How did FinTech transformed international remittance?

For many families that live in the developing countries, the money sent by their migrant relatives is nothing less than a lifeline. One in every nine people globally sustains on these funds sent by the migrant workers. On a larger scale, international remittance has become a prime contributor in the GDP of many Low and Middle Income Countries (LMICs).

Only in 2018, more than 200 million migrant workers sent over $689 billion to their respective countries. Out of the total amount, $529 billion went to developing countries.

The amount sent by the migrants constitutes only 15% of their total earnings. However, the interesting point to note is that the small proportion of migrant’s earnings makes up to almost 60% of his family’s household income.

Global remittance: An expensive affair

There’s no doubt that global remittance has proved to be a lifeline for many families. However, it’s also true that the global remittance services are expensive as they come with a bunch of hidden charges, which both senders and recipients often fail to realize.

Original Source : How did FinTech transformed international remittance?