international remittances

International remittances are transfers of money sent by individuals living in one country to family or others in another country. They typically involve migrants sending earnings back home to support relatives, pay for education, or cover living expenses. These transfers can be made through banks, specialized money transfer services, or digital platforms. Remittances play a vital role in many economies, providing financial stability and supporting households. They are usually faster and more cost-effective with modern technology, but can still incur fees and exchange rate costs. Overall, remittances are a crucial link between expatriates and their communities.