Loading page...

Romanian Business News - ACTMedia :: Services|About us|Contact|RSS RSS

Subscribe|Login

In 2013 Romanians from Italy sent largest quantities of money

140616103735Western_Union_Schalter_am_Hauptbahnhof_Muenchen.JPG

Romanians who work in Germany and the US sent more money in 2013 than those from Spain, where they are in higher number but are less qualified and worse paid. Workers from Italy ranked first according to BNR head economist Valentin Lazea.

 

They sent 925 million euro last year, on the rise from 900 million euro in 2012, being followed by those from Germany with 595 million euro (491 million euro in 2012) and from the US with 460 million euro (593 million euro in 2012), according to data presented on Thursday by Lazea at a conference organized by the Romanian Banking Institute.

 

Romanians who work in Spain reduced last year the cash flow to their relatives in Romania to 393 million euro from 504 million euro in 2012. Over 2005-2010, Romanians from Spain ranked second after Italy for sending money home.

 

According to data of the Foreign Ministry, there are 920,000 Romanians in Spain and 940,000 in Italy. The ministry mentions that according to data from diplomatic missions, the number of Romanians in Italy could be by 350,000 higher than official statistics.

 

The following countries in the top are Switzerland (252 million euro), France (250 million euro), Great Britain (224 million euro), Hungary (128 million euro), Austria (111 million euro), Greece (75 million euro), Turkey (35 million euro) and Ireland (20 million euro).

 

The amounts of money sent to Romania last year were 4.23 billion euro, including transfers from workers and other persons living abroad, on the drop from 4.55 billion euro in 2012.

 

Lazea explained that the change is explained by the different profile of migrating Romanians in three big geographic areas. Workers from Mediterranean countries - Spain, Italy, Portugal, Greece, are generally less qualified and send less money because they have low salaries, although they are in high number. Those from Germany, France and Great Britain are better trained and send more money. Romanians from both categories probably intend to return to Romania and start a business or build a house.

 

The third category is represented by over specialized people with Master’s or doctoral degrees who work in the US or Canada and send money without intending to return. “This is somehow surprising because fewer Romanians but better paid from the US sent more money than a lot of emigrants, worse paid, from Spain” Lazea said. He showed that banks should have different strategies according to these three types of emigrants.

“It is one thing to follow an emigrant who wants to come back home and see what he has in mind - to open a small business or build a house or buy a car. It is another thing to see an emigrant who does not intend to return and sends money to help relatives or children,” Lazea explained.

 

 

More