New Global Trends in Remittance Transfer

Many immigrants worldwide strive to save as much money as possible and send it back to their homeland to help their families. The total amount of money transferred by immigrants annually is huge. Moreover, this total competes with international aid as one of the biggest financial flows to developing economies.

Given that, nowadays, the future of cross-border transactions is one of the most debated topics in the global financial industry. The issue becomes even more important as banks and other financial organizations’ outdated infrastructures hinder quick, effective, and low-cost remittances.

Immigrants take a significant niche in cross-border transactions; however, most do not have access to traditional financial systems. Yet, the volume of payments they make to help family and friends in their country is large.

For instance, according to Statista, as of 2019, the following countries were the top-five remittance recipients in the world: India (83.1 billion), China (68.4 billion), Mexico (38.5 billion), the Philippines (35.2 billion), and the Arab Republic of Egypt (26.8 billion).


As stated in the World Bank report, the remittance flow to low-income and middle-income countries was expected to decrease in 2020–2021 by over 7% annually compared to 2019. However, despite declines in migrants’ remittances due to the world crisis and Covid-19 pandemic, the stock of international migrants maintained at the current level.

Under normal conditions, those migrants who lost their jobs would consider returning home. Due to the closure of borders and relevant restrictions, they could not return to their homeland and were forced to stay in the host country. Therefore, upon returning to a normal routine, it is most likely that migrants will get back to work to proceed with financial support to their families.

Money Transfer Alternatives

Since numerous migrants cannot use traditional financial systems, cryptocurrency became a money transfer alternative. Cryptocurrency transfer is quick and affordable. It does not require a bank account, unlike traditional payment. Cryptocurrency is easy to buy via crypto machines, which are accessible in almost every country in the world.

Nevertheless, cryptocurrency can be questionable in some cases due to its high volatility. This could form an obstruction during transactions. So, stablecoins were developed to eliminate risks and protect against currency fluctuations. Stablecoins are cryptocurrencies that are fixed to the traditional currency or physical goods’ rates. Their fluctuations are less significant in comparison to other cryptocurrencies.

For example, the two USD-fixed currencies, Paxos Standard (PAX) and Gemini Dollar (GUSD), are approved and regulated by the New York Financial Services Department. Unlike Bitcoin or Ethereum, stablecoins are less influenced by extreme fluctuations. Remarkably, since the end of 2020, both Visa and Mastercard payment systems have focused on implementing stablecoin technology to their innovative solutions.

Grapherex, as well, will soon introduce the option to purchase cryptocurrency with a card. Then, using this secure crypto wallet, the remittance can be transferred anywhere in the world to another crypto wallet belonging to your family member, friend, or colleague.

At Grapherex, we monitor all innovative trends, implement advanced technologies, and introduce the best services, such as a secure messenger, to our application to make our customers’ daily routine more convenient.

Stay tuned for our future updates — we always have something exciting in the works. And enjoy the Grapherex app!

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