Remittances in Belgium: Key Data

As part of the O-REMIT Project, this research seeks to identify cost-effective ways for diaspora and migrant communities in Belgium to send remittances and invest in their countries of origin. A key aspect of the research involves analyzing the costs associated with various remittance methods and deepen the understanding of how remittances are sent by migrant and diaspora populations in Belgium and the factors affecting these transactions.
 
In 2023, the O-REMIT team conducted a comprehensive market analysis, including mystery shopping, to assess the transaction costs of using Money Transfer Operators (MTOs) for remittances from Belgium to major corridors. The findings provide a detailed snapshot of transaction costs, transfer speeds, and methods of sending and receiving remittances during this period.
 
This research is particularly valuable due to the scarcity of detailed data on remittance transaction costs. It highlights current costs and sets the stage for ongoing efforts to meet Sustainable Development Goal (SDG) Target 10.c, which aims to reduce the transaction costs of migrant remittances to less than 3%.

You can find and download the two data reports below: