Can I Use Moneygram To Take Money To Nepal From Us

Coin transfer by a foreign worker to their home country

This article is about the transfer of coin, oft by migrant workers. For a payment sent by a customer to a business, see remittance communication. For an assart sent to an exiled person on status that they exercise not return home, see remittance man.

"Piece of work in Poland legally" street advertisement in Transnistria.

A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their dwelling house country or homeland. Coin sent home by migrants competes with international aid equally 1 of the largest financial inflows to developing countries. Workers' remittances are a significant function of international capital flows, specially with regard to labor-exporting countries.^{[1] [2]}

Co-ordinate to the World Bank, in 2018 overall global remittance grew 10% to US$689 billion, including US$528 billion to developing countries.^[three] Overall global remittance is expected to grow 3.7% to U.s.$715 billion in 2019, including United states of america$549 billion to developing nations.^[3]

Due to its large diaspora and overseas expats population, India consecutively remains the superlative receiver of remittance, eastward.thou. with US$fourscore billion in 2018,^[iii] U.s.a.$65.three billion (ii.7% of India'southward GDP) in 2017,^[3] United states of america$62.7 billion in 2016^[3] and US$70 billion in 2014.^[4] Other top recipients in 2020 were Usa$67 billion to China, U.s.a.$34 billion each to Philippines and United mexican states and Usa$26 billion to Egypt.^[3]

International money transfer advertising in London, with texts in Smooth and Russian.

Global extent [edit]

Remittances are playing an increasingly large part in the economies of many countries. They contribute to economic growth and to the livelihoods of those countries. According to World Bank estimates, remittances will total US$573 billion in 2019, of which U.s.a.$422 billion^[5] went to developing countries that involved 250 1000000 migrant workers.^[6] For some private recipient countries, remittances can be as high every bit a 3rd of their Gross domestic product.^[six]

International remittances take a major touch on on the developing economies of the world with the majority of remittances, $441 billion in 2015, going to developing nations. This amount is nearly triple the $131 billion of global Official Evolution Assistance.^[7] For many developing nations, remittances received brand up a pregnant portion of their economies, fifty-fifty receiving over 10% of their GDP in remittances each yr.^[7]

Meridian recipient countries [edit]

Top recipient countries of remittances (in billions of Us dollars)^{[8] [9] [x]}

Country	2012	2013	2014	2015	2016	2017	2018	2019	2020[eleven]	2021[12]
India	68.82	69.97	70.97	72.20	62.7	69.0	78.6	84.2	83.i	87
Cathay	57.99	59.49	61.49	63.90	61.0	64	67.iv	lxx.3	59.v	53
Mexico	23.37	23.02	24.50	25.lxx	28.5	31.0	35.7	38.7	42.eight	53
Philippines	24.61	26.lxx	27.90	29.80	29.9	33.0	33.eight	35.i	34.ix	36
Egypt	nineteen.24	17.83	nineteen.83	20.40	16.6	twenty.0	28.9	26.4	29.vi	33.3
Nigeria	20.63	20.89	20.88	20.89	19.0	22.0	24.3	25.4	17.0	18
Pakistan	fourteen.01	14.63	17.fourscore	twenty.10	19.viii	20.0	21.0	21.nine	26.1	33
Bangladesh	14.24	13.86	15.10	xv.80	13.vii	13	15.five	17.5	21.7	23
Vietnam	x.00	11.00	eleven.lxxx	12.30	13.4	14.0	fifteen.9	16.7	17.0	eighteen
Nepal	five.ix	half-dozen.01	five.29	v.8	6.40	half dozen.68	eight.1	v.nineteen	8.1	viii.5

Note: The countries mentioned below are the largest fifteen recipient countries of remittances only for the year 2013. World Bank data is used for all countries and years.

As a share of Gdp, the top recipients of remittances in 2013 were Timor-Leste (xvi.6%), Tajikistan (42.1%), Kyrgyzstan (31.5%), Nepal (28.8%), Moldova (24.9%), Kingdom of lesotho (24.4%), Samoa (23.8%), Haiti (21.1%), Armenia (21.0%), The Gambia (xix.8%), Liberia (18.v%), Lebanon (17.0%), Republic of honduras (16.9%), El Salvador (16.4%), Kosovo (16.1%), Jamaica (fifteen.0%) and Bosnia and Herzegovina (8.82%, which is i.540 billion $ for 2017 on 31 December 2017 conversion rate between € and Usa$).^{[8] [13]}

Major operators [edit]

The remittance industry has more often than not been dominated by companies headquartered in European financial centers and the American West, with Western Spousal relationship having the largest market share as of 2019. Other companies such every bit MoneyGram have too been a key histrion for decades. Most companies in the industry are pure play money transfer providers, although they may exist owned by parent companies with more various interests.

Each of these companies focus on different consumer bases. Wise has been the fastest-growing money transfer startup in terms of total annual volume transferred, and focuses on transferring funds between depository financial institution accounts, ofttimes between adult countries. Ria Coin Transfer has had an established presence amid Spanish speakers in Northward America and Kingdom of spain. WorldRemit has a college share of African migrants located worldwide, while Azimo focuses specifically on the European market with an emphasis on migrant communities. Companies such as WorldRemit, Remitly, and Azimo have smaller average transfer amounts due to the college share of working-class migrants using their services.

Although the remittance market share has diversified since the advent of money transfer "fintech" (financial engineering science startups) during the 2010s, Western Union continues to dominate the majority of the remittance marketplace share. Since the advent of fintech, many digital remittances have emerged on the scene, leading to the ascension of comparison platforms or aggregators such as FXcompared and Monito in Europe and Send4x in Southeast Asia.^{[14] [fifteen]} As well, blockchain-based remittances companies are also starting to be used and offer such advantages equally fast transfer fourth dimension and relatively low transaction costs. Some notable blockchain-based remittances companies include:^[sixteen]

• Flutterwave
• Stellar
• Abra

There is also a relevant initiative, launched past the Nib and Melinda Gates Foundation in 2017, chosen Mojaloop. It is designed (in cooperation with Ripple, Dwolla, ModusBox, Crosslake Technologies and Software Group) to deliver fiscal support to people living in areas underserved by banks.^[16]

By region [edit]

The US has been the leading source of remittances globally every year since 1983. Russia, Saudi Arabia, and Switzerland have been the adjacent largest senders of remittances since 2007.^[eight] Betwixt 9 1000000 and 11 million workers send remittances from Russia each year.^[17]

Asia [edit]

A bulk of the remittances have been directed to Asian countries like Republic of india (approx. U.s.a.$83.0 billion in 2020), China (approx. US$ lx.0 billion in 2021), the Philippines (approx. U.s.$33.5 billion in 2020), Pakistan (Us$26.0 billion in 2020), Bangladesh (The states$21.five billion in 2020) and more than.^[eighteen] Asian countries such as Tajikistan and Nepal are among the countries that rely the most on remittances, accounting for 35% and 25% of their GDP respectively.^[19]

Most of the remittances happen by the conventional channel of agents, similar Western Union, Ria Money Transfer, MoneyGram, UAE Commutation, and similar. Nonetheless, with the increasing relevance and reach of the Internet, online and mobile phone money transfers have grown significantly.^[20]

Bangladesh [edit]

An estimated 10 million Bangladeshis, working abroad have sent $15 billion to dwelling house in 2018 and $18.32 billion in 2019.^[21] It is country's second-largest source of foreign earnings after its gigantic textile industry. Bangladesh is one of the top x countries in the world for migration and remittance co-ordinate to World Banking concern. Nearly of the remittances come from gulf countries.

India [edit]

India is the world's meridian receiver of remittances, claiming more than 12% of the world's remittances in 2015.^{[22] [23]} Indians living overseas are the world's largest diaspora. Every bit per the Ministry building of Overseas Indian Affairs (MOIA), remittance is received from the approximately 35 meg members of the Indian diaspora.^[24] Remittances to India stood at United states of america$68.968 billion in 2017 and remittances from India to other countries totalled Usa$v.710 billion, for a internet inflow of Us$63.258 billion in 2017.^{[25] [26] [27]}

Jordan [edit]

The flow of remittances to Jordan experienced rapid growth during the 1970s and 1980s when Jordan started exporting skilled labor to the Western farsi Gulf. These remittances represent an of import source of funding for many developing countries, including Hashemite kingdom of jordan.^[28] Co-ordinate to the World Bank data on remittances, with well-nigh US$3 billion in 2010 Jordan ranked at tenth place among all developing countries. Jordan ranked amidst the meridian 20 recipients of remittances for the preceding decade. In addition, the Arab Monetary Fund (AMF) statistics in 2010 signal that Hashemite kingdom of jordan was the third biggest recipient of remittances among Arab countries after Egypt and Lebanon. The host countries that have absorbed most of the Jordanian expatriates are Saudi arabia and the United Arab Emirates, where the bachelor data indicate that well-nigh ninety% of Jordanian migrants are working in the Persian Gulf.^[29]

Philippines [edit]

According to a Earth Depository financial institution Study,^[30] the Philippines is the 2nd largest recipient for remittances in Asia. It was estimated in 1994 that migrants sent over Us$ii.6 billion back to the Philippines through formal banking systems. With the addition of money sent through private finance companies and render migrants, the 1994 full was closer to US$6 billion annually.^[31]

The total is estimated to have grown past 7.eight percentage annually to reach Usa$21.3 billion in 2010. Remittances are a reliable source of revenue for the Philippines, accounting for 8.9 per cent of the country's Gross domestic product.^[32]

The Estrada administration in 2000 declared it "The Yr of Overseas Filipino Worker in the Recognition of the Determination and Supreme Self-Sacrifice of Overseas Filipino Workers." This proclamation connects monetary remittances of overseas workers equally the height foreign-substitution earnings in the Philippines.^[31]

Latin America and the Caribbean [edit]

In Latin America and the Caribbean area, remittances play an important role in the economic system of the region, totaling over US$66.5 billion in 2007, with about 75% originating in the United states of america. This full represents more than the sum of Foreign straight investment and official development aid combined. In seven Latin American and Caribbean countries, remittances fifty-fifty account for more than ten% of Gross domestic product and exceed the dollar flows of the largest consign product in nigh every country in the region.^[33]

Percentages ranged from 2% in Mexico, to xviii% in Republic of el salvador, 21% in Honduras, and up to 30% in Haiti.^[34] The Inter American Development Bank's Multilateral Investment Fund (IDB-MIF) has been the leading agency on regional remittance research.^[33]

United mexican states received remittance inflows of almost US$24 billion in 2007, 95% of which originated in the US.

N America [edit]

Usa [edit]

A 2004 study found that over 60% of the xvi.5 meg Latin American-built-in adults who resided in the United states of america at the time of the survey regularly sent money abode. The remittances sent past these 10 meg immigrants were transmitted via more 100 one thousand thousand individual transactions per year and amounted to an estimated $thirty billion during 2004. Each transaction averaged about $150–$250, and, because these migrants tended to send smaller amounts more often than others, their remittances had a higher percentage of costs due to transfer fees.^[35]

Migrants sent approximately 10% of their household incomes; these remittances fabricated upwardly a corresponding fifty–lxxx% of the household incomes for the recipients. Significant amounts of remittances were sent from 37 U.Southward. states, merely vi states were identified every bit the "traditional sending" states: New York (which led the group with 81% of its immigrants making regular remittances), California, Texas, Florida, Illinois, and New Jersey. The high growth charge per unit of remittances to Mexico (non the full amount) is unlikely to proceed. In fact, according to the Mexican fundamental bank, remittances grew merely 0.half-dozen during the beginning half dozen months of 2007, as compared to 23% during the same flow in 2006. Experts attribute the slowdown to a contraction in the U.S. construction industry, tighter border controls, and a crackdown in the U.S. on illegal immigration.^[thirty]

Remittance culture in the United States has contributed to the formation of "micro-geographies", tightly knit networks that integrate U.S. communities with communities throughout Latin America, such as migrants from Oaxaca, Mexico, who have settled in Venice Beach, California. Oaxacans not but send money dorsum to their communities, but they as well travel dorsum and forth extensively.^[30]

As of recently, remittances from the The states to Latin America have been on the turn down. While there were United states$69.2 billion worth of remittances sent in 2008, that effigy has fallen to $58.nine billion for 2011. This trend is a result of many factors including the global recession, more economic opportunity in Latin American countries, and rising fees charged by coyotes to smuggle immigrants across the edge.^[36]

The design of migration has changed from a round flow, in which immigrants work in the United States for a few years before returning to their families in their domicile countries, to a ane-manner stream whereby migrants notice themselves stuck in the United States. Equally a result, the new wave of migrants is both less likely to exit and more probable to stay in the U.s.a. for longer periods of time. Overall, this trend has contributed to falling levels of remittances sent to Latin American countries from the The states.^[36]

Africa [edit]

Remittances to Africa play an important office in national economies. Nevertheless, little data exists as many rely on informal channels to send money home. Immigrants from Africa today number approximately 20 to xxx million adults, who ship around US$forty billion annually to their families and local communities back home. For the region as a whole, this represents fifty percent more than net official development assistance (ODA) from all sources, and, for most countries, the amount also exceeds foreign direct investment (FDI). In several frail states, remittances are estimated to exceed 50 percent of GDP.^[37]

Most African countries restrict the payment of remittances to banks, which in turn, typically enter into exclusive arrangements with large money transfer companies, like Western Union or Coin Gram, to operate on their behalf. This results in limited contest and limited access for consumers, which allows these Money Transfer Operators (MTOs) to charge the highest fees for remittances in the world.^[38] However, there are a number of new players aiming to disrupt this established MTO model, such as Xoom and Willstream, which leverage increasing mobile phone penetration in the region and provide different charge per unit structures to Diaspora customers.^{[39] [40]} Additionally, global initiative similar the Un Sustainable Evolution Goal x has a target of reducing the transaction costs of migrant remittances to less than 3 percent by 2030.^[41]

According to a World Bank study,^[30] Nigeria is by far the top remittance recipient in Africa, accounting for $10 billion in 2010, a slight increase over the previous twelvemonth ($ix.6 billion). Other peak recipients include Sudan ($3.2 billion), Republic of kenya ($1.8 billion), Senegal ($1.2 billion), S Africa ($1.0 billion), Uganda ($0.8 billion), Kingdom of lesotho ($0.5 billion), Ethiopia ($387 one thousand thousand), Republic of mali ($385 one thousand thousand), and Togo ($302 1000000). As a share of Gross domestic product, the top recipients in 2009 were: Lesotho (25%), Togo (10%), Cape Verde (9%), Guinea-Bissau (9%), Senegal (9%), Gambia (8%), Liberia (6%), Sudan (6%), Nigeria (vi%), and Kenya (five%).^[42]

Nigeria [edit]

A major source of foreign-exchange earnings for Nigeria are remittances sent domicile by Nigerians living abroad.^[43] In 2014, 17.five one thousand thousand Nigerians lived in foreign countries, with the Britain and the US having more than 2 1000000 Nigerians each.^[43]

Co-ordinate to the International Organization for Migration, Nigeria witnessed a dramatic increment in remittances sent home from overseas Nigerians, going from US$two.three billion in 2004 to 17.nine billion in 2007, representing 6.seven% of GDP. In 2016, remittances reached a new record of $35 billion.^[44] The Us accounts for the largest portion of official remittances, followed by the United Kingdom, Italy, Canada, Spain and French republic. On the African continent, Egypt, Equatorial Guinea, Republic of chad, Libya, and South Africa are important source countries of remittance flows to Nigeria, while Communist china is the biggest remittance-sending country in Asia.

An Baronial 2016 Nigerian Central Banking concern (NCB) decision to suspend the operations of all MTOs in the country, except those of Western Union, MoneyGram and Rio,^[45] was met with a strong backfire.^[46] It was argued that the determination was not appropriately justified, while besides standing in contrast to the NCB's previous move to ban all exclusivity agreements with Western Union.^[47] The decision was considered to disproportionally strengthen the dominant position of Western Marriage, MoneyGram and Rio.^[48] Under pressure, withal, the Key Bank reversed the decision and granted new licenses to a number of competing MTOs.^[49]

Somalia [edit]

Somali expatriates often send remittances to their relatives in Greater Somalia through Dahabshiil and other Somali-owned money transfer companies. In social club to ensure that these funds go to their intended recipients rather than Al-Shabaab and other militant groups, the governments of the The states, Commonwealth of australia, and a number of other Western countries tightened their banking requirements or stopped processing altogether the remittances.^{[l] [51]} To address the concerns, the United States Congress passed the Coin Remittances Comeback Deed of 2014.^[fifty]

In Apr 2015, the Federal Cabinet of Somalia likewise officially launched the Special Task Force on Remittances (STFR). The multi-agency initiative is mandated with facilitating the Federal Regime of Somalia's new national policy pertaining to the money transfer manufacture. Its master priority is centered on establishing a comprehensive strategy and a consultative implementation plan for the formalization of the local financial sector. Additionally, the STFR is tasked with helping to foster a business organisation environment and fiscal infrastructure conducive to growth. It is too empowered to coordinate and speed upwardly the endorsement of financial governance instruments and transparency associated legislation, such as the laws on Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT). In accord with the Financial Action Job Strength (FATF)'due south recommendations, the STFR is in turn slated to oversee the Somali federal government's entrada to ratify various international treaties. The Task Forces' membership is scheduled to be appear before long, and will be drawn from government institutions, the remittance industry, banks, and other key private sector stakeholders.^[52]

Caucasus [edit]

Armenia [edit]

Remittances are a major component of the Armenian economy. They make upward such a big portion of Armenia's GDP—thirteen% in 2011. In 2013 around 40% of families of Armenia have received remittances. As a result, Armenia falls in the top 20 countries worldwide for receiving remittances.^[53] Total remittances to Armenia have reached their peak in 2013 being equal to $2.192 billion but plummeted after the 2014 Russian ruble devaluation and reached $ane.528 billion in 2019.^[54]

Co-ordinate to the survey, A total of 82% of 2007 migrants reported sending home remittances during the 2006 year, and 95% of those send remittances to only one household. On average, they transport $270 (outset trip) and $345 (last trip), and the boilerplate frequency of sending remittances is every 4–half dozen months. On top of these remittances, the savings brought abode each year averaged between US$ane,920 (first trip) and $two,800 (concluding trip).^[55]

In 2018, remittances to Armenia amounted to $ane.45 billion, taking 12% of GDP.^[56] The big amount is connected to a large Armenian diaspora spread all around the world: the total population is estimated to exist 11 one thousand thousand of which merely 3 million Armenians alive in Armenia.

In 2017, Russian federation had the largest remittance flows to Armenia, around 60.v% of overall remittances. The figure amounted to almost $945 1000000 due to more than 2 million Armenian population living in Russian federation. The next biggest inflows were recorded from the U.s., over $160 million, 10.25% of the overall figure (around 500,000-1,000,000 Armenian population). The list is followed by Kazakhstan remitting $45 million, Germany with $35.106 million and other countries such as UAE, French republic, Spain averaging to ane.2% of total each.^{[57] [58]}

According to the International monetary fund, starting from 2010 remittances in USD, AMD (Armenian dram), and Rubles, grew until they hitting their peak in 2014 and started declining after that in a volatile fashion every bit a result of the Russian ruble devaluation. Remittances in AMD and USD declined to almost their 2010 levels.^[59]

History [edit]

Remittances are not a new phenomenon in the globe, being a normal concomitant of migration which has always been a part of human history. Several European countries, for instance Spain, Italian republic and Ireland were heavily dependent on remittances received from their emigrants during the 19th and 20th centuries. In the case of Spain, remittances amounted to 21% of all of its current account income in 1946.^[60] All of those countries created policies on remittances adult after pregnant research efforts in the field. For instance, Italy was the first country in the earth to enact a police to protect remittances in 1901^[61] while Kingdom of spain was the offset state to sign an international treaty (with Argentine republic in 1960) to lower the cost of the remittances received.^{[ citation needed ]}

Since 2000, remittances have increased sharply worldwide, having virtually tripled to $529 billion in 2012. In 2012, migrants from India and Prc alone sent more than $130 billion to their dwelling house countries.^[62]

In 2004 the G8 met at the Sea Isle Summit and decided to take action to lower the costs for migrant workers who send money back to their friends and families in their country of origin. In calorie-free of this, various G8 government developmental organizations, such as the United kingdom of great britain and northern ireland government's Department for International Development (DFID) and USAID began to look into ways in which the cost of remitting money could exist lowered.

In September 2008, the World Banking company established the beginning international database of remittance prices. The Remittance Prices Worldwide Database^[63] provides information on sending and receiving remittances for over 200 "country corridors" worldwide. The "corridors" examined include remittance flows from 32 major sending countries to 89 receiving countries, which account for more than than 60% of total remittances to developing countries.^[64] The resulting publication of the Remittance Prices Worldwide Database serves four major purposes: benchmarking improvements, assuasive comparisons across countries, supporting consumers' choices, and putting pressure level on service providers to better their services.^[64]

At the July 2009 summit in 50'Aquila, Italy, G8 heads of government and states endorsed the objective of reducing the toll of remittance services past five percentage points in five years. To drive down costs, the World Bank has begun certifying regional and national databases that use a consequent methodology to compare the cost of sending remittances.^[65]

At the G20 2011 Elevation in Cannes, Beak Gates stated that, "If the transaction costs on remittances worldwide were cut from where they are today at effectually 10% to an average of 5%…information technology would unlock $15bn a year in poor countries."^[66] A number of low-cost online services accept emerged with the objective of lowering the toll of coin transfers to developing and emerging economies. There are also a number of comparison sites when it comes to remittance which breaks down the costs of sending money overseas.^[67] The Globe Bank stated that remittance to depression- and centre-income countries reached $529 billion in 2018, which was a record high.^[68]

Dynamics [edit]

Emergencies [edit]

During disasters or emergencies, remittances can exist a vital source of income for people whose other forms of livelihood may take been destroyed past conflict or natural disaster. According to the Overseas Evolution Establish, this is being increasingly recognized as important by help actors who are considering better ways of supporting people in emergency responses.^[69] An illustrative instance can be Armenia, that had experienced a devastating earthquake in Spitak on Dec 7, 1988, when the Karabakh conflict had already started. About 45,000 people have died, while 500,000 became homeless. Armenia got help from different countries, for example, the U.S. government immediately sent $10 million, which helped to more or less recover the economy.^[70] Refugees and other displaced populations also often remit to family unit members left behind in conflict areas.^[71]

Potential security concerns [edit]

The contempo internationally coordinated endeavour to stifle possible sources of money laundering and/or terrorist financing has increased the cost of sending remittances, direct increasing costs to the companies facilitating the sending, and indirectly increasing the costs to the person remitting. Every bit in some corridors a sizable corporeality of remittances is sent through informal channels (family connections, traveling friends, local money lenders, etc.). According to the Globe Bank,^[72] some countries do not report remittances information.

Moreover, when data is available, the methodologies used past countries for remittance data compilation are non publicly available. A 2010 world survey of fundamental banks found significant differences in the quality of remittance data collection across countries: some central banks but used remittances data reported from commercial banks, neglecting to business relationship for remittance flows via money transfer operators and mail offices.^[73]

Remittances can be difficult to track and potentially sensitive to coin laundering (AML) and terror financing (CTF) concerns. Since 9/11 many governments and the Fiscal Action Job Forcefulness (FATF) take taken steps to accost informal value transfer systems. This is done through nations' Financial Intelligence Units (FIUs). The principle legislative initiatives in this area are the USA PATRIOT Act, Title Three in the United States and, in the European union, through a series of Eu Money Laundering Directives. Though no serious terror risk should be associated with migrants sending money to their families, misuse of the financial system remains a serious government concern.

Economical benefits for developing countries [edit]

The extent to which remittances produce benefits for developing countries is argued.^[74]

World Bank economists contend that remittance receivers' college propensity to own a bank account means that remittances can promote access to fiscal services for the sender and recipient, claimed to be an essential aspect of leveraging remittances to promote economic development.^[thirty] For case, in Armenia, which has ane of the highest remittance to Gdp ratios,^[eight] studies suggest that those households which receive remittances have a higher propensity to relieve, however, every bit opposed to some theoretic frameworks, these savings are non used to leverage borrowing more than from the fiscal organisation equally a way to grow their businesses.^[75] Other studies suggest that some other channel through which remittances can foster economical growth is a household investment. For instance, the study conducted in South Caucasus reveals that in Armenia having a migrant household member is associated with a college probability of establishing a family business concern by that household. Thus, the remittances sent by migrants can potentially encourage domestic investment, ensuring economic growth.^[76] However, new findings for Armenia suggest that remittances help potential migrants to ease the migration process, serving as a resources rather than equally a contractual tool betwixt migrants and not-migrants. Information technology is concluded that remittances drastically shift emigration intentions upward. The need for remittances, and the power and the forcefulness of the migrant social capital (or the network) are factors which jointly determine emigration intentions.^[77] Meanwhile, critical migration scholars accept expressed concern well-nigh the ability of remittances to address the structural causes of economic underdevelopment^{[78] [79]} and meet an increasing policy emphasis on finance equally symptomatic of a paradigmatic shift towards a 'cocky-help development' that burdens the poor.^[80]

Remittances are mostly thought to be counter-cyclical. The stability of remittance flows amidst financial crises and economic downturns make them a reliable source of foreign exchange earnings for developing countries.^[xxx] Every bit migrant remittances are sent cumulatively over the years and not just by new migrants, remittances are able to be persistent over time. This is peculiarly truthful of remittances sent past circular migrants, migrant workers who move back and forth between their home and host countries in a temporary and repetitive way. At the state level, countries with diversified migration destinations are likely to accept more sustainable remittance flows.^[30]

From a macroeconomic perspective, there is no conclusive human relationship between remittances and Gdp growth.^[81] While remittances tin boost amass need and thereby spur economical activity, other inquiry indicates that remittances may likewise have adverse macroeconomic impacts by increasing income inequality and reducing labour supply amidst recipient countries.^[82]

The World Bank and the Bank for International Settlements accept developed international standards for remittance services.^[83]

Encounter also [edit]

• Hawala
• Money services business concern
• Money transmitter
• Black tax

References [edit]

1. ^ Al-Assaf, Ghazi and Al-Malki, Abdullah Grand., (2014), Modelling the Macroeconomic Determinants of Workers' Remittances: The Case of Hashemite kingdom of jordan, International Journal of Economics and Financial Bug, Vol. iv, result 3, p. 514-526.
2. ^ "Balance of Payments and International Investment Position Manual (BPM6)" (PDF). International Monetary Fund. p. 272. Retrieved 2021-04-ten . {{cite web}}: CS1 maint: url-status (link)
3. ^ ^{a b c d e f} India to retain top position in remittances with $lxxx billion: Earth Bank, Economic Times, ix December 2018.
4. ^ Capital Marketplace (14 Apr 2015). "Republic of india receives top remittance of United states of america$ 70 billion in 2014: World Bank". Business Standard India . Retrieved 16 June 2015.
5. ^ "Migration and Remittances: Contempo Developments and Outlook" (PDF). World Banking concern. April 2018. Retrieved 5 Feb 2021. {{cite web}}: CS1 maint: url-condition (link)
6. ^ ^{a b} "Remittances to Developing Countries Expected to Grow at Weak Stride in 2016 and Beyond". worldbank.org. half dozen October 2016. Retrieved 31 October 2016.
7. ^ ^{a b} "Understanding the Importance of Remittances". migrationpolicy.org. 2004-x-01. Retrieved 2017-05-03 .
8. ^ ^{a b c d} "Prospects - Migration & Remittances Data". Retrieved ane April 2018.
9. ^ "Remittances Data" (PDF) . Retrieved 12 January 2016.
10. ^ "COVID-19: Remittance Flows to Shrink xiv% by 2021 Data". Retrieved 12 Feb 2021.
11. ^ "Migration and Development Brief 34 | KNOMAD". world wide web.knomad.org . Retrieved 2021-06-01 .
12. ^ "Migration and Evolution Brief 35 | KNOMAD". world wide web.knomad.org . Retrieved 2021-12-07 .
13. ^ "Doznake iz inostranstva prošle godine 2,51 mlrd KM". Indikator.ba . Retrieved nineteen April 2018.
14. ^ "Singapore-Based Fintech Launches Remittance Comparison Site". finews.asia . Retrieved 2019-12-24 .
15. ^ "Why Banks May Not Be the All-time Place to Convert Currency". Wall Street Journal. 2018-08-05. Retrieved 2020-01-07 .
16. ^ ^{a b} How Blockchain-based engineering science is disrupting migrants' remittances: a preliminary assessment
17. ^ Astrasheuskaya, Nastassia (2021-04-19). "Remittances help cushion cardinal Asia from pandemic hit". Financial Times . Retrieved 2021-07-20 . {{cite web}}: CS1 maint: url-status (link)
18. ^ "Infographic: The Globe's Top Remittance Recipients". Statista Infographics.
19. ^ "The Impact of COVID-19 on Remittance Flows - IMF F&D". world wide web.international monetary fund.org . Retrieved 2021-07-20 .
20. ^ Procee, Paul (5 May 2013). "MIGRATION AND REMITTANCES 2016" (PDF). worldbank.org: 1–9.
21. ^ "Remittance hits record $18.32b in 2019". New Age.
22. ^ "International Migration at All-time Loftier". The Earth Depository financial institution. 18 December 2015. Retrieved 27 May 2016.
23. ^ "Pakistan 4th largest source of remittances to India". The Business Standard. 24 December 2015. Retrieved 27 May 2016.
24. ^ "Remittances from Indian diaspora on the rise". The Economical Times. February 19, 2014. Retrieved 2014-02-23 .
25. ^ "Remittance flows past state 2017". Pew Inquiry Eye . Retrieved vii April 2019.
26. ^ "Remittances from Indians abroad push Republic of india to the top". www.nrirealtynews.com. 2007-x-22. Retrieved 2009-03-xiv .
27. ^ Gupta, Poonam (2005-12-01). Macroeconomic Determinants of Remittances: Evidence from Republic of india. International Budgetary Fund. ISBN9781451862430 . Retrieved 2009-03-14 .
28. ^ Al-Assaf, G. (2012), Workers' Remittances in Jordan, LAMBERT Academic Publishing, Germany.
29. ^ Al-Assaf, G. and Al-Malki, A., (2014), Modelling the Macroeconomic Determinants of Workers' Remittances: The Case of Hashemite kingdom of jordan, International Journal of Economics and Financial Issues, Vol. four, event 3, p. 514-526.
30. ^ ^{a b c d e f k} "Earth Depository financial institution - Migration and Evolution Brief 13" (PDF).
31. ^ ^{a b} Pratt, Geraldine. Working Feminism. p. twoscore.
32. ^ Huang; Yeoh; Rahman. "Caring for the World: Filipino Domestic Workers Gone Global". Asian Women equally Transnational Domestic Workers. Annals of the Association of American Geographers (Maruja ed.). pp. 21–53.
33. ^ ^{a b} "IADB.org - Page not found (HTTP 404)".
34. ^ Hawley, Chris (July ten, 2009). "With U.s.a. in a recession, rural Mexico feels the pain". USA Today . Retrieved Oct 12, 2009.
35. ^ Due east. Carrasco & J. Ro (2007). "Remittances and Development" (ebook). University of Iowa Center for International Finance and Evolution.
36. ^ ^{a b} Faure, Léa (19 Feb 2019). "LG ne compte pas investir dans les téléphones pliables - It Social | Média des Enjeux It & Business, Innovation et Leadership".
37. ^ "Remittances". Retrieved sixteen June 2015.
38. ^ Anderson, Mark (2014-08-18). "Global remittance industry choking billions out of developing world". The Guardian. ISSN 0261-3077. Retrieved 2017-08-17 .
39. ^ "THE DIGITAL REMITTANCE Report: The new platforms disrupting a $600 billion manufacture". Business concern Insider France (in French). Retrieved 2017-08-17 .
40. ^ "International Remittances through Branchless Banking" (PDF). United nations Briefing on Trade and Development.
41. ^ "Goal 10 targets". UNDP . Retrieved 2020-09-23 .
42. ^ "Sub-Saharan Africa posts growth in remittances". Retrieved 16 June 2015.
43. ^ ^{a b} "Remittances from diaspora Nigerians as lubricant for the economy". Nigerian Tribune. 8 September 2014. Archived from the original on March 17, 2015.
44. ^ Agabi, Chris (2016-12-21). "Nigeria: Diaspora Remittance Hits U.S.$35 Billion in 2016". Daily Trust (Abuja) . Retrieved 2017-08-17 .
45. ^ "Beware of Unregistered Money Transfer Operators" (PDF). Central Bank of Nigeria.
46. ^ Jacopo Prisco; Heather Long (three August 2016). "Nigeria clamps downwards on money transfers". CNN . Retrieved 2017-08-17 .
47. ^ Allison, Ian (2016-08-02). "WorldRemit calls for urgent restoration of coin transfers to Nigeria". International Concern Times UK . Retrieved 2017-08-17 .
48. ^ "We need African countries to support our literature, says 2017's Caine prize winner". Quartz . Retrieved 2017-08-17 .
49. ^ Kazeem, Yomi. "Nigeria'southward Cardinal Bank is backtracking on plans to ban operators disrupting remittances". Quartz . Retrieved 2017-08-17 .
50. ^ ^{a b} "Ellison and Paulsen Reintroduce Money Remittances Improvement Act To Help Somali Families Send Coin Home". House Part of Keith Ellison. 6 May 2014. Retrieved xviii Apr 2015.
51. ^ Armitage, Laura (30 March 2015). "Westpac to terminate Somali money transfers on March 31". Herald Sun . Retrieved 18 April 2015.
52. ^ "Somali Government Establishes Special Job Force on Remittances". Goobjoog. 7 April 2015. Retrieved eighteen April 2015.
53. ^ Makaryan, Gagik; Galstyan, Mihran (2013). "Costs and Benefits of Labour Mobility between the European union and the Eastern Partnership Partner Countries - Country Study: Armenia". SSRN Electronic Journal. doi:10.2139/ssrn.2323376. hdl:10419/128266. ISSN 1556-5068. S2CID 155502946.
54. ^ "Personal remittances - Armenia", worldbank.org
55. ^ "Labor Migration in Armenian Communities".
56. ^ "Inflow of Remittances by Balance of Payments", Central Bank of Armenia
57. ^ "Overseas Individual Remittances to Armenia", Hetq.am
58. ^ "Armenia - Migrant remittance", Countryeconomy.com
59. ^ "Caucasus and Central Asia Regional Economic Outlook".
60. ^ Remesas.org, Emigrantes construyendo escuelas: La primera política oficial de codesarrollo Archived 2016-04-04 at the Wayback Motorcar
61. ^ "La primera Ley de remesas de la historia" (PDF). remesas.org (in Spanish).
62. ^ "The incredible rise of migrants' remittances". tageswoche.ch.
63. ^ "Remittance Prices Worldwide | MAKING MARKETS MORE TRANSPARENT". remittanceprices.worldbank.org.
64. ^ ^{a b} "Payment Systems & Remittances".
65. ^ "National and Regional Databases Certified by the World Banking company". Archived from the original on July 23, 2012.
66. ^ "G20 Study". Archived from the original on 2014-09-twenty.
67. ^ "Singapore-Based Fintech Launches Remittance Comparison Site". finews.asia. 2019-06-ten. Retrieved 2019-06-21 .
68. ^ "Tape High Remittances Sent Globally in 2018". World Bank . Retrieved 2019-06-21 .
69. ^ "Remittances during crises: implication for humanitarian response".
70. ^ America, Armenian Assembly of (December 7, 2018). "Remembering the 1988 Earthquake in Armenia and American Relief". Armenian Associates of America.
71. ^ Vargas-Silva, C. (2018). "Remittances Sent To and From the Forcibly Displaced". The Periodical of Development Studies. 53 (xi): 1835–1848. doi:ten.1080/00220388.2016.1234040. S2CID 157536037. {{cite periodical}}: CS1 maint: uses authors parameter (link)
72. ^ "Migration and Remittances Factbook 2011". Retrieved 16 June 2015.
73. ^ Irving, Mohapatra, Ratha. "Migrant Remittance Flows: Findings from a Global Survey of Central Banks". Globe Depository financial institution Working Paper No.194. World Bank. Retrieved April 3, 2011. {{cite web}}: CS1 maint: multiple names: authors listing (link)
74. ^ de Haas, Hein (2012-06-01). "The Migration and Development Pendulum: A Critical View on Research and Policy". International Migration. 50 (3): 8–25. doi:10.1111/j.1468-2435.2012.00755.x. ISSN 1468-2435.
75. ^ Grigorian, David A.; Melkonyan, Tigran A. (February 2011). "Destined to Receive: The Impact of Remittances on Household Decisions in Armenia: Impact of Remittances". Review of Development Economic science. xv (1): 139–153. doi:10.1111/j.1467-9361.2010.00598.10. S2CID 153795970.
76. ^ Dermendzhieva, Zvezda (2011). "Emigration from the South Caucasus: who goes abroad and what are the economic implications?". Postal service-Communist Economies. 23 (3): 377–398. doi:10.1080/14631377.2011.595135. S2CID 154852713.
77. ^ Grigoryan, Aleksandr; Khachatryan, Knar (2018). "Remittances and Emigration Intentions: Show from Armenia". CERGE-EI Working Paper Series (626). doi:10.2139/ssrn.3259211. ISBN978-lxxx-7343-433-v. ISSN 1556-5068. S2CID 158935643. SSRN 3259211.
78. ^ Wise, Wise; Covarrubias, Humberto Márquez (2009-12-01). "Understanding the Relationship between Migration and Development: Toward a New Theoretical Approach". Social Analysis. 53 (3). doi:ten.3167/sa.2009.530305. ISSN 1558-5727.
79. ^ Abreu, Alexandre (2012-04-01). "The New Economics of Labor Migration: Beware of Neoclassicals Begetting Gifts". Forum for Social Economics. 41 (1): 46–67. doi:10.1007/s12143-010-9077-2. ISSN 0736-0932. S2CID 144557933.
80. ^ Rankin, Katharine N. (2001-01-01). "Governing development: neoliberalism, microcredit, and rational economic woman". Economy and Society. thirty (1): xviii–37. CiteSeerX10.1.1.202.6309. doi:10.1080/03085140020019070. ISSN 0308-5147. S2CID 15766343.
81. ^ Barajas, Adolfo; Chami, Ralph; Fullenkamp, Connel; Montiel, Peter (2009). "Do Workers' Remittances Promote Economical Growth?". IMF Working Newspaper Series.
82. ^ "Federal Reserve Bank of Dallas, Do Remittances Boost Economic Development? Evidence From Mexican States, October 2010" (PDF).
83. ^ "Payment Systems". World Bank.

Source: https://en.wikipedia.org/wiki/Remittance

Posted by: reeselationd.blogspot.com

Share this post