Sending Money Home Reading Answers
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Experta en el extranjero | Updated On - Jan 17, 2023
Sending Money Home Reading Answers contains sample answers about sending money to home. Sending Money Home Reading Answers has 13 different questions. IELTS Sending Money Home Reading Answers contains 2 types of questions: choose the correct heading and complete the summary. Candidates are required to read the IELTS Reading passage and choose a heading for each paragraph from the given list. Candidates are supposed to complete the summary by using no more than two words for each answer from the passage. Candidates can gain proficiency on diverse topics by undertaking IELTS Reading practice papers.
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Section 1
Read the Passage to Answer the Following Questions
Sending Money Home Reading Answers
- Every year millions of migrants travel vast distances using borrowed money for their airfares and taking little or no cash with them. They seek a decent job to support themselves with money left over that they can send home to their families in developing countries. These remittances exceeded $400 billion last year. It is true that the actual rate per person is only about $200 per month but it all adds up to about triple the amount officially spent on development aid.
- In some of the poorer, unstable or conflict-torn countries, these sums of money are a lifeline – the only salvation for those left behind. The decision to send money home is often inspired by altruism – an unselfish desire to help others. Then again, the cash might simply be an exchange for earlier services rendered by the recipients or it could be intended for investment by the recipients. Often it will be repayment of a loan used to finance the migrant’s travel and resettlement.
- At the first sign of trouble, political or financial upheaval, these personal sources of support do not suddenly dry up like official investment monies. Actually, they increase in order to ease the hardship and suffering of the migrants’ families and, unlike development aid, which is channelled through government or other official agencies, remittances go straight to those in need. Thus, they serve an insurance role, responding in a countercyclical way to political and economic crises.
- This flow of migrant money has a huge economic and social impact on the receiving countries. It provides cash for food, housing and necessities. It funds education and healthcare and contributes towards the upkeep of the elderly. Extra money is sent for special events such as weddings, funerals or urgent medical procedures and other emergencies. Occasionally it becomes the capital for starting up a small enterprise.
- Unfortunately, recipients hardly ever receive the full value of the money sent back home because of exorbitant transfer fees. Many money transfer companies and banks operate on a fixed fee, which is unduly harsh for those sending small sums at a time. Others charge a percentage, which varies from around 8% to 20% or more dependent on the recipient country. There are some countries where there is a low fixed charge per transaction; however, these cheaper fees are not applied internationally because of widespread concern over money laundering. Whether this is a genuine fear or just an excuse is hard to say. If the recipients live in a small village somewhere, usually the only option is to obtain their money through the local post office. Regrettably, many governments allow post offices to have an exclusive affiliation with one particular money transfer operator so there is no alternative but to pay the extortionate charge.
- The sums of money being discussed here might seem negligible on an individual basis but they are substantial in totality. If the transfer cost could be reduced to no more than one per cent, that would release another $30 billion dollars annually – approximately the total aid budget of the USA, the largest donor worldwide – directly into the hands of the world’s poorest. If this is not practicable, governments could at least acknowledge that small remittances do not come from organised crime networks, and ease regulations accordingly. They should put an end to restrictive alliances between post offices and money transfer operators or at least open up the system to competition. Alternatively, a non-government humanitarian organisation, which would have the expertise to navigate the elaborate red tape, could set up a non-profit remittance platform for migrants to send money home for little or no cost.
- Whilst contemplating the best system for transmission of migrant earnings to the home country, one should consider the fact that migrants often manage to save reasonable amounts of money in their adopted country. More often than not, that money is in the form of bank deposits earning a tiny percentage of interest, none at all or even a negative rate of interest.
- If a developing country or a large charitable society could sell bonds with a guaranteed return of three or four per cent on the premise that the invested money would be used to build infrastructure in that country, there would be a twofold benefit. Migrants would make a financial gain and see their savings put to work in the development of their country of origin. The ideal point of sale for these bonds would be the channel used for money transfers so that, when migrants show up to make their monthly remittance, they could buy bonds as well. Advancing the idea one step further, why not make this transmission hub the conduit for affluent migrants to donate to worthy causes in their homeland so they may share their prosperity with their compatriots on a larger scale?
Section 2
Solution and Explanation
Questions 1-7
Reading Passage 1 has seven paragraphs, A–G.
Choose the correct heading for paragraphs B–H from the list of headings below.
Write the correct number, i–x, in boxes 1–7 on your answer sheet.
List of Headings
i Stability of remittances in difficult times
ii Effect of cutback in transaction fees
iii Targeted investments and contributions
iv Remittances for business investment
v How to lower transmission fees
vi Motivations behind remittances
vii Losses incurred during transmission
viii Remittances worth more than official aid
ix How recipients utilise remittances
x Frequency and size of remittances
xi Poor returns on migrant savings
Example:
Paragraph G xi
- Paragraph A
Answer: x
Supporting Sentence: These remittances exceeded $400 billion last year
Keyword : remittances, exceeded, billion
Keyword Location: paragraph A, line 4
Explanation: The volume of migrant workers' remittances is discussed in this paragraph. Although it is claimed that they topped $400 billion last year, the actual rate per person is just about $200 per month. As a result, it is the correct answer.
- Paragraph B
Answer: vi
Supporting Sentence: inspired by altruism – an unselfish desire to help others.
Keyword : inspired, altruism, desire
Keyword Location: paragraph B, line 3
Explanation: The motivation behind migrant workers' decisions to send money home is examined in this paragraph. Their motivations are frequently based on altruism, which is the altruistic desire to assist others. Thus, the answer is vi.
- Paragraph C
Answer: i
Supporting Sentence: they serve an insurance role, responding in a countercyclical way to political and economic crises.
Keyword : serve, insurance, countercyclical
Keyword Location: paragraph C, last line
Explanation: Even during times of crisis, the money that migrant workers send home continues to flow in. They serve as insurance, offering stability in the face of social and economic upheaval. Therefore, the right answer is i.
- Paragraph D
Answer: ix
Supporting Sentence: It provides cash for food, housing and necessities. It funds education and healthcare
Keyword : provides, food, housing, necessities, education, healthcare
Keyword Location: paragraph D, line 2-3
Explanation: The recipients use the remittances to pay for expenses linked to housing, food, and other everyday requirements. In addition, it supports aged care and pays for healthcare and education. So the correct answer is ix.
- Paragraph E
Answer: vii
Supporting Sentence: Others charge a percentage, which varies from around 8% to 20% or more dependent on the recipient
Keyword : percentage, charge, dependent
Keyword Location: paragraph E, line 4
Explanation: Unfortunately, there is a loss of money when transferring because exorbitant transfer costs are levied. Banks and money transfer businesses impose a set cost, while other businesses levies a percentage. It fluctuates between 8% and 20% or higher. These result in a loss of the money obtained. Hence, we can say that vii fits the paragraph well.
- Paragraph F
Answer: v
Supporting Sentence: put an end to restrictive alliances between post offices and money transfer operators
Keyword : end, restrictive, alliances, post office, operators
Keyword Location: paragraph F, line 7
Explanation: This paragraph makes reference to the possibility of reducing transfer costs by capping them at 1%. Or by requesting that governments relax their regulations and sever their coercive ties with money transfer firms and post offices. As an alternative, nonprofit organisations may create a platform that makes it simple for migrant workers to transfer money home. Thus, the right answer is v.
- Paragraph H
Answer: iii
Supporting Sentence: bonds with a guaranteed return of three or four per cent on the premise that the invested money would be used
Keyword : bond, guarantee, invested
Keyword Location: paragraph H, line 1-2
Explanation: This section explains how contributions and investments with a specific purpose can be beneficial. For instance, if a developing nation or a sizable philanthropic organisation might sell bonds. It should be sold with a three- to four-percent return guarantee. Based on the idea that the funds invested would be put to use developing that nation's infrastructure. Both parties would gain from it in this manner. Therefore, the suited heading for this paragraph is iii.
Questions 8–13
Complete the summary below.
Choose NO MORE THAN TWO WORDS from the passage for each answer.
Write your answers in boxes 8–13 on your answer sheet.
Countries are unwilling to enforce lower transaction fees as they are worried about 8__________ and villagers lose out when post offices have a special relationship with one particular money transfer agency.
Each remittance might be small but the total cost of remittance fees is huge. Governments should 9__________ on small amounts and end the current post office system or make it more competitive. Another idea would be for a large non-profit association, capable of handling complicated 10__________ to take charge of migrant remittances.
Migrants who send money home are able to save money, too, but it receives little or no interest from 11__________. If a country or organisation sold bonds that earned a reasonable rate of interest for the investor, that money could fund the development of homeland 12__________ .The bonds could be sold at the remittance centre, which could also take donations from 13__________ to fund charitable projects in their home country.
Question 8:
Answer: Many Laundering
Supporting Sentence: these cheaper fees are not applied internationally because of widespread concern over money laundering
Keyword : cheaper, internationally, concern
Keyword Location: paragraph E, line 6-7
Explanation: High transfer fees prevent migrant employees from sending money home, as noted in paragraph 6. However, many nations are reluctant to reduce the cost of money transfers. The reason for this is the widespread worry about money laundering. Therefore, money laundering is the answer.
Question 9:
Answer: Ease Regulation
Supporting Sentence: remittances do not come from organised crime networks, and ease regulations accordingly
Keyword : remittances, organised, crime networks
Keyword Location: paragraph F, line 6
Explanation: According to paragraph F, there are numerous ways to reduce the high cost of sending money from one country to another. Governments could relax the rules. They can admit that the meagre remittances sent home by migrant workers do not originate from organised crime rings. Thus, the answer is ease regulations.
Question 10:
Answer: Red tape
Supporting Sentence: the expertise to navigate the elaborate red tape, could set up a non-profit remittance platform for migrants
Keyword : expertise, non profit, platform
Keyword Location: paragraph F, 2nd last line
Explanation: Paragraph F discusses a humanitarian non-governmental organisation. It would be skilled at navigating the complex red tape. And would make it far more affordable for workers to send money home. So, red tape is the answer.
Question 11:
Answer: bank deposits
Supporting Sentence: money is in the form of bank deposits earning a tiny percentage of interest, none at all or even a negative rate of interest.
Keyword : money, interest, negative rate
Keyword Location: paragraph G, 2nd last line
Explanation: It is reported that bank deposits made by migrants to send money home yield scarcely any interest. The answer is therefore bank deposits.
Question 12:
Answer: infrastructure
Supporting Sentence: the invested money would be used to build infrastructure in that country,
Keyword : money, build, country, invested
Keyword Location: paragraph H, line 2-3
Explanation: For instance, if a developing nation or a sizable philanthropic organisation might sell bonds. It should be sold with a three- to four-percent return guarantee. Based on the idea that the funds invested would be put to use developing that nation's infrastructure. Both parties would gain from it in this manner.
Question 13:
Answer: Affluent migrants
Supporting Sentence: transmission hub the conduit for affluent migrants to donate to worthy causes in their homeland
Keyword : transmission, hub, donate, worthy
Keyword Location: paragraph H, 2nd last line
Explanation: Rich immigrants' contributions to the transmission hub would also allow them to support worthwhile causes. Additionally, they want to support progress in their native countries. The answer is thus affluent migrants.
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