Better online money transfer service availability has increased the remittance over the past years, especially to the people who often send money to Pakistan. According to “the World Bank” press release on 8th April 2019 in Washington in migration and development brief, it was stated that the record increased number of remittances were sent globally in 2018.
The money transferred internationally either by the worker in a foreign country or by the migrants to their family. Remittance is a source of capital income in the country from abroad and builds a significant part of the economy in building and is complete with international aid.
What are the Remittance Trends in South Asia?
South Asia is the part of the world having eight countries (i.e. Pakistan, Afghanistan, India, Bangladesh, Sri Lanka, Nepal, Bhutan, Maldives) and all fall under the category of developing countries. As mentioned above that, the World Bank stated the record 10 percent growth of remittance all over the world in 2018. And in this remittance record of 689 billion US dollars, US$ 528 billion remittances are to the developing countries all around the globe. And there is a further 3.7 percent increase in remittance record.
Mostly the people of developing countries go abroad to study and for working. This is just to support their families and giving them a good lifestyle. So the opportunities abroad attract them to move out of their countries to earn a better income and give their families a better lifestyle. South Asia is the fastest-growing region of the world, and a 7 percent growth increase is recorded.
The same report of the World Bank mentioned above states that the growth in remittance in South Asia is of 12 percent in 2018. It means that the trend of remittance or money transfer online is elevating in this region. With time and in coming years, remittance can be the greatest source of international income to this country. In many developing countries, remittances make even above 10 percent part of Gross Domestic Product in their economy.
We can discuss the money transfer to some of the countries of South Asia to evaluate and to put light on the trends followed in terms of remittance and online money transfer service.
Is Pakistan a Renowned Destination to Send Money Online?
Pakistan is the emerging and most important country in the region. Ministry of overseas Pakistani and Human Resource Development stated that 8.8 million Pakistanis living overseas. Pakistan is on the sixth number the list of the diaspora in the world. So this population living abroad often send money online. For this many of the online money transfer services are available and operating abroad through which money transfer can be easily processed (e.g. ACE Money transfer). It is reported in The Express Tribune that Pakistan has received 21.8 billion dollars till June 2019. It was expected that Pakistan would receive a total of 22 billion US$ remittance in the year 2018–19 according to Radio Pakistan. The World Bank reported that Pakistan has a remittance growth of 7 percent in 2018. Overseas Pakistanis can send money to Pakistan online using a website or app of a company, such as ACE Money Transfer.
The Pakistani government has also taken steps to increase the flow of remittance to Pakistan. They are increasing facilities, supporting and providing fast cheap and easy remittance inflow. This increases the chances for overseas Pakistanis to spend in their business through investment promoted by the government.
What are the Remittance Trends in India?
According to the World Bank, the country that has received the highest remittance among all the countries in 2018 was “India”. And the remittance received by India was of 79 billion US$. India has the largest diaspora or population dispersal all around the world, and all the Indians living abroad send a money transfer, and this remittance has become a big source of economy and makes up a big part of GDP. The World Bank stated that remittance to India increased by 14 percent in 2018. ACE Money Transfer also promises to transfer money at best exchange rates and admirable services and also provide unmatchable remittance experience
In the coming years, the remittance amount is going to increase further and India will probably remain its position as the country with the highest inflow of remittance.
What are the Remittance Trends in Nepal?
It is very easy to send money to Nepal these days. Nepali, living abroad all over the world were reported to send 8.1 billion dollars of remittance to the country in 2018 and was listed at 19th number in the highest remittance amount receiving countries list. The remittance to Nepal forms one-third of the country’s GDP and has increased three times the official aid received by the country in the last two decades. In the year 2018–19, the remittance to Nepal has increased by 29 percent.
The overseas Nepali can send money home easily by any of the online services and to send money to Nepal online there are many companies available including World Remit, Xoom, Paypal and ACE Money Transfer. All these help the people of Nepal to send money home to their families and have made money transfer online easy and convenient to be used by anyone. Also, the money transfer overseas is made pocket-friendly by lowering the fees and offering the best exchange rates policy to the customer.
All the discussion and statistics mentioned above show that the trend of migrating abroad for the aim of better working opportunities and the sake of a good lifestyle has increased in developing countries. These migrants have increased this figure with a record rate. This increasing trend of remittance flow can improve the economy as it makes its part in GDP and help a country to build a better economy and plays a role in the success and prosperity of the country financially.
Remittance trends should further increase, and there are chances for it to be increased this year too and every country. It works to improve the inflow of remittance by making such policies that make it easy for people to send money to their loved ones at best exchange rates.