Every year, hundreds of thousands of people make the difficult decision to leave their homes and countries in search for a better life in Australia. Over 10 years ago, Siva Manmatharasa embarked on that journey.

In 2013, he decided to leave Sri Lanka with his wife to escape religious persecution as a Tamil. It was difficult to dream of something bigger, better and safer for his family, he said, but it was worth it.

“We travelled through countries like Indonesia and Malaysia, only settling temporarily, until we finally landed in Australia to rebuild our life and prosper enough to help support my family back home too.”

It took a few years to adjust to the culture in Australia and its unique slang. After plenty of hard work and dedication, he was able to overcome these cultural challenges and become a small business owner just under two years ago. Siva now owns and operates The Homebush West Newsagency in Homebush, NSW.

“I am proud to run a business that serves as a safe haven for the community.  While I focus on building my life here in Australia, I continue to support my extended family based in Sri Lanka, as well as friends affected by the war, sending them the extra money I earn,” Manmatharasa said. 

“Additionally, my newsagent is a partner of Ria Money Transfer, allowing my customers to support their loved ones overseas too. Ria has also found that almost half of remittances are to support families with living expenses, followed closely by remittances serving as gifts, which is what I’ve found with my customers.”

Common misconceptions

Ria Money Transfer country manager for Australia and New Zealand, Simon Wilding emphasises the importance of remittances. 

“There are quite a few misconceptions about sending money overseas and people who do it. It’s not an indulgence to support families with essential living expenses, it’s an obligation – an admirable one at that, considering the double-cost-of-living-crisis our customers live with. Remittances are more than money, they’re a show of support, love, and connection,” he said.

“On top of that, remittances play an essential role in GDPs around the world, including places like Tonga where it’s 49.9% and 37.8% in Lebanon (as of 2022). It’s not about money leaving the country, it’s about allowing other countries to support the growth and maintenance of their own.”

Remittance itself is straightforward – using a service like Ria and its flat fee of $2.89 when sending money via web or app. Another important thing in the industry is the need for competitive rates and transfer fees, according to Wilding.

“Just as one might avoid a shipping fee when shopping online, so too do people avoid a high transfer fee when sending money. As an industry, lowering remittance fees to below five per cent per corridor is essential for immigrants to support their families comfortably. High fees can limit the amount migrants can send, but achieving the United Nations’ 3% target would enable our customers to get more to their loved ones,” he said.

Remittances 101

With the cost of living and inflation rising daily, Manmatharasa has found that timing remittances wisely has saved a significant amount of money. By avoiding peak currency transfer times, particularly on busy Fridays, he can easily minimise fees and ensure that more of his money reaches home.

“Personally, it’s fulfilling to see our customers use Ria at my newsagency. I see it as a cultural exchange in a way – people from all walks of life have people they want to support, so it acts as a hub, or a gateway, when other methods may fail. The sending of hard-earned money is something that comes back around to you too in some way, and Ria facilitates that,” he said.

“As a user, it’s always recommended you go through a reputable and certified remittances service to avoid being scammed. The last thing you want is to feel cheated, and guilty that your money couldn’t get to who you intended.”

Wilding continues, “staying compliant and keeping our channels protected for our users is of the highest priority. We do not cut corners at Ria Money Transfer, because we understand how serious the stakes are, so we partner with networks like Dandelion, who are industry-leading”.

The next time you travel, or if someone you’re close to is based overseas, you can show your support for them in a simple, cost-effective way, and that is via remittances. Siva’s connection with his family in Sri Lanka remains strong despite being so far away, geographically speaking – ”because it’s more than money  exchanging, it’s our love and support in a different form”.