On the occasion of International Day of Family Remittances (IDFR) celebrated on June 16th, Xpress Money, is saying #WeSaluteYou to all those sending money to their loved ones in other countries. With an estimated 232 million migrants across the globe, their contribution to the economies of their origin equates to over $613bn in remittances, often funded by migrants selflessly working hard to help their families back home.
To mark the day, Xpress Money is calling for more to be done to help the movement of money and boost economies. In 2017, remittances to developing countries grew for the first time in two years – from $429bn to $466bn. The average cost of global remittances starts at 7.13%, and despite earlier efforts by the G8 to drive this down to 5% by 2014, and the UN seeking a reduction to 3% by 2030, migrant workers are feeling the pinch as remittance costs still remain high. Xpress Money, through collaboration and innovation, has maintained its global average remittance cost to 2 percent. Xpress Money calls for collaboration with other money transfer operators and financial institutions to lower the global average cost of remittances by abolishing exclusivity contracts currently prevalent in the industry.
Speaking about the importance of IDFR, Xpress Money COO, Sudhesh Giriyan said: “Migrant remittances play a key role in transforming lives and economies around the world. Even small amounts sent home have a big impact on the lives of the people receiving it and the communities they live in. With many moving thousands of miles to help keep loved ones out of poverty, we wanted to use International Day of Family Remittances to celebrate migrant workers. #WeSaluteYou is a small tribute to our customers and all migrants across the world for their selfless contribution to their loved ones.”
The International Day of Family Remittances, was celebrated on 16th June, recognizes the financial contribution of migrant workers towards the wellbeing of their families and to the development of their countries of origin. It is also aimed at encouraging the public and private sectors, to do more together and collaborate to maximize the impact of remittances in the developing world.
To mark the occasion of International Day of Family Remittances, Xpress Money is launching the #WeSaluteYou campaign, which will run across Instagram, Facebook and Twitter through the day. As part of this, the company is looking for the best stories of how remittances are changing the world.