A Literary Overview of the Socio-Economic Impact of Remittances

Abstract

Remittances, defined as the transfer of money or resources by migrants to their home countries, have become a significant topic of interest in the field of economics and development studies. This qualitative literature review provides an overview of positive impact of remittances and the challenges in international remittances. Based on the findings of the research, author has proposed some recommendations to overcome the challenges in remittances. Some of the prominent recommendations include, reduced transfer charges, transparent and competitive exchange rates, promoting digital platforms and mobile money, education on financial literacy etc.