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The International Day of Family Remittances \(IDFR\) is celebrated every year on 16 June.<\/p>
A family remittance is the money sent by migrant workers to support their families and loved ones back home.<\/p>
According to the International Organization for Migration \(IOM\) there are 258 million international migrants globally \(or 3.4% of the global population<\/u><\/a>\) who live outside their countries of birth.<\/p> They often send money back home to provide their families with health, nutrition, education opportunities. Remittances to low- and middle-income countries are expected to reach $550 billion in 2019, according to the World Bank’s latest Migration and Development Brief<\/u><\/a>.<\/p> Banks continue to handle the majority of remittances. However in recent years online money services and fintech companies are emerging as mobile technologies make it easier and faster to send money worldwide and allow to reduce the costs.<\/p> But despite the changes, costs remain very high. According to the World Bank’s Remittance Prices Worldwide database in Q1 2019, the Global Average cost for sending $200 remained at 7 percent<\/u><\/a>, roughly the same level as in previous quarters \(figure 1.5\)<\/p> <\/p>Remittance companies<\/h2>