Remittance

Remittance refers to the money that people send back to their home country, usually to support family or friends. This often happens when someone works abroad and sends a portion of their earnings to loved ones. Remittances are vital for many economies, especially in developing countries, as they can improve living conditions, provide education, and support local businesses. Overall, remittances play a significant role in global finance by facilitating the transfer of funds across borders, helping to alleviate poverty and contribute to economic growth.