The Business & Community Newsletter – June 2019

Feature article

How new survey data can reduce fees for sending money abroad

Many people in Canada—often immigrants—send money to relatives or friends living in other countries.

According to the World Bank, these money transfers, or remittances, can make up as much as 20% to 30% of a country's gross domestic product.^{Footnote 1}

But senders often pay the price.

That's why Global Affairs Canada partnered with Statistics Canada to conduct the Study on International Money Transfers (SIMT). With data released this April, the survey provides valuable insight on the remittance behaviours and needs of Canadian residents born in Official Development Assistance (ODA)-eligible countries. These include Least Developed, lower-middle-income and upper-middle-income countries and territories.

According to the survey, over one-third (37%) of people born in these countries sent money to relatives and friends abroad in 2017. On average, they sent $2,855$ abroad in that year, totalling $5.2 billion in international money transfers from Canada.

According to the survey, the cost of sending money from Canada averages 6% of the total transfer amount. Fees are proportionally higher for small amounts, which can have an impact on those who make smaller, more frequent transfers. People who use in-person banking services also pay up to twice as much as those who use wire transfer services – in some cases, up to 11% of the total amount sent.

Lower costs would keep more money in the pockets of senders. This could help them either send more money abroad or save for themselves and their families in the host country.

The United Nations and G20 countries have committed to reducing remittance costs to less than 3% worldwide by 2030, as part of UN Sustainable Development Goal 10: Reduce inequality within and among countries. And since transfers to some countries are especially costly, they also plan to eliminate remittance corridors costing over 5% of the amount sent. By facilitating the flow of money to developing countries, cheaper fees would benefit not only senders in Canada, but also recipients in other parts of the world.

The full survey results are available on the Statistics Canada website.

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Digital Conferences

Statistics Canada is delighted to invite you to:

Cybersecurity, cybercrime and public safety in the digital age

When: Tuesday, June 25, 2019 from 1:30p.m. to 2:30p.m. Eastern Daylight Time, followed by a 30-minute question and answer discussion

Description: As technology continues to evolve, it is more important now than ever to promote and strengthen security for individuals, governments and businesses to mitigate and prevent complex security threats. As a result of our new digital reality, the nature of crime, and the ways in which law enforcement and emergency response agencies work, are also evolving.

While technology has the power to enable or facilitate crime, it can also be used as an effective tool to prevent, detect and respond to crime and other emergencies, and contribute to evidence-based decision-making in public safety.

This panel will address the changing landscape of community safety, and discuss the role data continues to play in countering cybercrime in our new digital era.

Register for the English session.
Register for the French session.

Upcoming digital conferences

• August 29, 2019 – Gigs, superstars and the post-job economy: The skills we need in Canada 4.0
• September 26, 2019 – Platforms, AI, cloud computing and the changing nature of business in Canada
• October 24, 2019 – Take a tablet and call me in the morning: Healthcare in the digital age
• November 7, 2019 – Connected: The digital revolution and the well-being of Canadians
• November 28, 2019 – Canadata: Managing and governing our data reserves
• December 12, 2019 – A roadmap for Canada: Measuring our digital society and economy

For more information, please visit: Digital conferences.

You may also follow the discussion stream via Statistics Canada's Facebook page.

We sincerely hope you will join us in what will undoubtedly be a thought-provoking and fruitful discussion. Do not hesitate to share this email with partners, colleagues, staff or anyone who might be interested in participating in this event.

Statistics Canada Workshop Series 2019

Statistics Canada's Workshop Series provides you with direct access to extensive survey methodology and analysis expertise. Below you will find the workshop schedule for your region.

For workshop descriptions, please visit the Workshop series.

Understanding and Interpreting Data (2 Day)

• August 20-21, 2019 - Whitehorse, in English
• September 17-18, 2019 - Brandon, in English
• September 24-25, 2019 - Vancouver, in English

Turning Statistics into Stories (1 Day)

• August 22, 2019 - Whitehorse, in English
• September 19, 2019 - Brandon, in English
• September 26, 2019 - Vancouver, in English

Infographics

Sending money to relatives or friends living abroad

Self-employment in Canada, 2018