Connect with us


International Remittances Day: EU commits to reducing transaction costs to make the most of the main source of income for migrants and their families




Remittance flows to migrant countries of origin are higher than official aid flows and foreign direct investment. Globally, they continue to provide a critical lifeline for the most vulnerable, especially in low-income countries.

Objective 10 of Sustainable Development Reducing inequality within and between countries includes a key objective for remittances: reducing the transaction costs of such transfers to 3%. By achieving this key goal from the EU, migrants in the EU and their families and friends at home can now save up to 1.5 billion in fees each year. This means a 25% reduction in costs since 2015 and the European Commission has several initiatives aimed at facilitating these transactions and reducing these costs even further. It is also working to accelerate the digitalization of remittances and investment schemes through formal channels to further enhance the social and economic impact of remittances.

The Commission is in partnership with the International Fund for Agricultural Development (IFAD) and the African Union through the African Remittance Institute. In partnership with the IFAD PRIME Africa initiative, the Commission is supporting 15 innovative business initiatives in Africa for remittances, promoting digitalisation and financial inclusion, benefiting over 1 million people.

The Commission is also committed to having a better measure of official remittances and is actively participating in the World Bank’s working group on improving remittance statistics through EUROSTAT. The Joint Research Center is publishing a report today on how to improve remittance estimates and forecasts.


Globally, 200 million migrant workers send a portion of their income to help feed, shelter, educate and support at home for the health of their family members in more than 125 countries. In 2022, remittance flows to low- and middle-income countries are expected to reach 589 billion.

According to the latest available data from the World Bank and EUROSTAT, the flow of remittances from the EU to low- and middle-income countries was 64.8 billion, while remittances from the EU to the world were 110 billion. Remittances sent by the EU account for 11% of the total inflows received from low- and middle-income countries and benefit the approximately 105 million people living there.




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or [email protected]