Remittances Definition - Glossary

Remittances are money transfers from individuals in one country to recipients in another. Typically for family support.

Remittances are monetary transfers sent by individuals working abroad back to their home country. This financial support often helps families cover daily expenses, education, healthcare, and emergencies. They play a crucial role in the economies of developing countries by providing a consistent flow of foreign currency. With advances in technology, remittances can be sent quickly and securely using various methods, including banks, online platforms, and mobile apps. As the global workforce becomes increasingly mobile, remittances continue to be vital for economic stability and growth in lower-income nations.