World Bank.

A Pew Research Center survey reveals immigrants to Canada, and especially temporary foreign workers, send more dollars per capita in remittances out of Canada than immigrants and migrant workers in almost any other nation, including the U.S., Germany and Britain.

The top countries receiving Canadian remittances are China (which receives $3.9bn), India ($3.5bn) and the Philippines ($2bn).

After China, India and the Philippines, the countries receiving the most Canadian remittances are Britain, France, Lebanon, Vietnam, Germany, Italy and South Korea. -CINEWS

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