80% Of Americans Are Not Happy With Money Transfer Providers

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80% Of Americans Are Not Happy With Money Transfer Providers
Billions of dollars are sent from the United States to other parts of the world but a new study published on finder.com indicates that only 20 percent of American citizens feel happy with their money transfer providers. Most of these people say that they feel ripped off by these money transfer providers.

Based on the World Bank’s total remittance inflows and outflows from 2010 to 2015, finder.com found that around $139 billion was transferred out of the United States in 2016 alone and a projected 145.56 billion will be transferred out of the country in 2017.

The survey, which was commissioned by finder.com but carried out by global research provider pureprofile.com, involved the interviewing of 2,005 American adults. The study found that an estimated 80 percent of these people felt ripped off by their money transfer providers. 25% of the respondents revealed that they normally do nothing about it and calls in the same money transfer provider whenever they are in need.

According to the suggestions made by finder.com, people could save significant amounts of money by comparing various providers whenever they want to transfer money out of the United States. Some money transfer providers do not charge transfer fee while others charge some amount of money to transfer money out of the country.

For instance, transferring $5,000 from the United States to Mexico, which is a popular destination for the money sent out of the US, could be a different of few Pesos depending on the money transfer providers.

The report also included the top five nations where money from the United States lands and how much money transferred each in 2015. According to the report, Mexico ranks top, China is second followed by India, Philippines and Vietnam.

More details about the survey are below.

• 34% of Americans transfer money overseas. Out of this figure, only 4% think their money transfer provider offers a great value for their money.

• 80% of those who send money out of the US feel like they are being ripped off by their providers.

• Based on remittance data by World Bank from 2010 to 2015, Americans citizens transferred $139.13 billion last year, and a projected $143.56 billion will be transferred in 2017.

• The average annual growth rate of dollars being transferred out of the United States each year between 2010 and 2015 is 4%.

• U.S. immigrants transferred an estimated $134.96 billion to their motherlands in 2015 alone, which is around 23 percent of the world’s international transfers.

• The figure is the highest amount of money people sent out of the United States in one year.

• The report also indicates that the amount of money sent out of the United States to other nations has increased by $25.11 billion (19%) since 2010-from $109.84 billion to $134.96 billion between 2010 and 2015.

The top 5 nations that the United States citizens send money to are listed below. Read on to find out the amount each country receives.

• Mexico- $25.68 billion

• China-$16.23 billion

• India-$11.74 billion

• Philippines-$9.65 billion

• Vietnam-$7.32 billion

More details about the survey by finder.com can be found through this link: https://www.finder.com/money-transfer-rip-off

Keyword: 80% Of Americans Not Happy With Money Transfer Providers

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