International Day of Family Remittances 2023 (US): Facts and More

International Day of Family Remittances 2023: International Day of Family Remittances is celebrated annually on June 16 to recognise the contributions made by more than 200 million expatriates to better the lives of their family members back home. The day has been endorsed by the General Assembly of the United Nations and is globally recognised. Half of these remittances are sent to rural communities, where they can have a significant impact. This day aims to increase awareness of the impact that these contributions have on families, communities, and nations.

HISTORY OF INTERNATIONAL DAY OF FAMILY REMITTANCES

Remittances, or relatively modest cross-border person-to-person remittances, are essential to the developing world. Individual remittances may be of modest value, but these transfers are three times larger than global official development assistance. Numerous households in the developing world are wholly dependent on these funds. These funds are used to maintain the household, send children to education, and cover medical expenses.

The International Day of Family Remittances is internationally recognised and a key initiative of the Global Compact for Safe, Orderly, and Regular Migration (Objective 20), which calls for a reduction in transfer costs and increased financial inclusion through remittances. Over the past two decades, remittance flows have multiplied fivefold, functioning as a countercyclical factor during economic downturns in recipient countries.

International Day of Family Remittances is significant because approximately 800 million family members receive remittances. The day emphasises the perseverance and resiliency of the numerous migrant workers in the face of economic insecurity, natural disasters, and climate-related catastrophes. The pecuniary aspect of the social contract that binds migrants to their families back home is formed by remittances. Overall, these inflows amount to billions of dollars, but the average monthly remittance is between $200 and $300. The United Nations has repeatedly urged governments, the private sector, development organisations, and civil society to promote digital and financial solutions that promote greater social and economic inclusion for these flows.

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Five facts about payments that will shock you

India ranks first.

Since 2008, India has been the largest recipient of remittances.

Tonga leads the other ranking.

Tonga ranks first in terms of remittances as a percentage of gross domestic product, with a 38% proportion.

It’s extremely prevalent

Around one-ninth of the global population is supported by funds sent home by migrant labourers.

The funds are allocated to rural regions.

Approximately half of all remittances are sent to rural areas, where 75% of the world’s impoverished and food insecure population resides.

They may be expensive to dispatch.

The average cost of conversions and fees for remittances is 7% of the quantity sent.