with the percentage share of ~% in terms of transaction volume in 2017 . Rising industrialization , entry of foreign players in the country and improvement in job opportunities has majorly triggered Brazil remittance market during the review period . Major players in Brazil remittance market include World Remit , Western Union , Transfer Wise and others .
Brazil International Remittance Market
International remittance is the transfer of money from a migrant worker to their families or other parties who are living in some other country , which generally is the migrant workers ’ home country . During 2017 , Brazilians working overseas send over USD ~ million to their families . The growth of the remittance industry in the country has been majorly driven by the large number of Brazilian workers who have changed their residence to countries with higher paying job opportunities . The US has majorly contributed in the transaction volume of remittance in the country . In 2017 , the US contributed ~% ( USD ~ million ) in the transaction volume of remittance in Brazil . The growth of international remittance is aided with the growth of new technology and expansion of new services by money transferring agencies .
Brazil International Remittance Market Segmentation
By Inbound and Outbound Remittance : International Remittance in Brazil is majorly dominated by inflow of remittance from other countries to Brazil . The increasing Brazilian population in other countries in search of better job opportunities and high salary has contributed to the rising size of the remittance industry . Inbound remittance accounted for a share of ~% ( USD ~ million ) of the overall transaction volume during 2017 . Outflow of remittance in the country is less as compared to inflow because of low migration of foreign workers in the country . Outbound remittance has accounted for a share of ~% ( USD ~ million ) during 2017 .
By Channel ( Bank and Non-Bank ): Non-bank channel in Brazil majorly consists of the money transfer agencies , local merchants and exchange houses . Non-bank channels have accounted for a major chunk of overall transactions , accounting for ~% ( USD ~ million ) of the total transaction volume during 2017 . Bank as a channel is preferred owing to security but huge unbanked population in the country and less penetration of banks in rural areas has resulted in dominance of non-banking channels for remittance in the country . Banks have accounted for a share of ~% ( USD ~ million ) of the overall transaction volume during 2017 .
Brazil Domestic Remittance
Brazil has a disparity in terms of developed and developing cities across the country which has results in massive internal migration of skilled and unskilled labor to the developed cities that offer better wages and standard of living . Urban cities of the country have witnessed huge population growth which has attracted higher investments into the region leading to creation