Migrant workers send $14 billion back home
Emma Anderson · 15 Jun 2015, 17:43
Published: 15 Jun 2015 17:43 GMT+02:00
Updated: 15 Jun 2015 17:43 GMT+02:00
- Germany hits top 10 in integration rankings (11 Jun 15)
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- CDU leader: Germany can take more refugees (15 Apr 15)
Germany was one of the top countries in Europe for the amount of money that migrant workers sent back home in remittances, according to a report by the International Fund for Agricultural Development.
Remittance payments refer to regular payments that migrant workers send back to their families in their home countries. The report said that this money usually covers "basic goods, such as food, clothing, shelter, medicine and education".
"Remittance payments can make up 50 percent of a family's income - at the least," explained Pedro de Vasconcelos, head of the IFAD remittances programme, to The Local. "They need this money in order to sustain the family, send kids to school, have shelter and food. And hopefully have some to save and invest."
Germany ranked behind Russia ($20.6 billion) and the United Kingdom ($17.1 billion) for the most money sent outside the country by migrant workers, followed by France ($10.5 billion) and Italy ($10.4 billion).
The report said that though the amount of money sent by migrant workers to families outside of the country might seem high, these payments did not result in a "significant outflow of wealth".
In total European migrant workers sent home $109.4 billion, which helped to support more than 150 million people across the globe, the report said.
One-third of this money went to countries within Europe, especially to Ukraine, Poland and Romania.
Most immigrants sent between $1,500 and $3,200 in the entire year.
The report calls for efforts to lower the costs migrants face in transferring funds to loved ones, which eat up about $2.5 billion in transfer fees each year for European migrants.