A Report by CYS Global Remit Digital Media Marketing Team
Every year on June 16, we honour the International Day of Family Remittances. This day acknowledges the incredible efforts of millions of migrants who send money home to support their families and communities. At CYS Global Remit, we're proud to play a role in this essential process. Here's why remittances are more important than ever:
1. A Lifeline for Millions
Did you know that one in eight people worldwide depends on remittances? That’s an astonishing one billion individuals! Each year, 200 million migrant workers send money back home, supporting 800 million loved ones. At CYS Global Remit, we make these vital transfers possible, ensuring your loved ones receive the support they need.
2. Small Amounts, Big Impact
Migrant workers typically send between US$200 and US$300 home every month or two. While these amounts might seem small, they can make up to 60% of a household’s total income, providing a crucial financial lifeline. With CYS Global Remit's efficient transfer services, every dollar has a meaningful impact on families.
3. The Rise of Mobile Transfers
Mobile transfers are becoming increasingly popular. In 2020, the amount sent via mobile increased by 65%, reaching US$12.7 billion, and grew to US$16 billion in 2021. At CYS Global Remit, we embrace mobile technology to make sending money home easier and faster.
4. Covering Essential Needs
About 75% of remittances go toward essential needs like food, healthcare, education, and housing. During crises, migrant workers often send more to help cover emergencies. CYS Global Remit facilitates these urgent transfers, providing peace of mind when it matters most.
5. Boosting National Economies
Remittances play a crucial role in national economies, with over 80 countries depending on them for at least 3% of their GDP. These funds drive socio-economic growth, especially in rural areas. By choosing CYS Global Remit, you contribute to the stability and growth of your home country.
6. Innovating for Lower Costs
Sending remittances can be costly, but innovations like blockchain and mobile money are helping to lower these expenses. Currently, fees take up 6.4% of the total amount sent, but digital financial services offer potential savings. CYS Global Remit is committed to leveraging these technologies to reduce costs for our customers.
In summary, remittances benefit economies by funding domestic demand—crucial for lower-income households—and providing a stable source of foreign currency. They often surpass foreign direct investment, stabilizing exchange rates and the balance of payments.
At CYS Global Remit, we are dedicated to making the remittance process seamless and cost-effective for our clients. As we celebrate the International Day of Family Remittances, let's recognize the profound impact of these financial lifelines. They not only support families but also drive socio-economic growth and resilience in communities worldwide.
We're honoured to be part of this vital global network, helping to create a brighter future for all.
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