Remittance

A remittance is a transfer of money, often sent by individuals to family or businesses in another country. Remittances are a major source of income for many developing economies and a common type of cross-border payment.

Remittances can be sent through banks, money transfer operators, or digital wallets. Fees and exchange rate markups can reduce the amount received by the beneficiary.

Related Terms

Cross-Border Payment

A cross-border payment is a transfer where the payer and payee are in different countries or currenc...

Wire Transfer

A wire transfer is an electronic transfer of funds between banks or financial institutions. Wire tra...

EFT

Electronic Funds Transfer

EFT is a broad term for any transfer of money from one bank account to another through electronic me...

FX Spread

An FX spread is the difference between the buy and sell exchange rates for a currency pair. It repre...

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