Foreign remittances

Foreign remittances refer to money sent by individuals working abroad back to their home country. This financial transfer can support family members, contribute to household expenses, or serve as savings. Remittances are typically sent through banks, money transfer services, or mobile platforms, and they play a vital role in the economy of many developing countries, providing essential income and helping improve living standards. They are an important link connecting global labor markets with local communities, fostering economic stability and growth.