'Billions' sent through international money transfers

International money transfers are being used to send billions of pounds around the world.

According to the International Organisation for Migration's World Migration Report 2010, around £265 billion was sent by migrant workers in 2009.

The workers used international money transfers to wire their earnings back to their countries of origin.

The report also found that migration is at a record high and is expected to increase further.

Indeed, by 2050, around 405 million people are predicted to be working in countries in which they were not born.

The organisation highlighted the fact that the areas people are choosing to work in are changing.

Emerging economies, such as Asia, Africa and Latin America, are "becoming ever more important countries of destination for labour migrants".

International money transfers made through independent foreign exchange brokers can offer competitive rates of currency exchange and help avoid the high fees often charged by banks for moving money abroad.

Click here to make an International Money transfer

Posted by Sarah Pitton