The cost of sending money home

Why it's time to start paying attention to the global remittances industry. Ed Butler speaks to Monica, a nurse from the Philippines working in the UK - one of millions of people around the world who regularly send money back to their families abroad. Dilip Ratha from the World Bank describes the scale of the money flows, and the persistently high costs of international money transfers. Ralph Chami from the IMF highlights the challenges such big inflows of cash can have on developing countries. And Elena Novokreshchenova from the company Remitly explains how technology can help reduce costs.

(Photo: A bank teller counts bills in Manila, Philippines, Credit: Getty Images)