According to a report from the remittance fintech Global66, sending money from the Andean country increased by 126% compared to the same period last year; The main markets being Colombia, Chile and Spain.
During the first quarter of 2024, the sending of remittances abroad has experienced a significant increase. According to a study carried out by Global66, a Latin American remittance fintech , the migration of Peruvian students abroad, as well as a greater import of products; is generating a trend of constant growth in the sector.
According to the figures presented in the report “International money transfers in focus: Trends and Perspectives in Colombia, Chile, and Peru - First Quarter 2024”, from January to March of this year, money transfers from Peru showed an increase of 126 % compared to the same period of the previous year; The main markets being Colombia, Chile and Spain.
"With a strong emphasis on education, these transfers not only highlight the commitment of Peruvian families to academic and professional development, but also reflect the importance of maintaining economic and emotional support across borders," commented María José Artacho, Country Manager of Global66 in Peru.
In relation to business shipments (B2B), these increased 90% compared to 2023. "This dynamism demonstrates the adaptability and global vision of Peruvian entrepreneurs, who seek to satisfy internal demands and integrate into international value chains," added Artacho.
Regional look
At the Latin American market level, the total sum of remittances transferred through Global66 amounted to US$ 165 million, compared to the previous year, reflecting a growth of 52.8%. Among the main reasons identified were payment for services, savings, investments, etc.; being professionals, businessmen, students and merchants who generate this regional dynamism.
"This quarter we have seen how borders become increasingly blurred. The increase in the volume of money transacted is a reflection of global interconnection and a testament to trust in digital financial solutions that offer security, speed and transparency," said Tomás Bercovich, CEO of Global66.
The study also reveals that the Latin American region is in full transformation and increasingly integrated into the global economy. “The observed trends suggest a continued increase in the adoption of digital services for the management of remittances and international payments, which could result in sustained growth of these financial flows,” the report concludes.
