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The International Day of Family Remittances (IDFR) is celebrated every year on 16 June.
A family remittance is the money sent by migrant workers to support their families and loved ones back home.
According to the International Organization for Migration (IOM) there are 258 million international migrants globally (or 3.4% of the global population) who live outside their countries of birth.
As we travel more, for work and for leisure, sending money abroad is a very common aspect of our daily lives. Whether you are sending money home to your family or making a payment to a company for a product or service, there are many reasons for us to send money abroad. But for something that seems so simple, why has it always been such a challenge for us for such a long time?
Why is it such a pain to send money overseas? Whether its paperwork to fill out or multiples strings of numbers, for example, SWIFT, BIC, Sort Code, Account Number, Security Number, Mobile Banking Number, the list is endless. Why do things have to be so tricky?
