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By 2030, reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent
Explanation
Migrant remittances refer to the money that migrant workers send back to their families in their home countries. Sending this money often incurs transaction fees and costs.
This goal aims to reduce the transaction costs that migrant workers have to pay when sending money home. Specifically:
Reduce global average fees and costs to less than 3% of the amount being sent by the year 2030. Eliminate any specific money transfer routes (called remittance corridors) where the fees consistently exceed 5% of the transfer amount. Achieving this will allow migrant workers to retain more of their hard-earned money to support families back home. Lower costs also encourage more remittances being sent through proper legal channels, which developing countries rely on.
So in simple terms - the goal is for migrant workers to get to keep more of the money they earn, by reducing the international transaction fees and costs to send money home to very poor countries. Governments and money transfer companies need to make this cheaper.