Cost of Sending Remittances from the UK in the Aftermath of the Financial Crisis

Authors

  • Ibrahim Sirkeci Regent's Centre for Transnational Studies (RCTS), Regent's University London
  • Andrej Přívara Department of Social Development and Labour, Faculty of National Economy, University of Economics in Bratislava

DOI:

https://doi.org/10.33182/rr.v2i1.437

Keywords:

cost of remittances, UK, developing countries, financial crisis

Abstract

Reducing cost of remittances is among the sustainable development goals and leading institutions and figures in the field advocate for cheaper transaction costs. Remittances remained resilient during the financial crisis overall and growth continues in the aftermath. In this paper, cost of sending remittances from the United Kingdom, a major remittances source country, to a selected group of 10 developing countries is examined to understand the trends in prices. Results show that overall, in selected countries there is a declining tendency, while in certain corridors and by certain operators, the prices of remittances did not decline as desired. Hence, possibly billions of remittances pounds did not reach to those in grave need. 

Author Biographies

Ibrahim Sirkeci, Regent's Centre for Transnational Studies (RCTS), Regent's University London

Prof Ibrahim Sirkeci is Professor of Transnational Studies and Marketing as well as directing the Regent's Centre for Transnational Studies at Regent's University London, UK . His books include Migration and Remittances during the Global Financial Crisis and Beyond (The World Bank, 2012, with J. Cohen and D. Ratha) and Cultures of Migration, the Global Nature of Contemporary Mobility (University of Texas Press, 2012, with J. Cohen), and The Environment of Insecurity in Turkey and the Emigration of Turkish Kurds to Germany (Edwin Mellen Press, 2006). 

www.sirkeci.co.uk

Andrej Přívara, Department of Social Development and Labour, Faculty of National Economy, University of Economics in Bratislava

Andrej Přívara is Assistant Professor in the Department of Social Development and Labour, Faculty of National Economy, University of Economics in Bratislava, Slovak Republic. E-mail: andy.privara@gmail.com.

Published

2017-05-01

How to Cite

Sirkeci, I., & Přívara, A. (2017). Cost of Sending Remittances from the UK in the Aftermath of the Financial Crisis. Remittances Review, 2(1), 47-56. https://doi.org/10.33182/rr.v2i1.437

Issue

Section

Articles