Ofw Remittances- an Economic Booster
OFW remittances - an economic booster By definition, remittances are the transfer of money by migrant workers back to their family and friends staying in another country. Remittances facilitate economic growth all across the World.
The World stands as a globalised village. Many people go aboard for better education or for a better lifestyle. Through Remittance they do not need to worry about their loved ones at home anymore. Remittance transfers have existed for centuries, but have only garnered the attention of people in the last couple of decades.
Remittance Transfer could either be domestic or could be International. If the money is remitted within the same country then it is said to be Domestic. It is believed that almost ten percent of the population of the world is a part of the process of remittance. The majority of the remittance receivers are poor individuals, thus remittance leads to better economic conditions and in many parts of India for the Indian families, the sole bread earners work abroad and hence the remittance that they receive helps them to survive. In order to make remittances more secure, the World Bank based in Washington has made the following information compulsory when the remittance transfer is to be made: the amount to be sent, the amount disbursed to the receiver, the fees if any paid by the sender and the receiver, the date when the remittance will be made available to the receiver and the place where the recipient will receive the remittance. Remittance can be done through a Global Bank. But having a bank account with the bank for both the sender and the receiver is an essential. Or if not the banks then you may use Money Transfer Operators like Western Union Money Transfer. Remittance could also be done by going online to various sites and remitting money back to one's loved ones through the World Wide Web. The United States of America followed by Saudi Arabia and then by Germany has the highest volume of outgoing remittances.
The World stands as a globalised village. Many people go aboard for better education or for a better lifestyle. Through Remittance they do not need to worry about their loved ones at home anymore. Remittance transfers have existed for centuries, but have only garnered the attention of people in the last couple of decades.
Remittance Transfer could either be domestic or could be International. If the money is remitted within the same country then it is said to be Domestic. It is believed that almost ten percent of the population of the world is a part of the process of remittance. The majority of the remittance receivers are poor individuals, thus remittance leads to better economic conditions and in many parts of India for the Indian families, the sole bread earners work abroad and hence the remittance that they receive helps them to survive. In order to make remittances more secure, the World Bank based in Washington has made the following information compulsory when the remittance transfer is to be made: the amount to be sent, the amount disbursed to the receiver, the fees if any paid by the sender and the receiver, the date when the remittance will be made available to the receiver and the place where the recipient will receive the remittance. Remittance can be done through a Global Bank. But having a bank account with the bank for both the sender and the receiver is an essential. Or if not the banks then you may use Money Transfer Operators like Western Union Money Transfer. Remittance could also be done by going online to various sites and remitting money back to one's loved ones through the World Wide Web. The United States of America followed by Saudi Arabia and then by Germany has the highest volume of outgoing remittances.