What is Remittance?
Remittance refers to the transfer of money from one place to another, typically between individuals or businesses in different countries. This could be for a variety of purposes, such as sending money to family members in another country, paying for goods or services, or supporting a business operation in a foreign country.
There are different ways that remittances can be sent, including through banks, money transfer services, or online platforms. The fees and charges for remittance services can vary widely, and consumers should compare options to find the most affordable and convenient method for their needs.
According to data from the World Bank, remittances to low- and middle-income countries reached a record high of $529 billion in 2018. This highlights the importance of remittance flows for individuals and economies around the world.
