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Migrants and their moneySurviving financial exclusion$
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Kavita Datta

Print publication date: 2012

Print ISBN-13: 9781847428431

Published to Policy Press Scholarship Online: January 2013

DOI: 10.1332/policypress/9781847428431.001.0001

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Transnational money: the formalisation of migrant remittances

Transnational money: the formalisation of migrant remittances

Chapter:
(p.141) Six Transnational money: the formalisation of migrant remittances
Source:
Migrants and their money
Author(s):

Kavita Datta

Publisher:
Policy Press
DOI:10.1332/policypress/9781847428431.003.0006

Chapter Six maps remittance flows from London to migrants' home countries, highlighting the uneven nature of development in the world and the transnationality of finance. Beginning with a discussion on the importance of remittances in the contemporary global economy, the chapter highlights both national and international imperatives to formalise remittance sending practices which is attributed to both the migration-development and migration-security nexus. It highlights the diverse motivations which shape migrant men and women's remittance sending which range from altruism and moral obligation to a desire to accumulate transnational financial and material assets. The chapter then considers the mechanisms by which migrants send money back to their home countries, illustrating the importance of semi-formal and informal remittance sending practices in particular remittance corridors and the factors which lead to a preference for these over more formal remittance sending mechanisms. In so doing it questions global initiatives to financialise remittances.

Keywords:   Remittance flows, Transnationality of finance, Informal mechanisms, Formal remittances, Financialisation of remittances

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