They are also deterred by problems in understanding language, inconveniences related to travelling and waiting time and other conditions that come with the formal financial system. It is, indeed, sad that many migrant workers do not have adequate information about the remittance facilities offered by banks, and even those who have accounts with banks, do not use them effectively.
Furthermore, only a few migrants and their families are insured against the risks they face every day. As a result of lack of financial literacy and general apathy, even those who have  4  BIS central bankers’ speeches  money continue to keep their savings either at home or prefer to participate in informal savings schemes like chit fund.