Remittances are a financial transaction that is widely used around the world, to send money from one country to another. Remittance remittances generally take place in a context of migrant workers sending money to their families.
But the world of remittances involves many issues that you must know very well, in order to optimize the operation and the return of your money.
What are remittances?
Although the concept of remittances can have different meanings, the one that is most used and the one that concerns us here is the following: remittances are international transfers, and these transfers are made up of earnings earned by a worker abroad and who sends his family to his native country.
This is a typical case when people migrate abroad in search of better employment, financial or educational opportunities. A percentage of the profits generated abroad are deposited to families who remained in their countries of origin. That constitutes the shipment.
Remittances can also be payments that a foreign employer makes to its employees who reside in other countries, or the money that families send to students abroad that they can't work.
Sending remittances
Remittances are one of the most used financial services and one of the most money-moving services in the world. The most common form of sending remittances occurs between banks, wallets or platforms, but sending cash is also an increasingly used option.
Given the enormous number of remittances, systems have grown and improved, and in addition, new platforms have emerged to operate with international money transfers.
Remittance companies
Nowadays, there are many companies that offer remittances. Los benches they are the most secure and regulated institutions in the world. But in the digitized world, wallets or virtual wallets are playing an increasingly prominent role.
However, in the field of remittances, there is a page that works very simply and without installing any application. It's about Félix Pago, a system that operates only using WhatsApp.
The advantages of using Felix Pago are:
- It is good for send money from the United States to Mexico, Guatemala and Honduras,
- It operates at a very low cost,
- You only need some details about the recipient,
- You can make bank deposits or transfers in cash,
- It's a very secure system and regulated,
- La operation It is done in a way immediate, it can take about 30 minutes to send in cash.
Some statistics on remittances
Remittances are very important to many families. These may mean a small percentage of their earnings for the worker, but for a family it can constitute from 50% or 60% of their income, resulting in a benefit for both parties.
According to the World Bank, it is estimated that the strengthening of the United States economy had a strong impact on the sending of remittances, estimating a 8% increase in remittances to Latin America and the Caribbean in 2023.
According to studies and calculations carried out by government organizations and banking institutions, In Mexico, remittances represent almost 4% of GDP.
The role of remittances is so important that the International Day of Family Remittances was defined, which is celebrated on June 16, in commemoration of all those workers who support their families from abroad.
