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What Is Remittance? Defined: What It Is & Its Impact.

By Robin Hartill, CFP – Aug 21, 2024 at 11:39AM

Key Points

  • Remittances stabilize household income by covering up to 75% of basic needs in the receiver's country.
  • Top remittance receivers in 2023 include India ($120B) and Mexico ($66B), boosting their economies.
  • High remittance costs average 6.35%, with a U.N. goal to reduce this to 3% by 2030 using fintech.
Key findings are powered by ChatGPT and based solely off the content from this article. Findings are reviewed by our editorial team. The author and editors take ultimate responsibility for the content.

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