(Image source from: Coinaphoto.com)

India has received the highest remittance in the world in 2017, according to the recent reports from specialized agencies of the United Nations, and the International Fund for Agricultural Development(IFAD), the report was released on May 7 2018, which states that migrant workers have sent $256 billion to their families in the Asia- Pacific region, while Indians receiving $69 Billion in the foreign remittances.

China followed India, which received $64 billion as remittances, while the Philippines got, $33 billion, constituting the three largest remittance receiving nations in the world, according to the report which was named as “RemitSCOPE-Remittance markets and opportunities, Asia and the pacific.

(Image Source: Scroll.in)

Pakistan ($20billion) and Vietnam($14 billion) also showed up on the top. 

The total cost of spending money to the Asia Specific region was decreased by only 0.67 percent since the year 2015, reaching to the percentage of 6.86 in the year 2017.

It has given a new implication stating, Lower transfer costs to the more money being available to the families.

By Lokesh