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A Sector Snapshot of UK Remittance Market

Remittances are one of the most tangible contributions of migrants to their countries of origin and represent a growing financial flow for developing countries. Over the past few years, remittances have emerged as a key item on the global development agenda. Remittances are cross-border, person-to-person payments of relatively low value. Remittances also act as an important source of foreign exchange, which can help countries support the balance of payments. Remittance in the UK is a relatively competitive market with reliable players and participation of both banks and money transfer operators. The regulatory environment for remittance services in the UK has been geared towards encouraging competition.

The ...

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