According to the latest study carried out by Global66, a Latin American remittance fintech, Peru was positioned with a growth of 126% in sending money to international destinations during the first quarter of the year. This is how it went from US$9.5 million—amount recorded in a similar period during 2023—to US$21.5 million.
This behavior would be due, to a large extent, to studies abroad and the increase in imports—mostly from Asia, our main commercial market—between the months of January and March. Likewise, the average age of the clients and independent users who used the application was 34 years old and they were, in large percentage, engineers, administrators or students.
Meanwhile, in relation to business shipments (B2B), these practically doubled when compared to the similar period in 2023, going from US$5 million to US$9.5 million, and registering an increase of 90%. For María José Artacho, country manager of Global66, “the cross-border dynamism, with a notable volume of transactions, demonstrates the capacity for adaptation and the global vision of our entrepreneurs, who seek to satisfy the demands of the domestic market and integrate more deeply into international value chains.
Along these lines, the main shipping routes for both independent users and companies were Chile, Colombia and Spain. And the other reasons that also justified these global operations, after studies abroad and the import index, were family help, savings, different investments, payments for services and payments to collaborators.
Regional overview
In the Latin American market, the report showed that total remittance transactions during the first quarter amounted to US$165 million. That is, 52.8% more compared to the similar period in 2023, where the total amount of shipments reached US$108 million.
Under this premise, among the main reasons analyzed were the payment of services, savings or investments in general and family help, with professionals, business people, students and merchants being the ones who managed to promote this important dynamism at the regional level.
In this sense, the study determined that, due to the trend observed in the continuous increase in the adoption of digital services for the management of remittances and international payments in general, it could be concluded that the Latin American region is currently in an integrated transformation to the global economy. Likewise, the rise of financial technologies like these can be clearly seen.
Regarding transactions from Latin American companies, the figures doubled and went from US$25 million to US$50 million, with the main reasons for the shipments being payroll payments, freelancers and digital platforms. In addition, it was detected that, for both independent users and companies, the destinations with the most shipments were Colombia, the United States and Spain.
This is how Tomás Bercovich, CEO of Global66, points out that “the borders are becoming increasingly blurred due to the increase in the volume of money transacted, which ultimately becomes a reflection of global interconnection and a testimony of trust in financial solutions.” digital that offer security, speed and transparency.”
Bone scan
Colombia reached US$18.5 million (+146%) in sending personal remittances in the first quarter. While its business sector allocated US$4.5 million (+125%).
Chile, on the other hand, reached US$70 million in the volume transacted in personal remittances (14.8%).
Along the same lines, Chile also surpassed Peru and Colombia in company shipments and registered US$19 million (+58.3%).
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
