International Day of family remittances
The first International Day of Family Remittance was celebrated on 16 June 2015 to recognise the efforts of migrants around the world. Over 258 million migrants around the world live outside their country of birth.
Most people who migrate from one country to another have one thing in common. They live far from their loved ones. The reasons behind why someone decides to move from their country of birth are varied.
Why do people migrate to Australia?
Some people move for professional reasons, some to seek a better quality of life, some move for love and there are those who decide to move simply for better weather.
Some people flee from insecurity and lack of opportunities in their home countries while others seek to live in a country with warmer weather and fewer grey days.
Australia is one of the most popular migration destinations. It is known as the land of opportunity. Here are 11 tips you should know about life in Australia.
30% of Australia’s Population is Born Overseas
If you’ve migrated to Australia, you probably understand what it means to miss loved ones back home. Don’t worry; you’re not alone. More than 30% of the population in Australia also were born overseas.
This doesn’t include those born in Australia but with parents or grandparents born outside Australia. Infact, most people living in Australia have strong ties to other countries.
Remittances are essential for supporting and maintaining the well-being of family members overseas. When a person decides to live away from loved ones (for whatever reason), there will be many important milestones, events and anniversaries they will miss. One way to make up for this is to provide financial support via remittance.
Why remittance matters
The remarkable resilience of migrant workers in the face of natural and climate-related disasters, economic uncertainties has taken by surprise those who predicted a high drop in remittances at this time of the global pandemic.
Although sending money does not replace the person in family events, it is a way of feeling close and helping to make these days memorable.
These remittances matter and make a massive difference in the quality of life of the people who receive the funds. Money sent home through remittance is used for everyday household expenses such as food, medical treatment, education, clothing and bills.
Sounds good, right?
– About one in seven people are involved with remittances worldwide, either by sending or receiving them.
– Family members who have migrated for work typically send between US$200 and $300 back home. Every one or two months, this amount represents around 15% of what they earn with 85% staying in the countries where they earn the money.
– Half of the funds sent goes direct to rural areas, where the world’s poorest live and is needed the most.
– When migrants send money back home, they directly contribute to several of the 2030 Sustainable Development Agenda goals.
Give Yourself Some Credit!
You move to other parts of the world and give up your quality time with loved ones. However you value your family and earn money to send it back home to ensure their safety and health. You are part of the remittance family and every dollar counts.
Which countries have large remittances?
The countries with the most significant inward remittance flows include Bangladesh, China, India, Mexico, Pakistan, and the Philippines.
In our region of Australia, many Pacific Island nations also heavily rely on remittance. For example, for Samoa, almost half of the population live outside the country.
Big sending countries and regions include the US, the UK, Europe, Singapore, Australia and the UAE.
A question many people ask in Australia (and other countries) is why do people send money overseas? Why don’t people spend the money here in Australia instead of sending it overseas? Read our previous blog Remittances are essential for the Global Economy or click here to find why.
Technology is changing family Remittance
Technology is making remittances more convenient, secure and affordable. Now senders can easily and quickly send money with a swipe on their mobile phone.
One of the most significant incentives for formal remittances during 2020 was the accelerated adoption of digital technology by migrant workers and their families.
Business closures and social distancing rules accelerated this choice. Digital remittances are less expensive than cash transfers and have encouraged the adoption of services such as mobile money which have also helped to improve the financial inclusion of migrants and their families.
Technology gives the sender peace of mind making possible safe and secure money transfers made anytime and anywhere.
The International Day of Family Remittance
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