With a large chunk of the global workforce migrating to foreign countries in search of lucrative career opportunities or better living, the World Bank estimates that migrants will send up to $636 billion home in 2017, with three-quarters of that being remitted to developing countries.

In 2015, $440 billion in remittances was sent back to developing countries, but $32 billion was lost due to high transaction fees incurred during the process, and much more went unaccounted due to informal channels!

Sounds complicated? Fret not! Singapore-headquartered start-up Instarem has demystified the cross-border payments ecosystem for you with this handy infographic.

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