Find Out How Important Your Remittance is Before You Transfer Money to Honduras

Find Out How Important Your Remittance is Before You Transfer Money to Honduras

Unfortunately, Honduras is considered one of the poorest nations in the western hemisphere, and economic growth has certainly not increased in the last few years. In 2008, remittances to the area accounted for about 20 percent of the GDP, meaning that the nation depends greatly on people who transfer money to Honduras. This is not surprising given that about 30 percent of the workforce is out of work currently, and about one million others have immigrated to other countries, such as the United States, to find work.

Clearly, your decision to transfer money to Honduras is an important one, both to your family and other citizens of the area. Sadly, the growth in remittances has dropped in last year or two, just as they have to other countries. In 2008, $2.7 billion total was sent to Honduras, mainly from the U.S. At that time, it had grown from 2007, but at a lot slower pace than usual. In fact, remittances to this and other countries have generally grown tremendously over the last decade, but that growth slowed since about 2007. For example, from 2006 to 2007, the growth was 11.6 percent, but in 2008, it was just 7.3 percent. Continuing to transfer money to Honduras to help family members that need the cash can help the country stay afloat while the economies of most other nations slowly recover.

One of the methods you might have heard about recently is the prepaid debit card. This tactic works well for those who need to transfer money to Honduras frequently. You can send up to $1000 per day for a fee of $5 each time, and your relative can start using the card by the end of the day on which you send money. This card can be used at nearby ATMs to remove cash, or at retailers to purchase products. Simply ensure that your relative lives in a town with ATMs and shops that use modern technology, such as debit and credit card machines.

Before you transfer money to Honduras through any particular method, you probably plan to research a bit. This same research can show how important your remittance is to the country. Whether you use a prepaid debit card or other method, transferring money to Honduras is typically a positive choice for this nation and its people.

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