Glossary

Remittance transfers

Remittance transfers refer to the process of sending money across international borders, typically by individuals who are working in one country and sending funds back to their family or friends in their home country. These transfers are a crucial part of the global economy, often serving as a key source of income for the receiving countries.

Remittance transfers can be made through various methods:

These transfers are not only significant for the personal finances of individuals and families but also have broad economic impacts:

Given their importance, remittance services are regulated both by sending and receiving countries to prevent money laundering and ensure the security of the funds transferred. These regulations also aim to make remittance services more accessible and affordable, recognizing their role in supporting global economic stability and development.

Ready To
Start Saving?