Remittance

A remittance is a transfer of money by a foreign worker to his or her home country.

Money sent home by migrants constitutes the second largest financial inflow to many developing countries, exceeding international aid. In 2012, according to the World Bank Report, $401 billion new remittance record went to developing countries with overall global remittances (including developed countries) topped $514 billion. Remittances contribute to economic growth and to the livelihoods of people worldwide. Moreover, remittance transfers can also promote access to financial services for the sender and recipient, thereby increasing financial and social inclusion.