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Remittances and migration corridors

Did you know that remittances and migration corridors are two of the most important factors involved in the migration process?

The migratory population represents a considerable number of the world’s population, since contexts that promote mass exodus continue to arise today. This predominates in countries at war, with corrupt or authoritarian governments and high levels of inequality regarding the quality of life offered by each country.

That is why according to the most recent estimate, in 2020 there were approximately 281 million migrants in the world. A figure equivalent to 3.6% of the world population. Undoubtedly, an aspect of global interest, which has been increasing in the last five decades.

Europe and Asia host an estimated 87 million international migrants. Adding 61% of the total of this population, for which they are considered the places with the greatest migratory flow.

North America follows to these continents with almost 59 million migrants. This figure is equivalent to 21% of the world population belonging to this community.

This means that the migratory corridors are, then, the destinations with the greatest flow of migration. Usually characterized by better living conditions than the migrant’s country of birth.

In these territories, the financial conditions of the migrant population improve, giving rise to another fundamental aspect: the sending of remittances to the country of origin.

Now, there are many inconveniences that can stand in the way of a migrant. Although many of them can be easily solved with a unified economy, communication platforms and contact with immigration service agents.

Keep reading and know all aspect about remittances and migration corridors.

What is a migration corridor?

Migratory corridors represent an accumulation of migratory movements over time. That is, they are places of origin and destination that have a high level of migrant transit.

And these corridors originate because international migration is not uniform throughout the world, but rather responds to certain factors. Which can be economic, geographic, demographic and of other kinds that end up forming clear patterns of migration.

The United States is one of the main points of reception for migrants worldwide since 1970. The number of people who were born abroad and who reside in this country has quadrupled from the 70s to the present. Currently counting on a total of 51 million migrants in the territory.  

The main corridors allow the transit of people from developing countries to countries that are much stronger economically or politically.

The main migratory corridor in the world is from Mexico to the United States, with an approximate of 12.1 million migrants that represent 97.7% of the total number of Mexicans residing abroad today.

What are the most important migratory corridors?

So far there are 10 migratory corridors considered the most important. Below is a list of these corridors along with an approximate number of migrants who use that corridor, according to UN migration data:

  1. India – United Arab Emirates / United States of America Corridor: In the first country of destination there are approximately 3,500 ,000 migrants. And, in the second destination country there are approximately 2,700,000 Hindu migrants.
  2. Mexico Corridor – United States of America / Canada: With approximately 10,850,000 Mexican migrants in the US and 86,000 in Canada.
  3. Russian Federation – Ukraine / Kazakhstan / Germany: With approximately 3,300,000 Russian emigrants in Ukraine, 2,500,000 in Kazakhstan and 1,200,000 in Germany.
  4. Syrian Arab Republic – Turkey: with approximately 3,800,000 migrants in Turkey.
  5. China – United States of America: With an approximation of 2,200,000 migrants in North American territory.
  6. Bangladesh – India: with approximately 2,500,000 residents of India originating from Bangladesh.
  7. Pakistan – Saudi Arabia: With approximately 1,500,000 Pakistani migrants.
  8. Afghanistan – Iran: With approximately 2,700,000 Afghan migrants.
  9. Venezuela – Colombia / Peru / Chile: With approximately 1,800,000 migrants in Colombian territory, 950,000 in Peru and 500,000 Venezuelans in Chilean territory.
  10.  Poland – Germany: With approximately 2,500,000 migrants in Germany.

What role do remittances play in the world economy and in the migration process?

Remittances are the money that migrants send to their families located in their country of origin. In 2019, India, China, Mexico, the Philippines and France were the top five remittance destination countries.

In almost all cases of migration, the sending of remittances is implicit in the migration process. Either to expedite the necessary documentation in your country of birth or to cover the needs of your relatives within the territory.

It is worth mentioning that in remittances there are approximately 717 billion US dollars sent in recent decades. To make a small comparison, this means triple the fortune of billionaire Elon Musk.

The role of a token and crypto in remittances

Considering that the sending of remittances is such a broad and common aspect within the migratory community, an economy designed for these purposes is almost a necessity.

This is the main objective of MigraCoin, a token designed with blockchain technology, completely transparent, safe and easy to use.

With this level of innovation, transfers can make in complete safety, comfort and immediately. Characteristics that are extremely important considering the need that exists in the migratory context. Since there are many families that depend financially on their relatives abroad and most banking platforms are not as reliable or efficient.

In addition, it implies a real advance compared to the physical transfer of money. Due to the fact that the blockchain will make this token a decentralized and completely secure currency. There will be no risk of losing money or long waiting periods to receive it.

MigraCoin is the answer to all the problems related to remittances and migration corridors, since it dissipates uncertainty and creates a direct economy adapted to the needs of the migrant community. It is a unique response, innovative and full of benefits for those involved.

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