5 Countries that Benefit Most from Remittances

Western Union is an international company that manages money transfers, and the business can utilize cutting-edge technology, provide excellent customer service, expedite the money transfers, and offer important updates.

While you are sending money internationally, you could contact the business, manage the transaction, evaluate the money transfer status, and provide encrypted information. You may directly send money to a specific bank account, or you could transfer the money to a local store. Once the store receives the funds, the recipient can easily pick up the money.

Sending Money to India

During the last year, many people have sent remittances to relatives who reside in India, and these remittances have a total value of more than $79 billion. Since November 2019, the number of remittances has increased by approximately 20 percent. In 2022, the senders may initiate money transfers that are worth at least $87 billion.

Providing Remittances That Can Benefit Relatives in China

Recently, multiple reports have suggested that more than 10 million Chinese workers are located in foreign countries, and many workers frequently send money to family members who reside in China. During the last year, the workers provided more than $67 billion. Once the family members receive the extra funds, the citizens may purchase additional food, pay multiple bills, buy real estate or invest the money.

Currently, China contains more than 1.4 billion people, and in 2021, less than 1 percent of Chinese citizens will work abroad. According to several reports, the number of foreign workers could substantially increase during the next year.

Sending Money to Mexico and Helping Family Members

Many workers frequently send money to relatives who reside in Mexico, and since November 2020, the workers have requested money transfers that have a value of more than $40 billion. Recently, the values of remittances increased by approximately 10 percent. In 2022, the workers may send at least $45 billion to family members who are located in Mexico. The extra money has helped millions of people, and once the citizens receive the funds, the recipients can quickly exchange the currency.

Offering Remittances for Relatives in the Philippines

During the last year, more than 10 million people sent money to the Philippines, and according to numerous reports, the country received remittances that are worth at least $34 billion. In the Philippines, $10 might be worth more than 500 pesos. Once a citizen receives a money transfer, the recipient can buy important necessities, pay rent or reduce multiple types of debts.

Receiving Money in Pakistan

Multiple reports have indicated that Pakistan received more than $16 billion during the past year, and in 2022, the workers may send at least $20 billion to relatives who reside in Pakistan. Recently, the local government described multiple incentives that will encourage the workers to send extra money. Once a worker initiates a money transfer, the sender might receive a substantial bonus, or an employer could send the bonus to the family of the worker.

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