Bad weather shouldn’t disrupt remittances
’The bad weather that has hit much of Western Europe should not have an impact on remittances’ says Leon Isaacs, Managing Director of IAMTN (The International Association of Money Transfer Networks). The snow that has closed schools and caused many workers to remain at home may have a short term impact on remittance volumes from those markets that are affected. However, the availability of remittance service company locations in many countries is quite good and with the majority of migrants living in the urban areas it is still quite easy for people to send their money. Whilst the internet accounts for a very small segment of the remittances that are sent obviously the convenience of being able to transact over the internet rather than braving the snow may be something that causes a very small shift in how people send their money.
’Of greater concern will be whether the migrants can get to work and earn the money to send home or whether the weather will prevent this. The actual operating of money transfer systems will be unaffected. Indeed, in areas of the world where there is much worse weather, e.g. hurricanes, tsunamis etc. remittances are actually one of the first services that operates after any natural disaster which shows the resilience of the industry’ commented Isaacs
IAMTN is the only international trade association, representing Money Transfer industry across the globe.
The members of IAMTN provide the full range of money transfer (remittance) services to private individuals and small businesses in over 150 countries and territories.
As a truly global lobbyist of the remittances industry, IAMTN raises awareness of importance of the money transfers as one of the most dynamic sectors of the world economy as well as a widely spread social phenomenon.
IAMTN works closely with governmental agencies, financial regulators and anti-money laundering bodies to make sure that the money transfers legislation reflects the realities of the modern world and provides for efficient and affordable remittance services to the customers around the world.
As a trade organisation, International Association of the Money Transfer Networks provides its members with access to the potential business partners internationally, research data on money transfers and associated industries.
Over 4300 industry professionals and members of the press subscribe to the Money Transfers newsletter, published by IAMTN.
IAMTN is the key driver of the Annual Global Consumer Money Transfers (GCMT) conference in London and Money Transfers Dubai which is being held on 9 March at the Shangri-La Hotel in Dubai.
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