Photo source: Medium
If you take a look at your calendar, you’ll come to realize that there are many International Days – and more being added every year – celebrated all over the world!
International Day of Family Remittancesis one of them and is annually celebrated on June 16th. Although it was fairly recently established (in 2015 at the opening of the Fifth Global Forum on Remittances and Development in Milan), that doesn’t make it less important. Quite the opposite!
International Day of Family Remittances celebrates the sacrifices and the contribution made by migrant workers to support the families they left back home. Thousands of migrants – i.e. individuals living in a different country than the one they were born in – leave their country every year hoping to find better work opportunities and improve the lives of those they leave behind.
In the past few years, the number of international migrants has grown on an unprecedented scale. According to estimates, 250 million international migrants live outside their home country. Remittances – understand the money migrant workers send to their family members who remained back home – are crucial in supporting the lives of millions of individuals in developing countries. Believe it or not, 750 million people worldwide rely on remittances to either live a better life or simply survive.
Remittances do make a difference in the lives of many. Unfortunately, some beneficiaries, especially in rural communities, have a hard time accessing financial services as a whole and benefiting from remittances. The idea behind International Day of Family Remittances is to encourage public and private players to push for developments in the sector and ensure that these funds have a long-lasting positive impact on the populations they are meant for.
The number of transfer operators has never been as high and the options to remit money back home are multiple. There has been a clear tendency in the past few years towards a decrease in overall transaction costs – still, some operators charge very high transaction fees, especially to send money back to Africa– making it possible for migrant workers to remit on a regular basis.
For more about International Day of Family Remittancesvisit the UN’s website.
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