The hidden force in global economics: sending money home

Rob Braileanu

 · 07/23/2015  · 07/23/2015

With the press of a button, we can all instantly exchange ideas, languages, and information quicker than ever before. This eliminates the space that national borders once created between friends, family, and colleagues to increase the quality of life for families around the world.

In 2013, international migrants send $413 billion home to families and friends – three times more than the total of global foreign aid (about $135 billion).

This money, known as remittances, makes a significant difference in the lives of those who receive the help. In his TED Talk, Economist Dilip Ratha describes the benefits of “dollars wrapped with love” and better ways to smooth out the regulatory obstacles.

We are the generation that gives. With significant percentages of our disposable income being funnelled into supporting people other than ourselves, there’s a steady increase in quality of life across the board. Extra savings translates into more opportunities for women and children to become educated, instead of working from a young age, and better opportunities for families to break the cycle of poverty on their own.

By eliminating unnecessary (and often ridiculous) fees that come with international money management, Revolut is proud to be supporting a growing international economy, powered by hard-working immigrants around the world.

Easier access to mobile banking puts the user back in control of spending and sending, which levels the playing field between consumers and major financial institutions.

With this extra money that you can save with Revolut, what or who will you invest in and why?