VANCOUVER (NEWS 1130) – Not everyone is lucky enough to have family to spend Family Day with.
Many Canadians, especially new immigrants, set aside a large portion of their paycheck for relatives overseas. As it turns out, one company says per capita, Canada actually leads the world when it comes to sending money abroad.
Nearly $24 billion left this country in 2015, according to TransferWise. “And actually a large portion of that comes from the Metro Vancouver area, because over 40 per cent of the population there identifies as [an] immigrant,” says Josh Aziz who speaks for the company.
So where is that money going? Aziz says the Philippines, Pakistan, and Malaysia are popular destinations, but aren’t the top.
“People sending money to their families in Thailand are sending the most at over $17,000 Canadian a year. And followed by people supporting their families in India, who are sending over $11,000 a year.”
TransferWise has found the average transfer size a month is around $1,100 Canadian.
Aziz admits he was surprised to learn most people making these overseas transfers are between the ages of 25 and 34.
“Usually when we think about families and money, you think of parents supporting their children financially, or tuition, or for pleasure, but, it seems based on the data, that there is a significant portion of the younger generation sending money back home to support their family.”
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