Jump forex remittance northern uk com navigation Jump to search This article is about the transfer of money by migrant workers. For a payment sent by a customer to a business, see remittance advice. A remittance is a transfer of money by a foreign worker to an individual in their home country.
Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Remittances are playing an increasingly large role in the economies of many countries. They contribute to economic growth and to the livelihoods of those countries. Note: These are the largest 15 recipient countries of remittances only for the year 2013. World Bank data is used for all countries and years.
The US has been the leading source of remittances globally in every year since 1983. Russia, Saudi Arabia, and Switzerland have been the next largest senders of remittances since 2007. The flow of remittances to Jordan experienced rapid growth during the 1970s and 1980s when Jordan started exporting skilled labour to the Persian Gulf. These remittances represent an important source of funding for many developing countries, including Jordan. A common shop for remittance in Angeles City, Philippines.
According to a World Bank Study, the Philippines is the second largest recipient for remittances in Asia. 6 billion back to the Philippines through formal banking systems. The total is estimated to have grown by 7. Remittances are a reliable source of revenue for the Philippines, accounting for 8. 9 per cent of the country’s GDP. The Estrada administration in 2000 declared it “The Year of Overseas Filipino Worker in the Recognition of the Determination and Supreme Self-Sacrifice of Overseas Filipino Workers. This declaration connects monetary remittances of overseas workers as the top foreign-exchange earnings in the Philippines.
In Latin America and the Caribbean, remittances play an important role in the economy of the region, totaling over 66. 5 million Latin American-born adults who resided in the United States at the time of the survey regularly sent money home. Significant amounts of remittances were sent from 37 U. California, Texas, Florida, Illinois, and New Jersey. Remittance culture in the United States has contributed to the formation of “micro-geographies”, tightly knit networks that integrate U. Latin America, such as migrants from Oaxaca, Mexico, who have settled in Venice Beach, California.