Breaking Down the Economic Situations of the 10 Countries Most Reliant on Remittance

Although the concept of expats wiring cash to their families in their native countries is certainly nothing new, the sheer degree which money is being sent back is rather staggering. According to a recent remittance report by Forbes, worldwide payments rose by 7% in 2017. This brought the total amount of global remittance payments to a whopping $613 billion. Citing oil prices and rapid currency changes, it appears that the growth of the remittance market won’t be slowing down barring a massive economic shift this year. This begs two much bigger questions, though: which countries are most impacted by the need for such payments and why are they a necessity in the first place? After all, these expats aren’t just sending money back home: they’re potentially losing a cut of their income in the process. As noted services such as Remitly, which provide streamlined remittance services for countries around the world, the cost of such payments can quickly get eaten ...

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