In 2004 the G8 met at the Sea Island Summit and decided to take action to lower the costs for migrant workers who send money back to their friends and families in their country of origin. [75], Remittances are generally thought to be counter-cyclical. [18] It is country's second-largest source of foreign earnings after its gigantic textile industry. You can send money easily and securely and get your first 3 transactions FEE-FREE. It is concluded that remittances drastically shift emigration intentions upward. Agent Login. [65] Refugees and other displaced populations also often remit to family members left behind in conflict areas.[66]. Funds transfer to Japan and Thailand via DBS digibank or DBS iWealth® app will be subject to charges. [39], A major source of foreign-exchange earnings for Nigeria are remittances sent home by Nigerians living abroad. [36][37] Additionally, global initiative like the United Nations Sustainable Development Goal 10 has a target of reducing the transaction costs of migrant remittances to less than 3 percent by 2030. Send on the go and track your transfer with our app, 62 Buckingham Gate, London, SW1E 6AJ, United Kingdom. The extent to which remittances produce benefits for developing countries is argued. An August 2016 Nigerian Central Bank (NCB) decision to suspend the operations of all MTOs in the country, except those of Western Union, MoneyGram and Rio,[42] was met with a strong backlash. [71] However, new findings for Armenia suggest that remittances help potential migrants to ease the migration process, serving as a resource rather than as a contractual tool between migrants and non-migrants. [59] The resulting publication of the Remittance Prices Worldwide Database serves four major purposes: benchmarking improvements, allowing comparisons across countries, supporting consumers’ choices, and putting pressure on service providers to improve their services. Significant amounts of remittances were sent from 37 U.S. states, but six states were identified as the "traditional sending" states: New York (which led the group with 81% of its immigrants making regular remittances), California, Texas, Florida, Illinois, and New Jersey. Frequently asked questions to help with your money transfer. 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