Currency Calculator

Use the currency calculator to calculate the rate of exchange.

GBP Flag

1 GBP = 1.14892 EUR

EUR Flag

1 EUR = 0.87001 GBP

Change Currencies Currency Providers

EU migrants sent more money home in 2010

compare money transfer free transfer voucher

EU migrants sent more money home

Workers in the EU are sending an increasing amount of money home to their family in the form of remittances, new figures show.

According to data from Eurostat, the amount of money transferred by migrants to their countries of origin within the EU rose by three per cent from €30.4 billion (£25.5 billion) in 2009 to €31.2 billion in 2010.

The figures reveal that money sent home by workers via money transfer companies had been rising consistently until 2008. The economic crisis interrupted this trend in 2009, before workers resumed sending more remittances back home in 2010.

Eurostat's figures reveal that in 2010, the outflow of workers' remittances was highest in Spain - €7.2 billion or 23 per cent of all remittances sent within the 21 EU member states, followed by Italy, (€6.6 billion), Germany (€3 billion), France (€2.9 billion), the Netherlands (€1.5) and Greece (€1.1 billion).

In Bulgaria, worker remittances were down from €10 million in 2009 to €7million in 2010.

Meanwhile, remittances to other countries within the EU were down from €6 million to €1million. However, remittances to countries outside the bloc increased from €4 million to €6 million.

Data from the State Bank of Vietnam recently showed that people of Vietnamese descent resident abroad are expected to send a record high of nearly $9 billion (£5.7 billion) back home to their relatives by the end of this year.

This figure is $1 billion higher than the amount of money sent home by overseas Vietnamese last year.

Leave a comment

What's the press saying about our company?

Top 5 Foreign Exchange Companies