MONEY
TRANSFER : REMITTANCE
Remittances are transfers
of money by foreign workers to their home countries.Remittance can also refer
to the accounting concept of a monetary payment transferred by a customer to
a business.Money sent home by migrants constitutes the second largest financial
inflow to many developing countries, exceeding international aid. Latest World
Bank estimates are that some US$250 billion was remitted globally in 2006 and
these figures are increasing by almost 30% year on year. Remittances contribute
to economic growth and to the livelihoods of needy people worldwide. Moreover,
remittance transfers can also promote access to financial services for the sender
and recipient, thereby increasing financial and social inclusion.Remittances
are playing an increasingly large role in the economies of many countries, contributing
to economic growth and to the livelihoods of needy people (though generally
not the poorest of the poor). As remittance receivers often have a higher propensity
to own a bank account, remittances promote access to financial services for
the sender and recipient, an essential aspect of leveraging remittances to promote
economic development.
(1)
Source (1) Wkipedia