UniTeller’s inaugural report, Both Sides of the Coin: The Receiver’s Story, is the first in a series which looks at the behaviors and attitudes of low-income remittance recipients in India, Indonesia, the Philippines and Vietnam and senders from Hong Kong, Singapore, and the United States.

As global remittances hit record highs, our report reveals that the average monthly remittance value from family and friends working abroad exceeds monthly household income by more than 3.5 times.

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%).

Increased pressure on the senders is highest in India where three-quarters (74%)
say the expectation of receiving remittances has placed emotional stress on
their family.

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.

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.