English Spanish


Almost one million immigrants arrive in the US every year[1], and every dollar an immigrant earns and spends contributes to society on multiple levels. For example, domestically, not only are they actively paying taxes, consuming goods and services, and generating incomes, but globally, they are stimulating the economy by sending billions of dollars every month to help their families back home.

Even with the pandemic in full swing, remittances continued to provide a critical lifeline for the vulnerable in 2020 and 2021. Global growth is expected to continue, with remittance flows to low- and middle-income countries to increase by 2.2% to $565 billion in 2022.[2] This upward swing is good news for the global economy.

However, remittances come with a price tag, especially when considering money transfer fees and exchange rate margins. The global average cost of sending $200 in 2020 was 6.5% — which is more than double the target of 3% as defined by the UN’s Sustainable Development Goals. In other words, if the average migrant sends $200, up to $32 is eaten up each time. In today’s world, this is simply unacceptable. 

Here are some examples to help clarify this scenario. If you are sending remittances from[3]:

  •  USA to Mexico

        if using Delgado travels, your costs can go up to 10.34%
        if using Western Union, 7.6%

  •  USA to El Salvador

        if using Western Union via an agent pickup, 9%
        if using Remitly, 7%

  • USA to Nigeria

        if using Western Union via an agent pickup, 9%


  • USA to Kenya

        if using Western Union via an agent pickup, 16%


  • USA to India

        if using Western Union via an agent pickup, 9%


  • USA to Egypt

        if using Western Union via an agent pickup, 14%


Every dollar earned by an immigrant is worthy, and remittances should reflect that. The financial sector has a duty to even the playing field and make remittances more cost effective. In an effort to make sure families back home are receiving the exact amount that is sent to them, InstaKin is introducing a new “money movement model”. Stay tuned for our next blog which will explain InstaKin’s cashless, secure, instant, and fully digitized method of payment —with no fees. Let the change begin!