Chinese New Year Sees Increase in Money Wires

Monetary gifts are a common occurrence around the holidays and this holds true during new year celebrations as well. In 2009, the average increase of Asian Americans who sent money in and out of the U.S. in the month following the Chinese New Year was 21%.

The 2009 Chinese New Year took place on January 26, when 34% of Asian Americans sent money in and out of the U.S. This number peaked shortly afterward, with 42% of Asian Americans sending money in and out of the U.S on February 16. In 2010, the Chinese New Year starts on February 14 and it could be another opportunity for money sending services to benefit from a potentially increased money sending activity.