International migration is a concept, that none of us are alien to. For decades, people have been migrating from their home countries, seeking favorable job opportunities overseas. The stock of international migrants, however, is increasing by millions, year on year and is expected to surpass 250 million by the end of this year. To provide a holistic picture, according to the latest World Bank Report, it is estimated that remittances sent by migrants to developing countries have reached $436 billion in 2014, a 4.4 percent increase as compared to 2013.
Going by these numbers, it is not surprising that migrants, despite residing outside of their home countries, play a crucial role in the financial well-being of the economy. The money sent by migrants as remittances, are increasingly becoming an essential source of funds for the economic development of several countries across the world.
Having established the important role that migrants play, the one question that arises is, are governments and various stakeholders within the industry doing enough for the welfare of these migrants?
Being a money transfer brand and an integral part of the remittance industry, we take it as our responsibility to educate and inform migrants, before they step out of their cocoon, into a new country and a new world. Therefore, in addition to the various financial education programs that we organize, we conduct ‘Pre Departure Orientation Programs’ for migrants from developing countries.
These orientation programs are organized just a few days before a migrant leaves his home country to work abroad. During this session, we educate migrants about the culture, the do’s & don’t’s as well as the rules and regulations of their destination country. We also provide advice on savings and financial planning that will help migrants manage their finances better. A booklet with important phone numbers of the embassy, police, hospitals, etc. that can come handy in the new country, is also handed over to them.
We recently organized these ‘Pre Departure Orientation Programs’ in West Bengal in India and in Dhaka in Bangladesh for migrants moving to Malaysia and Middle Eastern countries, respectively. In the Philippines, we have a dedicated OFW (Overseas Filipino Workers) centre, where we conduct similar orientation programs for approximately 4000 OFW’s every month.
Customers have always been the heart of Xpress Money’s business, hence it is imperative that we being a money transfer brand, have taken it upon ourselves, to assist and educate our customers, who unfailingly contribute to our ever- growing industry.