Global remittance is an important source of financial support for families and communities around the world. However, there are several challenges and limitations associated with this process that can make it difficult for people to send and receive money across borders.

One of the main challenges of global remittance is the high cost of sending money. Many remittance providers charge high fees and offer poor exchange rates, which can make it expensive for people to send money to their loved ones in other countries. This can be especially challenging for low-income families who may not have the resources to pay these fees.

Another challenge of global remittance is regulatory restrictions. Some countries have limits on the amount of money that can be sent or received, which can make it difficult for families to receive the financial support they need. Additionally, regulations around remittance can be complex and difficult to navigate, which can be a barrier for some people looking to send money across borders.

Global remittance can also exacerbate income inequality. While it provides critical support to families in need, it can also reinforce existing economic disparities. For example, families with members working in higher-paying countries may receive more financial support than families in lower-paying countries, creating an imbalance in economic opportunities.