Lucky Money Discusses Money Remittance to India, Mexico, Vietnam and Others
Remittance, the process of sending money to someone in a distant country, is most common between an immigrant and their relatives or friends in their home country. According to the International Monetary Fund, money remittance can be segregated into two categories:
1) Workers who have lived abroad for over a year
2) Workers who have lived abroad for less than one year
Statistically speaking the IMF notes that short-term workers are likely to send more of the money that they earn to family in their home country while permanent or long-term migrants spend more of the money they earn in the country in which they are employed.*
Money remittance in Nepal and other areas like Mexico, India and the Philippines are an important part of these countries’ economy. While the percentage of women versus men engaged with money remittance continues to increase, young male adults are traditionally more likely to be sending money abroad. Those seeking work typically leave their homes and migrate to other countries for work when they are better able to find jobs and higher wages outside of their country of origin.
Money remittance is generally a simple procedure, but the methods that countries use to facilitate money transfer changes from country to country. It is important that migrant workers familiarize themselves with the remittance process in their homeland and host country before they begin sending money overseas.
Someone in the Philippines for example, may take a job in the United States that pays enough money to cover living expenses in their homeland. When they move to the United States and are faced with the question, “how can I send money to the Philippines,” they will need to have the answers to the following questions:
*What method of payment is necessary for remitting money?
*What are the fees for sending money abroad?
*What forms of identification will I need to successfully remit money?
*Will the remitted money be available in the homeland currency as cash and at the current exchange rate, or as credit?
*What is the geographic location that the money will be remitted to?
*How long will it take for the money to reach its destination?
Lucky Money Can Facilitate Money Remittance to Nepal, Mexico, the Philippines and More
Knowing the answers to these questions beforehand will eliminate any potential issues or setbacks when it’s time to send money abroad. Next time you or a loved one are faced with the question: “how can I send money to Mexico, Nepal, India, the Philippines or any other country?” consider contacting Lucky Money and learn about our safe, easy-to-use online program today. Call us at (888) 826-4427