When making an international payment to your loved ones, for instance, you may be doing this based on a need or request. One thing you may not know though is that your money transfers can not only change your loved ones’ life but also make an impact on the Nation’s economy. And how is that?
Based on a study by the World Bank Organization, where the impact of remittances on 80 developing countries’ real GDP was looked at, it was found that on average, a 10% increase in remittances was associated with a 0.66% permanent increase in the country’s GDP. And in developing countries such as Nigeria, it was reported that remittances make up to 4% of the GDP. External inflows also help increase a country’s foreign exchange which in turn maintains the value of the currency and helps mitigate inflation. It can be seen that remittances do make an impact on the overall economic development of a country, especially for developing ones. A report by scirp.org mentioned that “remittances represent the second-largest source of foreign currency after exports, which have contributed above 10 percent of GDP”. This study further went on to categorize the influence of remittances on economic development; in summary:
- It Helps boosts the rate of capital accumulation
- Influence the efficiency of investment by affective TFP growth.
As capital is being accumulated through external inflows, the cost of capital is being reduced, this income also comes in the form of investments that help develop the economic growth.
Remittances affect households primarily, by increasing the earnings and the standard of living of families, the poverty rate in many countries has reduced to a large extent. These remittances usually come from Migrant workers, who relocate in search of better job opportunities and to earn enough income to provide support to their families back home. Thanks to Money Transfer Operators such as ATL Money Transfer, you send money across borders, from the comfort of your home. No more delayed payments, endless protocols, and exorbitant rates, because our platform enables you to send money almost instantly at the best rates you can get. When conducting money transfers with ATL Money Transfer, you aren’t only making an impact on the lives of your loved ones’ but also on the country’s overall economic development. And with our platform, these money transfers can be done at the best rates and a low fee, to over 60 countries with just your mobile device.
So why not put a smile on your loved one’s face today, by sending money with ATL Money Transfer
How to send money with our platform.
- Visit the website or download the ATL money transfer app
- Enter the amount you wish to transfer
- Fill in the details of the recipient
- You will then be directed to the payments section, after which your transaction is complete.
ATL money transfer is a payment platform trusted worldwide. With our office located In London, United Kingdom, we handle thousands of transactions daily and our sole mission is to make money transfers transparent and secure for everyone.