Foreign immigrants in Australia regularly send remittances to their family, friends and relatives in their respective home countries such as India, Pakistan, Sri Lanka, the Philippines etc. The real question is, Why? Why do they make an international money transfer? What could be the reasons behind sending remittances? In this article, we are going through some of the most significant reasons for sending remittance. Shall we?
- Financially Support Family: Family maintenance is one of the top reasons to send remittance. Taking care of their families back home is of supreme importance in the minds of the foreign settlers. This connection is more of an emotional attachment with the family and friends. In most cases, these extended family members and siblings depend on the migrated family members for financial support.
- Savings & Investments: Once all financial needs of a month or year are successfully fulfilled, the surplus amount gets put into savings and investments for future use. Most foreign settlers desire to return to their home country one day and live a retirement life with all family beings. Thus, they accumulate savings and invest by buying physical plots to build a house, rent a shop to start a business etc.
- Pay bills or loans: Foreign settlers, in some cases, are responsible to pay bills and loans back home. In the present world, the number of international students is rising more than ever. A huge number of students from different countries are migrating to Australia for their higher studies. If they don’t belong to a wealthy family, they might have taken some education loan from banks in their home country. Thus, they are bound to major commitments of settling the money back.
- For better living standards: It is the most usual sight, where the family members of foreigners start evolving their living standards with a bigger house, modern car for transportation etc. Foreign immigrants not only send money for better infrastructure, but also for the education of their siblings and other family members. Family members rising into higher standards with infrastructure and education indeed benefits the economy of the home country in many possible ways.
Here we go, these are the reasons why people send remittances to their home country. People in Western countries might feel it’s a silly practise, but the migrants from Eastern countries do have a never-ending emotional bond with their family, culture and nation no matter where they are. Thus, they do international transactions at the best online money transfer in Australia.