Oh btw this is a huge, huge part of the reason that Trump has been going after remittances so aggressively:
Migrants send or bring back over three times the amount of global foreign aid. Cutting transaction fees could make this support even more ef
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"Every year, Carlos Hernández Mejía, a 35-year-old research scientist in Amsterdam, sends 3,000 to 4,000 euros to help maintain his mother’s house in Mexico. During the pandemic, he also helped his brother, sending 300 euros a month to cover rent while he was studying.
Carlos is one of 200 million migrants who regularly send back money to support their families and communities.1 These cash transfers reach around 800 million people globally — more than the populations of the United States and the European Union combined.
Imagine a classroom of 30 students representing the world’s population; at least three would get money from remittances — one in ten people.
These payments have quietly become a major force in helping families pay school fees, make repairs to their homes, and cover medical bills.
The World Bank estimates that money sent back by migrants constitutes around two-thirds of what is called “remittances” in global statistics.2 The rest comes from border, seasonal, and other short-term jobs abroad or work with non-resident employers, such as embassies and international organizations.
In this article, we’ll ditch the jargon and refer to remittances as money sent back or brought back by migrants. “Sent back” refers to personal transfers, and “brought back” refers to the compensation of employees."
-via Our World in Data, January 13, 2025
