What Is Remittance

Sending in money is one of the many features related to OFWs or overseas Filipino workers. This is because, OFWs mainly go abroad to work for their families in the Philippines and sending in money is the one way they can help their families. This money sent from abroad is commonly called as remittances. According to remittance philippines specialists, a remittance is a transfer of money by a foreign worker to his home country. Money sent home by migrants constitutes the second largest financial inflow to many developing countries, exceeding international aid.

According to remittance philippines specialists, remittances are playing an increasingly large role in the economies of many countries, contributing to economic growth and to the livelihoods of needy people (though generally not the poorest of the poor). As remittance receivers often have a higher propensity to own a bank account, remittances promote access to financial services for the sender and recipient, an essential aspect of leveraging remittances to promote economic development.

A majority of the remittances from the US have been directed to Asian countries like India (approx. 26 billion USD), Philippines (approx. 14 billion USD) and China (approx. 23 billion USD). According to remittance philippines specialists, most of the remittances happen by the conventional channel of agents (Western Union, Moneygram & in Pakistan mostly the Khanani & Kalia Exchange Company). However, with the increasing relevance and reach of the Internet and players, online money transfer Remittance to India has gained momentum over the years.

According to remittance philippines specialists, remittances have also been used for emergency cases for Filipinos across the country. During disasters or emergencies, remittances can be a vital source of income for people whose other forms of livelihood may have been destroyed by conflict or natural disaster. According to the Overseas Development Institute, this is being increasingly recognized as important by aid actors who are considering better ways of supporting people in emergency responses.

Top recipient countries of remittances from 2008-2009

* India - $45 billion USD (US Dollars)
* China - $34.5 billion USD (US Dollars)
* Mexico - $26.2 billion USD (US Dollars)
* France - $13.75 billion USD (US Dollars)
* Philippines - $13.75 billion USD (US Dollars)
* Pakistan - $7 billion USD (US Dollars)
* Morocco - $6.7 billion USD (US Dollars)
* Bangladesh - $8.9 billion USD (US Dollars)

LBC courier philippines offers filipinos a way to send their money and Balikbayan box to the philippines.