In this episode we’ll be speaking about a topic that's near and dear to Sinjin’s heart and that's the practice of remittances. A remittance is simply the transfer of money, usually by a foreign worker, to an individual or family member back in their home country in order to provide financial support. Money sent home by foreign workers competes with international aid as one of the largest financial inflows to developing countries. According to the World Bank, in 2018, overall global remittance grew at a rate of 10% to $689 billion dollars, which included $528 billion going to developing countries.
Now, the big questions that I wanted to cover with Sinjin in this episode are: are remittances a good thing? Isn’t it a positive thing that individuals are supporting their loved ones and families by working a higher paying job overseas that they couldn’t get in their home country? Doesn’t it make sense then, that we should be trying to find a way to make the whole process of remittance easier? Listen on and you’ll hear these answers and more on this episode of The ARCC Report!