Friday, May 2, 2008

Remitting for a better tomorrow

The world in the 21st century has indeed got smaller. Distances are no longer keeping us apart and with means of technology evolving everyday, man is finding more ways of staying in touch. Gone are the days when we cringed at the thought of leaving our country and going to a new place in search of a better life. The Asians in particular have been migrating to countries such as, USA, England, Australia and South Africa in large numbers. With better opportunities of employment in these countries attracting the migrants, the lure of moving out of the native countries is getting stronger. But it’s not just the promise of a bright future that has caught the fancy of the migrating population. The prospect of earning better to support their families in the poor native lands is something every migrant looks at eagerly when he leaves his homeland.

In an estimate around 150 million migrants remitted over US$300 billion to their families in developing countries in 2006. The figures are enough to draw the conclusion that most of the migrant workers in developing countries save money to remit their earnings to their families they have left behind. The money that comes from these sources not only aid the families but also the weak economies around the globe which are largely dependent on the money that is send by the non resident workers earning a living in the developed countries.

Remitting procedures hence are needed to be simplified in order to enhance the transfer of money in a particular time frame. With the number of migrants growing by each passing day the remitting business is becoming more important.

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