International Day of Family Remittances

International Day of Family Remittances History

International Day of Family Remittances (IDFR) is a globally recognized observance dedicated to acknowledging the significant financial contribution made by migrant workers to their families and home countries. It aims to promote greater awareness of the impact remittances have in improving the economic and social well-being of millions of households worldwide. The observance also encourages collaboration between public and private sectors to enhance the efficiency and accessibility of remittance services in their respective countries.

In December 2017, the United Nations General Assembly unanimously adopted a resolution declaring June 16 as International Day of Family Remittances, recognizing the importance of remittances worldwide. In Canada, remittances serve as a key source of income for families and communities of migrant workers in their home countries. According to World Bank data, Canadian migrants sent over CAD $24 billion in remittances in 2019 alone. This significant financial flow is one of the many reasons Canadians should acknowledge the importance of this day and understand the vital role that remittance plays in alleviating poverty and boosting development in less prosperous nations.

In observance of International Day of Family Remittances, multiple events and initiatives are held across Canada to raise awareness and educate the public on the importance of remittance services. These activities may include panel discussions, seminars, and conferences that bring together various stakeholders such as government, financial institutions, and community organizations. By participating in these events, Canadians can better understand and appreciate the importance of this observance, support migrant workers in their essential contribution to development, and promote an environment that helps facilitate efficient and cost-effective remittance services. IDFR is observed annually on June 16th, aligning with the United Nations General Assembly's resolution.

Facts about Family Remittances

• In countries such as Tonga, Kyrgyz Republic, and Haiti, remittances can make up more than a quarter of the GDP each year.
• Global remittances inflows are expected to grow by 2.0% in 2023.
• Family remittances are closely linked to migration patterns. The financial support provided through remittances can incentivize migration, as individuals seek better economic opportunities abroad to support their families back home.
• In 2020, Canada’s outward remittances amounted to US$ 30.4 billion, making it the fourth largest remittance-sending country globally, after the United States, the United Arab Emirates, and Saudi Arabia.
• The cost of sending remittances from Canada remains relatively high compared to other countries in the world. According to the World Bank, the average cost of sending money from Canada is around 7.67% of the amount sent, above the global average of 6.38%.

In the News and Trending in Canada for International Day of Family Remittances

Top things to do in Canada for this observance

• Watch the IFAD's 2020 International Day of Family Remittances video if you missed it.
• Watch a documentary to learn more about family remittances in Canada. Here are our recommendations:
  1. Remittance (2016). This documentary explores the experience of migrant Filipino workers living and working in Singapore, focusing on their struggles and the challenges they face in supporting their families through remittances.
  2. Dollar a Day, 10 Cents a Dance: A Personal Documentary. This documentary is about two Maltese immigrants who leave their families behind in Malta and work in Canada, sending remittances back to support their families.
• Read a book to learn more about family remittances in Canada. Here are our suggestions:
  1. Sending Money Home: Canadian Remittances to Asia and the Pacific by World Bank Group . This report specifically looks at the Canadian remittance market to Asia and the Pacific, covering topics like trends, challenges, innovation, and policy recommendations.
  2. Diasporas, Remittances and the State: State, Market, and Civil Society Responses in Canada by Don DeVoretz . This study looks at the Canadian context for remittances, focused on the role of the government, market, and civil society in shaping remittance flows.
  3. Migration, Remittances, and Capital Flows in Canada by Michael G. Plummer. This book looks at the broader economic context of migration in Canada, including the role of remittances in supporting capital flows and development.