Are you residing in a foreign country for your family’s well-being? You must be looking to make international money transfers back home regularly? According to the World Bank’s 2024 Migration and Development Brief, despite slow growth, transfers to low- and middle-income countries (LMICs) hit a huge $656 billion in 2023.
Now, remittances are more important than both foreign direct investment (FDI) and government development aid (ODA). This change shows how important these funds are for family economies in poor countries. In this blog, we will learn about the significance of international money transfers.
Importance of international money transfers
Do you really know how these international money transfers help your family’s daily life needs? Let’s break it down here.
1. Supporting Basic Needs
For families in developing nations, remittances are often used to meet everyday needs. These basic needs include food, healthcare, education, and housing. In some regions, people live below the poverty line. They struggle very hard to get food, clothes, and education. Whether some people have these basic needs or not, they still lack the standards to live high-quality lives.
2. Securing a Future for the Next Generation
Education is one of the most important steps in breaking the poverty cycle. Many students find it hard to get an education due to a lack of financial support. They need access to accessories that are crucial for learning. When overseas send money back home, their families enroll their children in schools.
3. Building Financial Resilience
In terms of natural disasters, currency fluctuations, or geopolitical instability can create unwanted situations for many families. These crises lead people toward inflation and unemployment. They seek help from family members living abroad. International money transfers from loved ones provide the financial support that they need.
The Best Way of International Money Transfers
As you know the importance of international money transfers, you may be wondering about the best way to send money to your family.
Send Money
International money transfers are life saviors for many families living in developing countries. We know the importance of remittances for people that’s why we have grown Remit Choice as the preferred choice for overseas. We aim to provide consistent support to you and your family which is beyond remittance. Start an online money transfer Now!
