Growing Demand for Sending Money Overseas from the US
Sending money overseas to developing nations has become more common in recent years. As the world becomes globalized, people are able to communicate with others in distant countries within the matter of seconds. This has made international exchange more common that ever, and immigrants from developing nations have flown to the US where the job market is stronger and rate of pay higher.
Many migrants who travel internationally still have family and loved ones back home, who they wish to support through money remittance. But ever wonder which countries receive the most remittances? A recent report from NDTV shares all and gives a brief overview of the 2015 landscape.
$72 billion dollars of money transfer to India, ranked it #1 for largest remittance receivables. China came in 2nd place, at $64 billion dollars. The country responsible for sending the largest amount of remittances was the US, which was responsible for an estimated outward flow of $56 billion. Saudi Arabia followed the US at $37 billion and Russia ranked 3rd at $33 billion dollars. Currently, the top 10 countries to receive migrants are the US, Saudi Arabia, Germany, Russia, the UAE, UK, France, Canada, Spain and Australia.
The amount of international migrants is expected to increase, hitting an all-time high of 250 million. Sources predict that international migrants will be responsible for $601 billion dollars of remittances, according to a report by World Bank Group’s Global Knowledge Partnership on Migration and Development (KNOMAD).
International migrant remittances are integral to the economic growth of developing countries and the livelihood of households in those nations. Dilip Ratha, co-author of the Factbook explains clearly in the following statement: “Together, remittances and migrant savings offer a substantial source of financing for development projects that can improve lives and livelihoods in developing countries.” Remittances are positively impacting the economic landscape of developing nations, giving them the resources they need to advance.
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