Nowadays, understanding family remittance needs is significant for many overseas. Same is the case with Senegal expats. They send money to Senegal for the betterment of their family members.
How Migrants Improve the Lifestyle of Their Families Through Money Transfers?
Many migrants from all over the world work hard and stay away from families. All they want is to keep up with the needs of their loved ones. The ratio of migrants is lower in developed countries. In developing and under-developed countries such as Senegal, Nigeria and Pakistan, this ratio is notably higher. In 2018, almost 698$ billion were transferred internationally, which is threefold the international funding. Out of this, 587$ were sent to developing countries. People regularly transfer money to Senegal, Philippines, Pakistan, India and other developing countries to fulfill the needs of their relatives.
To appreciate the efforts of these migrants and to acknowledge the importance of IMTOs, a world family remittance day is celebrated on the 16th of June. This day was proclaimed by the International Fund for Agricultural Department (IFAD) in February 2015. However, the United Nations adopted it recently in 2008.
Why There is A Huge Contribution of Migrants in Money Transfers?
Celebrating this day commemorates the massive contribution of migrants for their households. Since 2000, the online money transfer service is widely spread in all the world, and its use has only been increasing. Despite this elevating rate, the worldwide remittances only make 1% of the global GDP. But this is not the concern here. According to research, almost 60–70% of the household expenses are met by utilizing the money that is sent by a migrant. The received money is used for running the household, paying utility bills, education fee and other basic requirements.
Can We Send Money Online With a Responsible Money Transfer Company?
This highlights the importance of this facility. Other than the migrants, this day also throws shade on the efficient money transfer providers, which are improving their services day by day to bring ease to people’s lives. While remittances grow, it is suitable for money transfer providers to lower their costs so that people can save most of their money. When it comes to online money transfer to Senegal, the companies often provide better exchange rates to compete their competitors in the market.
What is the Role of Remittances in Senegal?
Countries as Senegal are still lying between the under-developed and developing line. Being a densely populated country, there is an excessive need for transfer services in this country. Their weak currency, low education mark and poor living styles are based as underlying reasons behind the massive number of migrants. The international remittances play an integral role in their national GDP, and their federal government is also heavily dependent on this.
The emerging companies such as ACE Money Transfer has proved to be an excellent channel to send money to Senegal online or any other country. Their rates are optimized, which makes it an ideal choice to send remittances in the home countries. Moreover, their online platforms enable the migrants to send money online, with only three simple steps. No additional hassle, no extra efforts!
The changings in this era not only bring awareness to the world but also play a huge role in motivating everyone who is involved in this process. From the sender to the regulators, and from the receivers to the money transfer providers, everyone is welcomed to celebrate their tremendous triumph in the world.