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“It is not about the money being sent home, it is about the imIt is not about the money being sent home, it is about the impact on people’s lives. The small amounts of $ 200 or $ 300 that each migrant sends home represents about 60% of the family’s income, and this makes a big difference in their lives and the communities in which they live.”
With these words, Gilbert F. Houngbo, president of the International Fund for Agricultural Development, talks about the importance of remittances in the economy of families.
The International Day of Family Remittances is celebrated every year on 16th June. Its main objective is to make known the financial importance that migrant workers contribute to the well-being of their families, and to the work of sustainable development that is created in their country of origin.
On the other hand, the different public and private sectors are encouraged, as well as society in general, to work together and collaborate with each other to increase the impact of these funds in the improvement of developing countries.
WHAT ARE REMITTANCES?
Remittances are shipments of money that migrants send to their country of origin. As a general rule, they do not have a meaning of acquiring a good or service, but of helping family members or loved ones who need money to invest in the economy of their homes, education or medical care.
HOW DO REMITTANCES WORK?
To send money to Cuba, for example, you usually think of financial institutions like banks, but their currency exchange rates are not the best, in addition to the time it takes to receive the money.
For these reasons, migrants usually go to companies dedicated to sending money as Moneytrans, which offer better exchange rates, the same security as their fellow bankers, and the money sent is received between 5 minutes or 24 hours. So they help the money sent to rent more to their families and receive it just when they need it most.
Finally, at the time of sending money to a destination either in an office or through the new app to send money, it is requested to present the identification of the person who sends the money and the beneficiary’s data. And that’s it, fast and simple.
WHAT BENEFITS DOES REMITTANCE CONTRIBUTE TO THE SOCIETY?
Sending money to Venezuela, Cuba, Ghana, etc. It often represents up to a tenth of the Gross Domestic Product of the country that receives them.
With this money that families receive in their countries of origin, it helps the economic development of rural societies or developing areas. It provides help in times of dire need such as catastrophes, helping to rebuild a country after an earthquake or war. It even fights against child exploitation.
THE FUTURE OF REMITTANCES
Thanks to the incorporation of mobile technologies in our lives, the way people send money to other countries, as well as how to receive money has changed.
All over the world, there is a transition from the traditional way of sending remittances to their mobile phones. This fact helps to reduce the cost of these shipments, which leads to an increase in the money received by families, and an approach to achieve the UN Sustainable Development Goals.
At Moneytrans we know the importance of this new technological stream and we want to help migrants to have greater facilities in their day to day to send money to their families in their countries of origin, and thus be able to support the development of these rural areas and the education of the society.
For this reason, we have launched a new sending money app, which, in just 3 simple steps and with the best rates for your money, you can at any time of the day no matter where you are, feel closer to your loved ones and make them reach your love whenever they need it.
Most migrants usually send home about € 250 a month, but that amount of money is helping to educate the children of their countries, feeding their families, developing their communities and transforming the world into a better family-to-family place.
On the International Day of Family Remittances, Moneytrans joins the initiative to spread this important day, and to make known the social and global work that remittance companies and migrants do with the simple fact of sending money to their families.
Sign the petition that IMTC have sent for the United Nations to officially declare June 16 as the International Day of Family Remittances, enter here and collaborates with this interesting initiative.
Spread this message too and be part of the development of a better world, in which there is never a lack of food on anyone’s plate, a good educational system and housing for all.