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Worker Remittances: An International Comparison
28 Feb 2003, Orozco, M.

What is the status of remittances across the world?

This presentation gives an international comparison of the remittance scenario. It gives a brief background on:

The presentation then gives an overview of the remittance scenario in different countries:

Philippines:
- Competitive market;
- Significant participation of Filipino banks as money transfer operators.
India:
- State bank offers bonds and accounts to non-residents;
- Accounts have higher interest and reduced tax rates.
Portugal:
- Accounts offered to non-residents at reduced tax rates;
- Special financing programs to build or buy homes in Portugal;
- Low cost remittance transfers.

The presentation concludes that:

Trade, transportation, telecommunication, transfer of remittances, tourism and nostalgic trade intensify the links between migrants and their home countries;
Countries with a longer history of migration tend to rely more on banking institutions;
Alliances between governments, civil society and private sector institutions must be formed to share best practices and to coordinate strategies to improve the flow of transfers.


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Publisher(s):
Inter-American Development Bank