Global money transfer service Azimo will offer a fee-free transfer to all customers on June 16, the UN’s International Day of Family Remittances. The move is following the call by the United Nations for a zero fee remittances day. The goal is to raise awareness of the contribution that migrant workers make to the developing world. Reportedly, in 2019, remittances overtook foreign direct investment as the largest source of capital flowing into developing countries.
According to a note from Azimo, the majority of remittances go to rural areas where 75% of the world’s poorest people live. In aggregate, the accumulated remittances to these areas over the next five years are predicted to hit $1 trillion. More than half of all Azimo transfers are for day-to-day family support, according to the company.
Richard Ambrose, CEO of Azimo, issued the following statement:
“Migrant workers are some of the most entrepreneurial and hard-working people in the world, their contribution to the global economy in both the public and private sector is vast and underappreciated. It is difficult to imagine British society without migrant workers. Nearly 30% of the doctors and 20% of the nurses in the NHS are foreign-born. These people have been risking their lives on the front line of the COVID-19 crisis, often while supporting family members in their home country. The food production and retail industries that have kept the country functioning during lockdown also could not operate without migrant labour. We’re pleased to offer fee-free transfers on June 16 to anybody who needs to send money to their loved ones.”
It is estimated that one billion people around the world are involved in family remittances, with 200 million migrant workers sending money home to their 800 million family members. Middle and low-income countries received around $550 billion of remittances in 2019.
Antonio Guterres, Secretary-General of the United Nations, explained that family remittances have a direct impact on the lives of one billion people. Added together, remittances are three times greater than Official Development Assistance and surpass Foreign Direct Investment, Guterres explained.
Azimo serves customers in 25 European countries can send money to more than 200 countries and territories.