For many years now, Singapore has been one of the most sought-after places for Indians to seek employment. The small but financially powerful island nation has attracted tens of thousands of Indian professionals looking for better employment opportunities and a higher quality of life. While many of these working folks are settled with their families in Singapore, there are also a large number of people working in Singapore who support their families in India through remittances.
In simple terms, remittances refer to funds that migrants, in this case Indian migrants in Singapore, send back to their home countries. Thousands of families in India depend on these remittances from their family members in Singapore to support their living expenses. In this article, we will look at how Indian families benefit from money transfers from Singapore to India.
Improved living standards
One of the most impactful benefits of remittances from Singapore is the improved standard of living of families receiving funds from their family members. Salaries in Singapore are considerably higher than in India, and the currency exchange rate makes transfers from Singapore to India more effective due to the difference in purchasing power parity. The families can use these remittances for expenses such as paying rent or home loan Equated Monthly Instalments (EMIs), buying groceries, investing in kids’ education, upgrading their living space, and purchasing essential items.
Access to improved healthcare
Another major benefit of remittances from Singapore for Indian families is the improved access to high-quality healthcare. Private healthcare costs in India are quite high and medical expenses can quickly exhaust an individual’s savings. However, money transferred from Singapore to India for families by the Indian professionals working there can help them take care of medical expenses without families having to deplete their life savings and take on debilitating debt.
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Education opportunities for children
Another major benefit for families in India receiving remittances from Singapore is the improved education opportunities that children in the family can take advantage of. One of the most important foundational steps for an individual to build a successful career is a high-quality education. Thus, thousands of children benefit from attending prestigious academic institutions that they can afford with the money their parents or siblings send from Singapore to India. These highly educated individuals can then secure high-paying jobs and send remittances back home to support their families, continuing the cycle of economic upliftment.
Debt repayment and financial support
Families in India receiving remittances from Singapore can use the funds to get out of difficult financial situations such as paying off their debts and accumulated expenses. Moreover, families can use this money to create a nest egg of savings that can be used during emergencies or other unexpected expenses. Emergency funds are an important financial priority that should be taken care of, and remittances from Singapore can help families build their emergency funds/rainy day accounts.
Businesses and investments
Families in India that are receiving remittances from Singapore can also use the additional funds to invest in businesses or the stock market for wealth creation. Moreover, many families also choose to purchase real estate with the money transferred from Singapore to India as real estate is among the most popular investment options in India. Homeownership is the dream for millions of families and Singapore remittances help make it a reality for many in India.
To conclude
Tens of thousands of families in India depend upon their family members sending money from Singapore to take care of their living expenses, housing, education, healthcare, and more. Remittances help uplift the lives of many families and improve their standards of living. As remittances from Singapore increase over the years, they will continue to positively influence many families on a social and economic scale.