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49. Most of these companies use the USP of better exchange rates than the banks. They are regulated by FEDAI and any transaction in foreign Exchange is governed by the Foreign Exchange Management Act, 1999 FEMA. Money transfer companies/remittance companies perform high volume low value transfers generally by economic migrants back to their home country. In 2007, the Aite Group estimated that there were $369 billion of remittances an increase of 8% on the previous year. The four largest foreign markets India, China, Mexico and the Philippines receive $95 billion. The largest and best known provider is Western Union with 345,000 agents globally, followed by UAE Exchange. Bureaux de change or currency transfer companies provide low value foreign exchange services for travelers. These are typically located at airports and stations or at tourist locations and allow physical notes to be exchanged from one currency to another. They access the foreign exchange markets via banks or non bank foreign exchange companies. There is no unified or centrally cleared market for the majority of trades, and there is very little cross border regulation.
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By 2010, retail trading was estimated to account for up to 10% of spot turnover, or $150 billion per day see below: Retail foreign exchange traders.
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