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Remittance services in the Republic of Korea

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  • Remittance services in the Republic of Korea
  • Kang,Don Kwan; Lee, Kyu-Yong
  • International Labour Organization


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Title Remittance services in the Republic of Korea
Similar Titles
Material Type Report
Author(English)

Kang,Don Kwan; Lee, Kyu-Yong

Publisher

[Bangkok, Thailand] : International Labour Organization

Date 2014-08
ISBN 978-92-21289-395
Pages 111
Subject Country South Korea(Asia and Pacific)
File Type Link
Subject Economy < Economic System
Social Development < General
Holding International Labour Organization
License

Abstract

In 2009, US$3.1 billion in remittances were sent from the Republic of Korea (World Bank, 2010). The World Bank Database indicates that for a remittance of US$200, the least costly remittance corridors in the region of the study are Singapore – Bangladesh, with an average cost of 4.62 per cent, and Singapore – Philippines, with an average cost of 6.68 per cent. When looking at remittance corridors from Korea to labour sending countries, data available shows that the average cost of sending a US$200 remittance from the Republic of Korea – China is 7.23 per cent (MTOs and Banks, first quarter of 2012) and from Korea – Viet Nam 6.33 per cent (MTOs and Banks).
This study will contribute to increasing the knowledge base on remittance services, including: the choice of remittance channels and use of financial services by migrants and how remittance channels can be made more cost-effective, accessible, reliable, quick, and transparent. Specifically, this study will focus on the above features as they relate to remittance service providers (RSPs) in the Republic of Korea used by migrant workers to remit money back to their countries of origin.