Transfers to the area remained steadily low until about 1982, at which time the rate of remittances began increasing every year thereafter. In fact, since about that time, remittances have increased by about 19 percent every year, reducing poverty a little bit with every transfer. Between 2006 and 2008, the rate increased even more sharply than before, usually by about 27 percent per year. In 2007, that number was about $656 million. Clearly, you...more
While remittances to this area have certainly grown over the years, there has still not been the extreme growth witnessed in most other countries. In 2000, about $320 million was sent to the country, and 2001 saw a slight increase to $336 million. It slowly rose over the years until it reached about $600 million in 2005, with about $656 in 2006, which equaled about 11 percent of Nicaragua's GDP. Clearly, while remittances to the area are...more
In many cases, if you are in South Korea and want to send money to another country, you will find that there are restrictions on how much you can send at once. The same is not true when it comes to the need to send money to South Korea from the United States, which is good news when you need to help your family fast. Find out some basic information regarding remittances to this country before you send money to South Korea.Many banks offer the ability to send money to countries that are nearby easily and cheaply, but they do not usually make it simple to transfer money to South Korea. For this reason, comparing methods and their corresponding rates carefully is especially important. For example, Citibank charges $20 per transfer, even if you have a preferred account, while that price is usually cut in half for transfers to other countries. Additionally, Citibank Korea charges $10 USD just for your relatives to receive the money. Other banks that you might consider remitting to in the area include Kookmin Bank, Shinhan Financial Group, and Hana Bank, but it will likely cost up to $40 per transfer. Clearly, the option of transferring money to South Korea through a bank is not...more
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Remittances are considered the main benefit of migration to other countries. Many families cannot do without the monetary support of their close relatives, so when a few of them move away, the relatives continue supporting them through frequent money transfers. Russian Federation is currently one of the top recipients of money out of the European countries. Like many nations, remittances have risen in general over the years, but have fallen more recently.In 2007, Russian Federation received over $4 billion in remittances. However, the average money sent per person paled in comparison to many other countries. It was about $29 per person, whereas it was $114 for much of Eastern and Central Europe. Apparently, many immigrants try their best to assist their families back home, but do not have much to give, likely as a result of the dire economy present in many countries.Despite these facts, you can still certainly find a few ways to send money to Russian Federation. Most banks and money transfer services offer this ability, but the fees can cost anywhere from $10 to $45 per transfer. Unlike remittance to some countries, such as Mexico, few if any banks offer programs in which customers...more
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