Celebrating Internation Day of Family Remittances
The following story might sound theatrical, but it is real. It happened to one of our customers in Ghana, and similar situations happen every day.
A child suffering from appendicitis without the means for medical assistance.
In desperation, his mother begs the doctors to perform the surgery.
Her eldest son, a migrant worker who has been living abroad for the past five years, sends back money when he can.
However, with no insurance to cover the unforeseen illness, the money she has just isn’t enough.
Time is running out, so the woman is forced to leave her child while she runs to a telephone booth to call her son. Shortly after, the money transfer comes through and the child is saved.
This is why we celebrate International Family Remittances Day, because of the direct impact they have on so many with no other means of survival.
What remittances do for families
There are 164 million migrant workers spread across the globe who were able to send home more than US$529 billion in 2018.
The impact of these remittances is so powerful that they represent over 10% of the GDP of 30 developing nations.
For countries like Nepal and Haiti, the percentage is above 25%.
According to the World Bank, remittances are three times greater than foreign aid, and many studies confirm how remittances are used to boost education, investment and health coverage, as we discuss in our A Case for Affordable Remittances white paper.
Remittances are a fuel for many families living in middle- and low-income countries.
Thankfully, every year the average cost of remittances drops, the sending network expands and the amount sent increases. This means more families are able to receive the help they need from their loved one overseas.
Our commitment to families
What drives our business is bringing people together, connecting migrant workers and their families.
To do so, we work hard at ensuring we expand our network even to the most remote corners of the world. We advocate for fairer prices by encouraging competition and we are attentive to our customers needs, traditions and values.
If you want to learn more about the current remittance market, don’t forget to check out our A Case for Affordable Remittances white paper (download PDF file here).