Money Remittances: If there is no money

11:55  16 october  2020
11:55  16 october  2020 Source:   dw.com

The Covid-19 crisis is a severe blow to money transfers from African diasporas

 The Covid-19 crisis is a severe blow to money transfers from African diasporas © MIGUEL MEDINA / AFP In a street in Addis Ababa in Ethiopia, the logo of the Western Union, one of the banks that the African diaspora uses for money transfers (illustrative image). The United Nations Economic Commission for Africa is concerned about the decline in remittances from African diasporas. With the global economic crisis, these diasporas send less money to the countries of origin. This year, the decline is expected to reach 21%, or $ 18 billion less than in 2019.

A remittance refers to money that is sent or transferred to another party. Payment remittances are money transfers made by people to another party. They can be made to satisfy an obligation As a result, there are concerns among financial intelligence units that remittances are one of the ways in

Federal law defines “ remittance transfers” to include most electronic money transfers from consumers in the United States through “ remittance transfer providers” to recipients abroad. If appropriate, a statement that additional foreign taxes and fees may be deducted from the remittance transfer.

No job, no money: Because Corona makes many migrants unemployed, remittances also collapse. A threatening development for 800 million people for whom these money transfers are vital.

Geld in Minuten: Kubaner warten vor der Filiale von Western Union in Havanna auf Überweisungen von Verwandten aus dem Ausland © AFP / Getty Images Money in minutes: Cubans wait in front of the Western Union branch in Havana for transfers from relatives from abroad

It's a cry for help. Loud and still noiseless. "We have to do without meals now," writes Sunil N. via email. The tourist guide from Sri Lanka is desperate. "Again the government is imposing a curfew. The corona virus is spreading again. We have no money to buy food. We are now beggars."

Just a few years ago, the linguistic slender tourist guide from Sri Lanka regularly received visitors from Germany and showed them the island. He and his family now rely on remittances from friends to survive. Because Corona has almost brought tourism in Sri Lanka, which has already been hit by numerous crises, to a standstill.

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Mobile money remittances have made this process easier as the recipient receives the cash instantly. Choosing a Money Transfer Channel. In this case, you need to write a check and send it via mail to the recipient. It is a rather slow method, and there is a high chance of the cheque getting lost or

There is a limit specifically set for remittance via Hang Seng Business e-Banking. The limit is governed by the User Daily Limit(s) of the user as well as 8. When will beneficiaries receive the money if we make a remittance to an overseas account today? The time when the beneficiary receives the funds

The need is growing, the money is shrinking

Whether in Sri Lanka, China, Mexico, Nigeria or the Philippines: At the very moment when financial support is particularly important because Corona exacerbates hunger and poverty worldwide, remittances are decreasing worldwide. "After the lockdown, payments fell sharply in April and May," World Bank spokeswoman Alexandra Klopfer Hernandez confirmed to DW.

In June and July, remittances increased somewhat. But Hernandez is anything but optimistic: "Due to the high unemployment among migrants and the economic crisis, we assume that remittances will decrease further."

In 2019, migrants transferred more than $ 550 billion to their families, over $ 130 billion of which came from Europe.

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Money Transmitter License. US Remittance & Payments Solution: The Problem. Banks, Money Transfer Operators and Commercial Companies outside the US are not allowed to solicit clients from the US In order to obtain Money Transmitter License coverage, there are two avenues of approach

No Money Remittance Operator. Money transfer apps are the future choice! The only thing needed is to ensure that you have enough cash on your phone to transfer. Moreover, there are no extra charges when you transfer the money from one county to the other.

Back in April, the World Bank had forecast a decline of around 20 percent in remittances due to Corona. What that would mean in practice is described by the Knomad network (Global Knowledge Partnership on Migration and Development), which is also financially supported by the German Development Ministry.

Transfers in Europe

"The plight of the around 800 million people who depend on transfers for survival will worsen. The economic stability in many poor countries of origin is also at risk," says Knomad. Because more money flows into these countries through remittances than through all foreign direct investments and development aid combined.

Germany is one of the most important countries for remittances in Europe alongside France, Spain, Great Britain, Russia and Italy. According to the Bundesbank, the flow of capital has increased steadily from 3.5 billion to 5.4 billion euros over the past five years.

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Minimum amount of remittance is CAD 50. Money is received and processed in 3 working days. Given below is the present charges structure for all the GBP After collection, the proceeds will be deposited in the account. If there is a need for currency conversion, the currency conversion rate prevailing on

Money remittances can be picked up from over 10,000 branches in the Philippines. Online money transfer can be paid via a U.S. checking account On the other hand, there are customer complaints on the Consumer Affairs website about Xoom putting money on hold for too long, asking for additional

It is significant that only one of the ten largest recipient countries does not belong to Europe: Syria.

Marina Manke from the International Organization for Migration (IOM) refers to the lack of meaningful figures. "We don't have any current data on remittances or the effects of COVID-19," she explains. Until now it has been dependent on local samples and estimates.

Jobkiller Corona

For example from Moldova. "Half of all of the Moldovan migrants we interviewed confirmed that they no longer had an income. They stopped making payments to their families," says Manke.

The financial service providers TransferWise, Western Union and MoneyGram do not want to provide any information on the scope of their transfers and refer to their annual reports. These in turn show that the payment flows have collapsed sharply.

For example, Western Union recorded a decrease in its revenue of 17 percent in the second quarter of this year compared to the same period last year. At MoneyGram, according to the quarterly report between April and June, the decline was around 13 percent.

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Theoretically speaking, there is no limit to the amount of money you can send back to India in a year. All governments welcome funds from foreign countries as No tax to be paid if the sender is your close relative. As per RBI rules, the remittance money received from persons abroad, who are your close

If you have a Yandex. Money card, you can withdraw cash at any ATM. You do not need to do anything in advance: simply insert your card, enter PIN, and collect the money .

Geld abholen und gleich ausgeben: Vor der Western Union Filiale in Makeni in Sierra Leone bieten Straßenhändler ihre Waren an © picture-alliance / T. Schulze Pick up money and spend it right away: Street vendors offer their goods in front of the Western Union branch in Makeni in Sierra Leone.

Migration experts are therefore demanding that financial service providers lower their fees so that the migrants' hard-earned money can be as much as possible with the family Country of origin arrives.

Dispute over fees

Currently, the fees vary between three and seven percent per transfer. With a total volume of $ 554 billion in 2019, this means that between $ 16 and 38 billion will remain with financial service providers. A sum that the families lack and that could contribute to developmental progress and investment in the affected countries.

However, with increasing digitalization, the pressure on financial service providers is growing. In view of the corona crisis, they are investing massively in digital payment models. In addition, the costs for a transfer can be compared on numerous platforms, including the website www.geldtransfair.de, which is sponsored by the German Development Ministry.

For Sunil N. in Sri Lanka, these debates about remittances are far away, even if they concern him directly. He worries about the next day and sees black for the future of tourism on the island.

The airport in Colombo has been closed to international flights since March 19. "Our country is closed," he writes. "We don't even have money for face masks anymore. It's very difficult to survive."

Author: Astrid Prange De Oliveira

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