What is Remittances ?

Defination:
  • Transfer of funds, usually from a buyer to a distant seller, instrument of transfer (such as a check or draft), or funds so transferred.
  • A remittance most commonly refers to the funds an expatriate sends to their country of origin via wire, mail, or online transfer. 
  • These peer to peer transfers of funds across boarders are economically significant for many countries that receive them.