Mobile remittance company Remitly announced 2016 remittance volume of $2 billion, double its 2015 total.
Many in Remitly’s customer base are immigrant workers who share earnings with their families, and Remitly is sharing their stories through #WhyISend, a campaign highlighting why people send money abroad.
“For many families around the world, remittances are a lifeline and the primary source of income,” Remitly cofounder and CEO Matt Oppenheimer said. #WhyISend tells the stories of people living and working in America and why they send money to their loved ones.
Remitly surveyed thousands of customers and found they send money for several reasons:
- 70 per cent help family with basic needs;
- 16 per cent cover personal expenses and investments;
- 11 per cent pay for education costs;
- three per cent pay for medical and emergency expenses.
“I am constantly humbled and inspired by the way our customers contribute billions of dollars to the American economy while also selflessly sharing their hard-earned paychecks with loved ones back home, leaving very little left over for themselves,” Mr. Oppenheimer said. “These dollars make a big impact in local communities. For customers the send home $200-$300 on average, an additional tax on remittance would only take away from hard-working immigrants and their families in need on the receiving end.”
For more information on the campaign, visit www.remitly.com/WhyISend.