By Sabrina Loh
Everyone chooses to live abroad for different reasons — for love, study, work, a fresh start, or even better quality of life. It’s estimated that 281 million people are currently living outside of their country of origin.
No matter their reason for leaving home, each brings with them their unique culture, life experiences, knowledge, hopes, and dreams. As they settle into their new host countries, keeping their families safe and healthy back home remains at the top of their minds.
International remittances serve as a lifeline for many around the world, now more than ever as we live in these uncertain times. It ensures that your money can be there for your family when you physically can’t.
Here are 5 things you may not know about sending your money back home.
1. One in seven people are supported by funds sent home
A staggering one billion people in the world are involved with remittances, either by sending or receiving them. One in seven people in the world benefit from these flows.
2. It strengthens family ties
Sending money keeps family ties strong, even across vast distances. For example, sending e-money packets during your nephew’s wedding, or green packets during Raya in Indonesia.
Remittances offer a way for you to stay involved in your family’s traditions and show them that they can always depend on you, no matter how far apart.
This was demonstrated in the May 2021 report by the World Bank that indicated remittances remained resilient despite the ravaging effects of the pandemic.
3. Provide a better life for your family
Nothing says I love you more than allowing your loved ones to build a better life. The money you send home could fund the education of your younger siblings, buy a family home, allow your parents to retire, support your grandmother’s medical bills, and more.
4. It keeps millions out of poverty
Remittance money received is often a major part of a household’s total income, especially in poorer countries. It’s estimated that 75% of the money is used to put food on the table and cover housing expenses and medical fees.
5. Opens conversations about financial literacy
Money is often a sensitive subject to talk about. However, through understanding how your family spends their remittances, this opens more conversations about how to manage their finances better and encourages more positive money habits like budgeting, planning ahead, and tracking spending.
How BigPay is helping to support your family back home
1. Send money to 10 countries and counting
We’re bringing South East Asia closer together with more countries to come soon! Transfer money from your BigPay account directly to bank accounts in China, Indonesia, Thailand, Philippines, Vietnam, Nepal, India, Bangladesh, Singapore, and Australia.
2. It’s super easy
With BigPay, everything is 100% digital. No need to physically go anywhere. The only thing you need is your recipient’s bank details and your BigPay app.
3. Affordable exchange rates
When sending money internationally, you’ll get a super competitive exchange rate and a full display of the fees. This means that you’ll pay less, and your recipient will get more!
4. Enjoy full transparency
You’ll know exactly when your money leaves your BigPay account, what fees you’ll pay and when the recipient will get the money – all on one screen.
We make sure that when you can’t be there, your money can. Download the BigPay app on iOS and Android.