Infographic: Remittances – When migrants send money home
Last year, migrant sent around 585 billion US-Dollars to their home countries worldwide, to support their families or friends who live there. Many people – especially in developing countries – depend on these payments. In Nepal and Liberia, these money transfers (or “remittances”) account for more than 30 percent of the current Gross Domestic Product (GDP).
From and to where does this money flow? What is it mainly used for in the recipient countries? And how fair are the incurred fees? These and many other questions are answered in our infographics “Remittances – When migrants send money home”.
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Remittances – an economic and development policy factor
Money transfers by migrants to their families back home were long seen as a private matter. Yet in many recipient countries, these remittances have a major economic impact. It is hence very important for development policy to ensure that a swifter, cheaper and safer remittance system is put in place.
Have you ever sent a remittance to your home country? How did you do it? What can policymakers do to make the remittance system even more effective? Join the debate in the comments below.
GeldtransFAIR.de creates transparency for remittances
On behalf of the Federal Ministry for Economic Cooperation and Development (BMZ), GIZ and the Frankfurt School of Finance & Management jointly established an online portal at GeldtransFAIR.de several years ago, where migrants can find information on the various providers of remittance services and their terms and conditions (charges, transfer time and channels).