International money transfers 'remain robust'

The economic downturn has hit the international money transfer market, but the sector is in a good position to bounce back, it has been claimed.

According to the Mobile Money Transfer report 2009, carried out by Companies and Markets, international money transfers as a form of liquidity are expected to remain resilient over the rest of this year.

Furthermore, the report suggests that money transfers could have an important role to play in the future recovery of the global economy, helping states to lift themselves out of recession.

"The huge potential for mobile money transfer can be seen from the sheer volume of cross-border remittances typically sent through existing channels such as banks and money transfer agencies," the report states.

It adds that measured flows of money transfers have grown by 130 per cent since 2001, demonstrating the good growth that the international money market can offer.

According to a recent report in the Times, figures from the Office for National Statistics are expected to show an increase in the number of British people emigrating from the UK during 2008 as the credit crunch took hold and people looked for work elsewhere.

By Paul Jarvis