When the economy of a country is growing or rebounding, increased inflow of international investment is one of the first things that is reported. And since people, by nature, usually follow the money, an increase in the expat population in the region in question follows the increase in international investment.
With the BRIC economies tipped to dominate the world economic growth in the coming years, it’s only normal to expect that the expat communities in these regions to trend north. For reference, the BRIC economies include Brazil, Russia, India and China. Brazil, being part of the economies that will dominate global economic growth in coming years, embodies our decision to expand our footprint in the country through a recent partnership with Confidence Corretora De Câmbio S.A., an established Brazilian company that offers services ranging from the purchase of foreign currencies to international bill payments and international money transfers.
The International Monetary Fund, or IMF, predicted earlier this year that Brazil would contribute 3.8 percent, based on the exchange rate at the time, to the world economic growth over the next five years. This number means that Brazil will contribute the fourth largest growth to the world economy over the next five years.
With our partnership with Confidence Corretora, we hope to be in a leading position to accommodate the remittance needs of the growing expatriate community in Brazil. Along with the rise of Brazil’s GDP from nearly $1.4 trillion in 2007 to roughly $2.5 trillion in 2014, migrant remittance outflow from Brazil has seen a significant increase from about $563 million in 2007 to about $1.54 billion in 2014. The Brazilian economy suffered in 2015 and 2016, making migrant remittance outflow from the country dip slightly, yet coming in at a respectable $1.34 billion and $1.4 billion respectively.
As growth returns to Brazil, we’re bound to see an increased demand for remittance services in the country and Xpress Money will be just a click or visit away from satisfying the demands.
In addition to being positioned to help expats with their remittance needs, the partnership with Confidence Corretora also increases our capability to improve the ease with which Brazilian residents receive remittance inflow, which is expected to come in at about $2.66 billion in 2017.
With our partnership with Confidence Corretora, Xpress Money now has over 50,000 in Latin America and 200,000 agents location globally.