UniTeller’s inaugural report, Both Sides of the Coin: The Receivers’ Story, is the first in a series which looks at the behaviors and attitudes of low-income remittance receivers in the US and Asia.

Over 1,900 interviews were conducted online and face-to-face in September 2019 in key remittance-receiving markets such as India, Indonesia, the Philippines and Vietnam who receive remittances from senders across markets in Hong Kong, Singapore and the United States.

Key Findings

Poor financial planning and rising overdependence on remittances is a common phenomenon with over a quarter (27%) of recipients running out of remittance money regularly.

Almost half of remittances received by households in these countries are used for day-to-day family needs (23%) and bill and loan repayments (25%). Smaller sums are apportioned to areas that may further economic progress such as savings (14%).

93% in Asia say they have the final say on how remittance funds are allocated to meet their family’s needs with 68% expressing an interest in cultivating better financial habits.

Poor financial planning and rising over-dependence on remittances is a common phenomenon with over a quarter (27%) of recipients running out of remittance money regularly.

Over half in India (55%) have a high level of comfort in having excess cash on hand compared with putting it in a bank account. Vietnam is the most averse to cash.

Affinity to technology is high in all countries surveyed. An average of 89% of respondents have a mobile wallet account and 99% have a smartphone.

Security concerns are an issue when it comes to using a non-personal digital interface for 69% of receivers.