More from Obi Sade
More in Politics
Related Blogs
Archives
Social Share
What precisely is family remittance?
Posted By Obi Sade
Body
Remittances are monetary transfers that expatriates make from one nation to another. It may be difficult to understand why someone would uproot their family and move abroad. They do it to raise their family's standard of living as well as their own. A family remittance is a money that is paid directly from a person who lives abroad to their family back home. It's harder than it seems to live abroad and engage in a different culture. People are regularly forced to live overseas in order to support their families due to obligations and low quality of life.
Laborers, employees, physicians, and a range of other professionals are examples of foreign workers. They primarily come from developing nations. The contributions of ex-pats to economies worldwide are significant. Transferring money among nations fosters their development and independence. Every government should enact laws that recognize and reward the contributions of these devoted workers.
In 2020, 281 million people will not be living in their own homes, according to some estimates. The amount of money sent home in the first half of 2021 totaled $586 billion, an increase of 7.3% over the total amount sent home internationally in 2020. For instance, companies in the remittance sector charge 1% for money transfers. And the combined revenue of these businesses comes to $5.86 billion.
The best family remittance service available
Businesses are stealing expats' hard-earned money, as was already proven. On the other hand, Remit is a company that distinguishes out for its customer-centered services. Customers are given extra money by the corporation even though it does not profit from remittances. Remit Choice provides services with no transaction costs and the best exchange rates. Money can be sent to families back home via Remit Choice to assist them to improve their standard of living.
Comments