10 COMPELLING REASONS WHY YOU NEED TO SEND MONEY ONLINE BACK HOME FROM OVERSEAS

It is practically difficult for many people to exist without the ability to transfer money from one country to another. It is thought to be far more critical for economically emerging nations. 

Most families have at least one person who works abroad due to lack of employment and send money back overseas to improve living standards for their loved ones. Nowadays, there are many ways to send money worldwide, including mobile apps that enable you to do so with the touch of a finger. 

With the help of its reliability and practicality, ACE Money Transfer sends billions of dollars over a global remittance platform, making the money transfers more efficient and less expensive.

Reasons for sending money back home

Some of the reasons for sending money back home are discussed below:

Eliminating poverty

Even while the money sent only accounts for 15% of what migrants make in their new countries of residence, it frequently makes up the majority of a household's overall income in the countries of origin and, as such, provides a lifeline for millions of families. Thanks to the diasporas who send money online back to families.

According to estimates, three-quarters of remittances are used to pay for necessities like putting food on the table, paying for medical care, paying for children's tuition, or paying for housing. Additionally, migrant workers often send more money home during emergencies to help with crop losses or other urgent matters.

The remaining 25% of remittances, or over $100 billion annually, can be saved or invested in projects that build assets.

Help accomplish at least seven of the seventeen SDGs

Immigrants support several of the objectives outlined in the 2030 Sustainable Development Agenda by sending money home. Seven essential SDGs are mentioned below:

• No Poverty

• Zero Hunger

• Good Health and Well-Being

• Quality Education

• Clean Water and Sanitation

• Decent Work and Economic Growth

• Reduced Inequality

If the current trend of global money transfer continues, an estimated $8.5 trillion will be transferred by migrants to their communities of origin in developing nations between 2015 and 2030, the time frame covered by the 2030 Agenda. A critical component of sustainable development is that out of that sum, more than $2 trillion, or one-fourth, will be either saved or invested.

Benefiting the rural areas

Three-quarters of the world's impoverished and food-insecure people live in rural areas, where around half of all remittances worldwide are sent. Over the next five years, it is predicted that cumulative flows to rural areas will total $1 trillion globally. 

More significant than international aid

Remittances are a private source of funding that is more than three times as large as foreign direct investment and official development aid (ODA). Over 200 million migrant workers sent $689 billion in remittances home in 2018, $529 billion of which went to poorer nations.

About eleven percent of civilisation relies on online remittances

Approximately 1 billion people, or one in seven people worldwide, are currently associated with remittances by sending or receiving them. One in nine people, or about 800 million people, get these financial transfers from family members who have moved abroad in search of employment.

Transparency in the market

Restrictive immigration laws that function as barriers to travel between migrants' host countries and their countries of origin can provide a problem for social remittances. 

Travelling between nations has been made easier by using multiple-entry visas, residence permits that allow for an extended stay abroad without losing residency rights, and diaspora ID cards.

Education

Migratory families back home and migrants in their new countries require financial education, financial literacy, and access to cheap financial services. 

This will give migrants the information they need to decide on the safest and most affordable way to send money home and provide them with knowledge of the financial instruments their families can use to invest.

Economic lifelines

Governments can foster a favourable climate to promote remittance flows to the economy's productive sectors. 

The transfer of skills, social, cultural, and technological capital, as well as financial flows like remittances, investment, and trade, have historically been significant drivers of growth in the nations of origin of diaspora populations. 

UN facilitating remittances worldwide

Half of all flows travel to rural areas in developing nations. Thus, IFAD, the UN agency charged with agricultural development, is seeking to increase the influence of remittances on development even more. 

Aiming to reduce transfer costs and offer financial services to migrants and their families, the organisation's Financing Facility for Remittances programme (FFR) was created to foster new business ideas. 

The programme implements efforts to empower immigrants and their families through financial inclusion and education, as well as migrant investment and entrepreneurship, through partnerships across several industries.

Development and investments

As a result, one of the goals of the Global Compact on Safe, Orderly and Regular Migration, which the UN General Assembly agreed upon in December of last year, is for migrants to contribute to development through remittances and investments. 

ACE Money Transfer values its customers' work and strives to offer secure and affordable transfers to all of its customers. ACE makes it easier for its customers by enabling them to send money online to more than 100 different countries with just a few clicks.

Bottom line!

More individuals than ever before are moving around the globe. There are currently 258 million people living outside of their nation of birth. For various reasons, migrants leave their homes, but they all carry their experiences, knowledge, cultures, and aspirations. They learn new abilities and acquire knowledge as they adapt to life in their host nations. Additionally, sending money home supports their families and communities there.