The Belgium Remittance Market is moderately concentrated & in its growth phase driven by the flow of personal remittances: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Corona Effect: A lot of jobs were lost around the globe during the period 2020-2021 as a result of which the amount of inbound & outbound remittances declined enormously. The decline in remittance flows in 2020-21 affected Belgium & other European countries drastically with the region showcasing the steepest decline of almost ~%. The impact of COVID-19 is pervasive when viewed through a migration lens as it affects migrants and their families who rely on remittances,” said Mamta Murthi, Vice President for Human Development and Chair of the Migration Steering Group of the World Bank. Deficit to Surplus: During the year 2020-21, personal remittances came to the rescue of Belgium. The region, thanks to its flow of personal remittances, recorded a current account deficit. Belgium showed a current account surplus of ~ Billion. Without personal remittances, this surplus could have easily turned into a current account deficit of ~ Billion in 2020. Competitive Scenario: The Belgium Remittance market is moderately concentrated with formal & informal players operating in the market at the same time. The market has been fueled by increased migration, increasing government support for new competitors, improved banking knowledge and increased awareness towards digitalized remittance services in the space. The key players operating in the market are HSBC Bank, Lloyds Bank, Visa, American Express, Barclays, Deutsche Bank, Ria Money Transfer. As of 2018, banks dominate the inbound remittance market in terms of volume of transactions followed by MTOs, m-wallets and other channels including postal networks, credit unions and informal channels. MTOs dominate the outbound remittance market of the region in terms of the transaction volume as of 2018. To Know More about this report, download a Free Sample Report Market Restraints: While personal remittances saved the Belgium remittance market to a large extent, Covid still had an impact on the overall growth, hindering the robust growth & causing fluctuations when it came to profit generation. Moreover, Europe’s resistance to the inflow of migrants can also affect the market to a large extent. If this one factor is taken care of effectively, the market is predicted to grow at a CAGR of ~%, generating a total revenue of ~ Billion. Market Size: The Belgium remittance market has displayed steady growth when it comes to transaction value driven by an increment in both inbound & outbound remittances. The total value of the transaction increased displaying a CAGR of close of 4%. This was driven basically by an increase in outbound remittance, which is led by robust growth in employment prospects in Belgium & other European countries. Moreover, an appreciation in the currency during the period 2015-2019 is also a supporting factor. Analysts at Ken research in their latest publication, “Belgium Remittance Market Outlook 2027F– driven by flow type (Inbound & Outbound), by Channel (Bank & Non-Bank), by major flow corridors (America, ASEAN, Middle East, Africa, Australia & Oceania), by income level (lower, middle, high) observed that the Belgium remittance market is experiencing a steady growth while slowly recovering from the pandemic hit. Enhanced market size, and personal remittance. It is expected that the Belgium Remittance Market will grow at a CAGR of ~% for the above-mentioned tenure. Key Segments Covered: – International Remittance Market By Flow Type Inbound Outbound By Channel Bank Non-Bank By Major Flow Corridors ASEAN Middle East America Europe Australia & Oceania Africa To more about industry trends, Request a free Expert call By Income Level Lower Level Income Group Middle-Level Income Group High-Level Income Group Domestic Remittance Market By Remittance Channels Banks Non-Banks By Major Flow Corridors Urban to Rural Areas Rural to Rural Areas Urban-to-Urban Areas By Income Level Lower Level Income Group Middle-Level Income Group High-Level Income Group Key Target Audience Banks Money Transfer Operators M-Wallet Companies Hawalas Convenience and Retail Stores Supermarket Chains Bills and Payments Companies Investors & Venture Capital Firms Government Bodies Time Period Captured in the Report: Historical Period –2017-2021 Base Period- 2022P Forecast Period –2023F-2027F Visit this Link Request for a custom report Companies Covered: Major Bank and Non-Bank Channels in Belgium: Visa PayPal American Express Sofort UK Limited Bancontact Payconique Company GoPay Western Union Climb Niaga Key Topics Covered Belgium Domestic Remittance Market Size (2017-2022P) Belgium Bill Payments Market Size (2017-2022P) Belgium International Remittance Market Size (2017-2022P) Belgium Remittance and Bill Payments Market Overview Belgium Remittance and Bill Payments Market Ecosystem Belgium Remittance and Bill payments Market Segmentation (2017-2022P) Trends and developments Comparative Landscape including Strengths and Weakness of the major Remittance and Bill Payments players Company Profiles of Major Players Future Outlook and Projections of Belgium Domestic Remittance Market (2022P-2027F) Future Outlook and Projections of Belgium Bill Payments Markets (2022P-2027F) Future Outlook and Projections of Belgium International Remittance Markets (2022P-2027F) Analyst Recommendation For More Information On The Research Reports, Refer To Below Link: – Future Outlook of Belgium Remittance Market Related Reports by Ken Research: – Europe International Remittance Market Outlook to 2023 Indonesia Domestic and International Remittance Market Outlook to 2023 Post Views: 5 Tags: American Express Belgium Remittance Market, Barclays Belgium Remittance Market Revenue, Belgium Domestic remittance market, Belgium Inbound Remittance Market, Belgium International Remittance Industry, Belgium M-Wallets Major Players, Belgium Money Transfer Market, Belgium Outbound Remittance Market, Belgium Prepaid Cards Market, Belgium Remittance Industry, Belgium Remittance Industry Outlook, Belgium remittance inflow to Bangladesh, Belgium remittance inflow to Egypt, Belgium remittance inflow to India, Belgium remittance inflow to Philippines, Belgium Remittance Market, Belgium Remittance Sector, Belgium Remittance Transaction Volume, Bills and Payments Companies in Belgium, Branch Pick-up Belgium Remittance Market, Competitors in Belgium Remittance Market, Cross-border remittances in Belgium, Deutsche Bank Belgium Remittance Market, Digital Remittance Market in Belgium, digitalized remittance services in Belgium, Emerging Players in Belgium Remittance Market, Hawalas Belgium Remittance Market, HSBC Bank Belgium Remittance Belgium Market, International Remittance Industry in Belgium, Leading Players in Belgium Remittance Market, Lloyd Bank Belgium Remittance Market Share, Major Players in Belgium Remittance Market, Mobile Payment Belgium Remittance Market, mobile-based payment channels in Belgium, Money Transfer Operators in Belgium, money-transfer industry in Belgium, numbers of startups in Fintech industry Belgium, Online Transactions Belgium Remittance Market, payment Service Providers in Belgium, Prepaid cards payment Belgium, Remittance Service Providers Belgium, Remittance Service Providers in Belgium, Remittance Services Providers Licenses Belgium, Remittance Transaction Volume in Belgium, remittance transfer Players in Belgium, Rural remittance market Belgium, Startups in Belgium Remittance Market, Top Fin Tech Startups in Belgium, Urban remittance market Belgium, Venture Capital Firms in Belgium Remittance Sector, Visa Remittance Market Belgium Revenue