How Digital Remittance Empowers Women
Remittances are the second-largest source of external funding for developing countries according to the International Organization for Migration (IOM). As a result, many governments have recognized remittances as an important tool to help reduce household poverty.
Digital remittances arrive quickly and the money can be used for anything. This includes paying bills, purchasing groceries, obtaining other household supplies, and more.
Research also indicates that female recipients are more likely to spend remitted money on the nutritional, educational, and healthcare needs of other household members (like children). Investing in food, education, and health is extremely helpful in relieving poverty and economic hardship.
Further, spending remittances on various things puts more money back into their communities to foster more economic growth. Women recipients also obtain more inclusion in the household financial decision-making process.
Whether a husband or relative has migrated and sends funds regularly, digital remittances provide women with financial security. It also gives them the ability to make certain money decisions that will best benefit them and their household.
For migrant women, sending remittances is also empowering since they are able to earn their own money and may even acquire the role as the primary earner for their families. Being able to budget extra money to send home can imply that you’ve experienced some success in your new life away from your home country.
Benefits of Digital Remittance For Women Senders and Receivers
In a growing digital society, it’s no surprise that digital remittance is extremely helpful to women. For senders, it’s easier to send funds digitally to avoid fees and costly exchange rates. In 2019, the average cost to send remittances globally was 6.84% according to the World Bank’s Remittance Prices Worldwide.
The cost of sending remittances can leave the recipient with even less money or cause the sender a financial strain. With most remittances only being a few hundred dollars per transfer, you can stretch those funds with a mobile transfer or payment card like Pomelo.
Whether a husband or relative has migrated and sends funds regularly, digital remittances provide women with financial security. It also gives them the ability to make certain money decisions that will best benefit them and their household.
Digital remittances also offer increased convenience, security, and privacy, especially for women recipients. Some mobile transfer methods, like a shared credit card, can be handled from home without having to go to a bank branch and they are received instantly.
Women also don’t have to speak to any remittance agents and the transfer is more direct with fewer steps in between. In addition, a card is often safer than carrying around cash or picking up cash since it protects the recipient from potential theft.
This convenient and more private way of sending and receiving money overseas can help women feel more in control of their financial lives which contributes to their overall freedom and empowerment.
How Pomelo Helps Women Through Remittance
Pomelo is a leading money transfer app that helps people send money to loved ones overseas. Pomelo provides a payment card to the US-based user allowing them to share the card’s balance with relatives in another country. Your relatives will get their own card and you can choose a monthly spend limit.
At the end of the month, you’ll just pay the card’s balance in full instead of sending cash and dealing with all those fees. Pomelo helps women senders by helping them to build credit in the US with their card each time the bill gets paid as well as drastically cutting down on remittance fees.
Women recipients will also find this fresh approach to remittance helpful since it allows them to be in full control of the money they receive. The card can be used to shop online, cover an emergency, and make purchases wherever Mastercard is accepted. They won’t have to wait in line or submit a pin number to receive the money.
Remittance Can Be Easy and Accessible With Pomelo
Women play an important role as senders and recipients of remittances. With Pomelo, you get to cut out the middleman and the outdated way of sending money to family members.
With no fees, an app that tracks all your purchases, and the opportunity to build your credit, there’s virtually no risk for getting started.
Reserve your card now. Start empowering the women in your family to make impactful financial decisions for their lives and household.
Read next: 5 Ways Supporting Your Family Overseas Keeps You Connected to Each Other
