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Remittance
A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Remittance is more than three times as large as the total global foreign aid. In 2021, $780 billion was sent to 800 million people, while foreign aid totalled $200 billion. Most remittance flows from high-income countries to lower-income countries. Workers' remittances are a significant part of international capital flows, especially with regard to labor-exporting countries. A substantial share of remittance ends up in the hands of banks and money-transfer companies due to fees imposed on money transfers. Governments can play a vital role in enabling migrants to support their families more effectively by implementing measures that help reduce transa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Remittance Advert Oxford Street London 20060909
A remittance is a non-commercial Wire transfer, transfer of money by a Migrant worker, foreign worker, a member of a diaspora community, or a Citizenship, citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing country, developing countries. Remittance is more than three times as large as the total global Aid, foreign aid. In 2021, $780 billion was sent to 800 million people, while foreign aid totalled $200 billion. Most remittance flows from high-income countries to lower-income countries. Workers' remittances are a significant part of international Capital (economics), capital flows, especially with regard to labor-exporting countries. A substantial share of remittance ends up in the hands of banks and money-transfer companies due to fees imposed on money transfers. Governments can play a vital role in enabling migrants to sup ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Migrant Worker
A migrant worker is a person who Human migration, migrates within a home country or outside it to pursue work. Migrant workers usually do not have an intention to stay permanently in the country or region in which they work. Migrant workers who work outside their home country are also called foreign workers. They may also be called expatriates or guest workers, especially when they have been sent for or invited to work in the host country before leaving the home country. The International Labour Organization estimated in 2019 that there were 169 million international migrants worldwide. Some countries have millions of migrant workers. Some migrant workers are undocumented immigrants or slaves. Definition The International Organization for Migration's Global Migration Data Analysis Centre states that "there is no internationally accepted statistics, statistical definition of labour migration", but refers to the International Labour Organization (ILO)'s definition: "internati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
KNOMAD
The Global Knowledge Partnership on Migration and Development (KNOMAD) is an initiative of the World Bank that describes itself as "envisaged to be a global hub of knowledge and policy expertise on migration and development issues." The goal is to have it work in close collaboration with the Global Forum on Migration and Development and the Global Migration Group. History KNOMAD grew out of the World Bank's earlier efforts to compile data on migration and remittances; the goal with KNOMAD was to make the process more systematic and encompass a wider range of measures related to migration. KNOMAD's inception phase was from May 2011 to April 2013. During this time, it held consultations with governments, civil society organizations, the private sector, and academics. It organized global experts' meetings in December 2012 in Geneva and Washington D.C. As part of the inception process, Dilip Ratha, KNOMAD's CEO, shared thoughts on KNOMAD's role in shaping future policy in a blog post ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MoneyGram
MoneyGram International, Inc. is an American interstate and international peer-to-peer payments and electronic funds transfer, money transfer company headquartered in Dallas, Dallas, Texas. It has an operations center in St. Louis Park, Minnesota, and regional and local offices around the world. On June 1, 2023, Madison Dearborn Partners completed the acquisition of MoneyGram. Overview MoneyGram businesses are divided into two categories: Global Funds Transfers and Financial Paper Products. The company provides its services to individuals and businesses through a network of agent (law), agents and financial institutions. In 2014, it was the second largest provider of money transfers in the world. MoneyGram operates in more than 200 countries and territories with a global network of about 400,000 agent offices. History MoneyGram International was formed when two businesses merged: Minneapolis-based Travelers Express and Denver-based Integrated Payment Systems Inc. MoneyGram w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Western Union
The Western Union Company is an American multinational financial services corporation headquartered in Denver, Denver, Colorado. Founded in 1851 as the New York and Mississippi Valley Printing Telegraph Company in Rochester, New York, the company changed its name to the Western Union Telegraph Company in 1856 after merging with several other telegraph companies. It dominated the American telegraphy industry from the 1860s to the 1980s, pioneering technology such as telex and developing a range of telegraph-related services, including wire transfer, wire money transfer, in addition to its core business of transmitting and delivering telegram messages. After experiencing financial difficulties, it began to move its business away from communications in the 1980s and increasingly focused on its money-transfer services. It ceased its communications operations completely in 2006, at which time ''The New York Times'' described it as "the world's largest money-transfer business" and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bangladesh
Bangladesh, officially the People's Republic of Bangladesh, is a country in South Asia. It is the List of countries and dependencies by population, eighth-most populous country in the world and among the List of countries and dependencies by population density, most densely populated with a population of over 171 million within an area of . Bangladesh shares land borders with India to the north, west, and east, and Myanmar to the southeast. It has a coastline along the Bay of Bengal to its south and is separated from Bhutan and Nepal by the Siliguri Corridor, and from China by the List of Indian states, Indian state of Sikkim to its north. Dhaka, the capital and list of cities and towns in Bangladesh, largest city, is the nation's political, financial, and cultural centre. Chittagong is the second-largest city and the busiest port of the country. The territory of modern Bangladesh was a stronghold of many List of Buddhist kingdoms and empires, Buddhist and List of Hindu empir ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Diaspora
A diaspora ( ) is a population that is scattered across regions which are separate from its geographic place of birth, place of origin. The word is used in reference to people who identify with a specific geographic location, but currently reside elsewhere. Notable diasporic populations include the Jewish Diaspora formed after the Babylonian exile; Assyrian diaspora following the Sayfo, Assyrian genocide; Greeks that fled or were displaced following the fall of Constantinople and the later Greek genocide as well as the Istanbul pogroms; the emigration of Anglo-Saxons (primarily to the Byzantine Empire) after the Norman Conquest, Norman Conquest of England; the Chinese people, southern Chinese and South Asian diaspora, South Asians who left their homelands during the 19th and 20th centuries; the Irish diaspora after the Great Famine (Ireland), Great Famine; the Scottish diaspora that developed on a large scale after the Highland Clearances, Highland and Lowland Clearances; Romani ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Aid
In international relations, aid (also known as international aid, overseas aid, foreign aid, economic aid or foreign assistance) is – from the perspective of governments – a voluntary transfer of resources from one country to another. The type of aid given may be classified according to various factors, including its intended purpose, the terms or conditions (if any) under which it is given, its source, and its level of urgency. For example, aid may be classified based on urgency into emergency aid and development aid. Emergency aid is rapid assistance given to a people in immediate distress by individuals, organizations, or governments to relieve suffering, during and after man-made emergencies (like wars) and natural disasters. Development aid is aid given to support development in general which can be economic development or social development in developing countries. It is distinguished from humanitarian aid as being aimed at alleviating poverty in the long term, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fintech
Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as cryptocurrencies. Financial technology companies include both startups and established technology and financial firms that aim to improve, complement, or replace traditional financial services. Evolution The evolution of financial technology spans over a century, marked by significant technological innovations that have revolutionized the financial industry. While the application of technology to finance has deep historical roots, the term "financial technology" emerged in the late 20th century and gained prominence in the 1990s. The earliest documented use of the term dates back to 1967, appearing in a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wire Transfer
Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash office. Different wire transfer systems and operators provide a variety of options relative to the immediacy and finality of settlement and the cost, value, and volume of transactions. Central bank wire transfer systems, such as the Federal Reserves Fedwire system in the United States, are more likely to be real-time gross settlement (RTGS) systems, as they provide the quickest availability of funds. This is because RTGS systems, such as Fedwire, post each transaction individually and immediately to the electronic accounts of participating banks maintained by the central bank. Other systems, such as the Clearing House Interbank Payments System (CHIPS), provide net settlement on a periodic basis. More immediate settlement systems te ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clearing House Interbank Payments System
The Clearing House Interbank Payments System (CHIPS) is a United States private Clearing house (finance), clearing house for large-value wire transfer transactions. As of late 2024, it settles approximately 500,000 payments totaling US$1.8trillion per day. Together with the Federal Reserve Banks' Fedwire Funds Service, CHIPS forms the primary U.S. network for large-value domestic and international USD payments where it has a market share of around 96%. CHIPS transfers are governed by Article 4A of Uniform Commercial Code. Unlike the Fedwire system which is part of a regulatory body, CHIPS is owned by the financial institutions that use it. For payments that are less time-sensitive in nature, banks typically prefer to use CHIPS instead of Fedwire, as CHIPS is less expensive (both by charges and by funds required). One of the reasons is that Fedwire is a real-time gross settlement system, while CHIPS uses a system of multilateral netting that provides management of settlement risk ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
