The practice of sending remittances is decades old, but the speed and mediums by which migrants are sending funds back home are changing drastically.
Did you know? Over 200 Million migrants remit $550 Billion annually to support families back home. Remittances act as a lifeline for both the economy and the household which is receiving them. They improve the standard of living of family members who are receiving them and boost countries’ economies.
The sad reality, however, is that:
- 93% of migrants complain about losing control on remittance spending once funds remit back home.
- In 75% of cases, Immigrant remittances get misused due to lack of access to reliable vendors and heavy dependencies on relatives for making payments on their behalf.
It is mainly because sitting miles away, a migrant desperate to send money back home has zero to the minimal idea of vendors residing in their home country. These vendors take advantage of such migrants, resulting in poor to no delivery and a very unsatisfied migrant.
The most common and significant challenge that a migrant has to face is a lack of access to reliable and verified vendors in their home country.
Due to a disconnection between senders’ intentions and the way remittances are spent, remittance senders very often complain that the money sent back home is not entirely spent for the intended purpose.
There are countless pain points for migrants when it comes to sending remittances to their home countries. These mainly include:
- A constant search for vendors due to lack of trust
- Unauthorized vendors providing unprofessional services with poor fulfillment levels
- Misuse of funds by recipients of remittance funds back home
- Inflated bills with no clarity on costs
- Delays in tracking task completion due to unresponsive vendors,
- Ghosting by Business Vendors back home
- Dependency upon vendors due to reduced traveling (COVID and job)
Let’s have a look at the key tasks on which the migrant’s hard-earned funds are spent:
75% short-term (everyday tasks)
- Older care
- Home Bills
- Event Planning
- Legal Work
- Specialty Gifts
The study by CENFRI states that over 70% of migrants send their money to friends, family, siblings, extended families or grandparents for these everyday tasks.
The research also suggested that the respondents’ largest share indicated that they remit for health, household expenses, school fees, and celebrations.
25% long term tasks
- Buy Assets
How can INSTAKIN help?
We at InstaKin connect migrant communities living abroad with trusted vendors back home for secure payments. Not only do we remit funds back home but our main focus is making the lives of migrants easier by accomplishing tasks on their behalf in their home countries.
InstaKin gives its sender the option to label their remittances, making it a lot easier to track where the money is going and how much money is spent on which particular service. We are here to help solve the disconnect that exists between the migrants and their funds.
You can easily and instantly pay for all the below-mentioned services through INSTAKIN:
- Home bills
- Financial Services
- Legal Services
- Real Estate
Safe, instant, and convenient – InstaKin’s APP is designed for both Android and iOS users. Our algorithm matches customers’ requests with the most relevant vendors based on availability, location, service, type, ratings, and service levels.
Key features to securely provide immigrants with access back home:
- Secure Transactions
- InstaPay for payment security
- Multi-Payment Options
- Digital Wallet
- Community Chat & Message Boards
- Vendor Collaboration
Our process is simple and convenient:
- Contact Instakin’s team through our website by clicking on Contact Us and let us know what you need.
- Our customer excellence team will coordinate and gather all the information from you and provide you with a timeline and a quote.
- You will make an online payment via our secure payment gateway.
- We will work with our network of vendors to complete your order’s requirements.
- We will submit you a full report with our 100% guarantee.
InstaKin is a one-stop solution for your every problem as an immigrant. Our team of experts will help you manage all your matters back at homeland, be it anything; you are welcome to avail of our services 24/7. Post a request or become our partner today.