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Global remittances, which include money sent to high-income countries, jumped 7% .

People are sending more money abroad, but the cost to do so is still more than double what it should be, according to a new report from the World Bank.

The international financial institution reported this week that amount of money people sent to low- and middle-income countries rose by 8.5% to $466 billion in 2017, setting a new record. Remittances (regular, small money transfers) to those countries are expected to grow by 4.1% in 2018, hitting $485 billion.

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