☰
HomeLiving Beyond BordersGZERO WorldSignalIn 60 SecondsPuppet RegimeGZERO World PodcastContact UsAbout UsCareersPrivacy PolicyTerms

The debilitating cost of remittances

November 05, 2022
GZERO Staff
The Debilitating Cost of Remittances | Economic Empowerment | GZERO Media

youtu.be

Dilip Ratha knows how hard it is to work abroad and send money home. Why? Because he had to go through the same hoops when he was a migrant.

It's the inconvenience and the cost, the World Bank's head of KNOMAD and lead economist says during a livestream conversation on closing the global digital gap hosted by GZERO in partnership with Visa.

Still, Ratha points out, these flows are a lifeline for millions of poor families around the world. And they keep the lights on in remittance-dependent economies like El Salvador or Lebanon.

With an average 6% commission, the amount lost each year is double all the aid that the US gives to the entire world or what sub-Saharan Africa gets.

Watch our recent livestream discussion on digital payments, the unbanked, remittances, and other tools for economic empowerment.

More from GZERO Media

How Israel’s new Gaza attacks could benefit Bibi

People march towards Jerusalem during a rally against the government and Israeli Prime Minister Benjamin Netanyahu to demand the release of all hostages from Gaza, on March 18, 2025.
REUTERS/Ronen Zvulun

The party of far-right Israeli politician and former National Security Minister Itamar Ben Gvir has rejoined Prime Minister Benjamin Netanyahu’s government following renewed Israeli attacks on Gaza.

Walmart’s commitment to US manufacturing helps small businesses grow

Walmart

Proud Source became a Walmart supplier in 2021. Today, its team has grown by 50%, and it's the largest employer in Mackay, ID. Walmart supports small businesses across the country, and nearly two-thirds of Walmart's product spend is on products made, grown, or assembled in America. It’s all a part of Walmart’s $350 billion investment in US manufacturing, which helps small businesses grow and supports US jobs. Learn more about Walmart’s commitment to US manufacturing.

Tools and Weapons – In Conversation with Bill Gates

Microsoft

As Microsoft celebrates its 50th anniversary, Vice Chair and President Brad Smith sits down with company cofounder Bill Gates for a special episode of Tools and Weapons. They discuss Gates’ new memoir, "Source Code: My Beginnings," reflect on Microsoft’s impact over the past five decades, and explore why the next phase of the digital revolution is shaping up to be the most exciting yet. Subscribe and find new episodes monthly, wherever you listen to podcasts.

Germany’s vote to boost military spending makes history

Germany's chancellor-in-waiting and leader of the Christian Democratic Union party Friedrich Merz reacts as he attends an extraordinary session of the outgoing lower house of parliament, the Bundestag, on March 18, 2025.

REUTERS/Annegret Hilse

Germany’s parliament made history Tuesday as it voted to sharply increase defense spending – by exempting it from limits on the country’s assumption of debt. Germany’s upper house, the Bundesrat, is widely expected to approve this change with a vote scheduled for Friday.

Inside the fight to shape Trump’s AI policy

Midjourney

The Trump White House has received thousands of recommendations for its upcoming AI Action Plan, a roadmap that will define how the US government will approach artificial intelligence for the remainder of the administration.

About UsCareers PressContact Us Privacy PolicyTerms of Use
© 2020 GZERO Media. All Rights Reserved | A Eurasia Group media company.