International Day Of Family Remittances

The International Day of Family Remittances (IDFR) is celebrated every year on 16th June. Its main objective is to make known the financial importance that migrant workers contribute to the well-being of their families, and to the work of sustainable development that is created in their country of origin. The day recognizes the contribution of over 200 million migrants to improve the lives of their 800 million family members back home and to create a future of hope for their children. Half of these flows go to rural areas, where poverty and hunger are concentrated, and where remittances count the most. Through this observance, the United Nations aims to bring greater awareness of the impact that these contributions have on millions of households, but also on communities, countries, and entire regions. The Day also calls upon governments, private sector entities, as well as the civil society, to find ways that can maximize the impact of remittances through individual, and/or collective actions. Family remittances are money transfers made by people living abroad to family members in their home country. These transfers have an enormous impact in developing countries as one of the largest financial inflows, competing only with international aid. The UN Governing Council proclaimed 16th June International Day of Family Remittances (IDFR) during a session in Rome in February 2015.

More than 500 billion US dollars are transferred every year between family members across country borders worldwide, according to UN estimates. These remittances provide opportunities for education, food, health, and housing for the recipients. The IDFR is fully recognized at the global level, and included as one of the key initiatives to implement the newly-adopted Global Compact for Safe, Orderly and Regular Migration (Objective 20), also calling for the reduction of remittance transfer costs, and greater financial inclusion through remittances. The Day also furthers the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs). Currently, there are almost 250 million international migrants worldwide livings outside the country they call home. Throughout civilization, people have always been on the move, seeking better opportunities for themselves and their families it is part of the human condition. But the scale of migration from rural to urban areas, and across national borders in the 21st century is unprecedented. Indeed, it has been accurately characterized as “the human face of globalization”. All over the world, there is a transition from the traditional way of sending remittances to their mobile phones. This fact helps to reduce the cost of these shipments, which leads to an increase in the money received by families and an approach to achieve the UN Sustainable Development Goals. More than 500 billion US dollars are transferred every year between family members across country borders worldwide, according to UN estimates. The UN resolution recognizes the critical contributions of migrants in supporting their families living in fragile states and during times of crisis. On the International Day of Family Remittances (IDFR), Moneytrans joins the initiative to spread this important day and to make known the social and global work that remittance companies and migrants do with the simple fact of sending money to their families.