Remittances to help reconstruct Nepal - Ria continues to offer zero service fee globally
Another earthquake, measuring 7.3 hit Nepal on May 12, after the large 7.8 quake devastated Kathmandu weeks earlier, killing more than 8,000 people.
With thousands of homes and buildings destroyed and many people homeless, now more than ever aid and remittances are needed to support the rebuilding of Nepal.
Since the news first broke, Ria has offered zero transfer fees to Nepal, so those with families and friends can assist.
Eduardo Bieytes, Ria's Country Director for Australia and New Zealand said: “Our thoughts and prayers are with the people who are left homeless and shaken by this event. We have seen the devastation caused by the earthquake and we want to play our part in assisting people to rebuild their lives. Ria is extending help to our customers with family living in Nepal. We know offering a zero service fee will go a long way for customers wanting to provide support to their loved ones."
Dilip Ratha spoke to BBC News about the role remittances can play in helping to rebuild Nepal. Click image to see interview on BBC website.
Lead Migration Economist for the World Bank, Dilip Ratha also spoke to BBC news about Nepal and the role remittances will likely play in rebuilding the South Asian country.
Dilip believes that families who receive remittances get back on their feet faster than those that don't. He says that aid organisations should also think of remittance services when disaster strikes. He said: "I think that the international rescue efforts and national rescue efforts ought to think about restoring remittance services as part of the rescue package. It's not something that you wish it was there... no, we need it right now."
It is estimated there are around two million Nepalese in the global diaspora, many of whom regularly send money back to their loved ones. According to World Bank data, in 2014 Nepalese people sent $5.9 billion to their home country. In 2013, remittances also accounted for 28.8 percent of the country's GDP, making it the third country most reliant on remittances globally.
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