transnational remittances

Transnational remittances are funds sent by individuals working abroad to their home countries, often to support family members. These transfers help improve living standards, fund education, healthcare, or business activities. Remittances are a vital part of the global economy, especially for developing countries, providing a significant source of foreign income. They can be sent through banks, online platforms, or money transfer services, and their volume has grown rapidly with globalization and digital technology. Essentially, they facilitate financial support across borders, fostering economic stability and social well-being for recipient communities.