Funds transferred abroad by immigrants reached record high in 2006
Funds transferred abroad by immigrants in Spain broke the 5,000 million euro barrier last year. Between January and October 2006 the amount grew by 34.7% with respect to the same period the previous year according to the Bank of Spain.
The total amount transferred was 5,002 million euros in 2006 and in the month of October alone 576 million euros was transferred abroad by immigrants, an increase of more than 40% compared to October 2005.
This information shows how the number of immigrants living and working in Spain has grown gradually over the last few years. Since 2002 statistics show that the amount of money transferred abroad by immigrants has increased from 2,844 million to almost 6,000 million euros recorded at the end of 2006. Given this situation, the government has announced measures to reduce bank charges for the transfer of funds abroad.
Related: Immigration in Spain