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Smith& Smith: Historical low level of money sent by Romanians living abroad

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The Romanians living abroad sent to Romania 6% less money in the first three months of 2014 than in the same period of 2013, but there could be a plus at the end of the year, says Valentin Daeanu, the head of Smith & Smith, the first Romanian company specializing in international money transfer. The drop of money sent from abroad began in 2008, when there was a peak level of 7 billion euro which has dropped to 3.7 billion euro ever since.

 

“I consider that there might be a slight increase in 2014, in the context in which the World Bank anticipates an increase at world level. Moreover I see that Romanians have started leaving countries with low salaries, like Spain and Italy and have migrated to Germany or France, where incomes are higher, “ said Daeanu. But, according to data from the first months we are faced with a historical low level of money sent by Romanians living abroad.

 

However, figures we are talking about refer to formal transfers, while informal ones, money sent to Romania via packages, envelopes, coaches, friends or directly by Romanians living abroad are still billions of euro.“Informal transfers were estimated at the same level as those made by electronic ways, but I don’t think it is a real estimate,” Daeanu says.

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