It is a 16% growth against 2014 when, according to company experts, money transfer systems processed USD 25 billion worth of transactions, according to a study issued by the remittance services provider Tempo Money Transfers.
The French market is driven by the increasing number of working migrants settling in the country every year, a country which keeps high life standards, features stable economic indicators and job market, and will in the future remain very attractive for migrants.
Migrant workers formed over 80% of demand for the remittances in 2015. France is one of the major country-donors, as far as money transfer business. The top provinces generating remittances, are the District of Paris (7% of the market), Province-Alpes-Côte dAzur (5%), Rhône-Alpes (1%) followed by Toulouse (less than 1%).
Around 50% of funds are sent [from France] to African countries, including Algeria, Morocco, Tunisia, Nigeria, as well as Guinea, Senegal, Gambia, Mauritania and Sierra Leone. Asia is the second largest region receiving funds transfers from France, with the leading donor being China (over 20%) and India (over 7%). The experts especially marked countries like Pakistan, Sri Lanka, Bangladesh where the potential is very high and the volumes are expected to multiply.
Over 20% of money sent is to Eastern Europe, including Romania, former Soviet Union countries (Ukraine and Armenia). Speaking of trends it is important to note that the clients now look more at the quality and reliability of services (including various options like bank account crediting, sms and telephone notifications and cell phone top ups, distant bill payments. Tempo Money Transfers expect the French remittances market to grow in the range of 18% to 20% in 2016.
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