Download
1 / 8
80 likes | 93 Vues
u201cRemittanceu201d, the word calls-in for the definition of u201csending money to a person or a placeu201d. The importance of remittance grew as people move to other countries in search of ...........
E N D
“Remittance”, the word calls-in for the definition of “sending money to a person or a place”. The importance of remittance grew as people move to other countries in search of job possibilities, and they send money back to their homeland for their family members to meet routine expenses. Remittance is, in fact, a synonym for international money transfers
Remittance may seem like a modern term that came to the surface after people started migrating to other countries like the United States, United Kingdom, Australia, Canada etc. from Middle Eastern and Asian countries. But the picture is not quite complete there, because remittance came along with the industrial revolution in the mid-18th century when rural people started to move towards cities for employment opportunities, forming the working class in major cities.
Types of Remittance Further, remittance gets divided into two major types: Outward Remittance: When an expat sends money to their home country from a foreign country, it becomes an outward remittance. An Indian sending money from Australia to his/her parents in India is an example of outward remittance. Inward Remittance: When the family of the expat receives the money from a foreign country, it becomes an inward remittance. An Indian family receiving money from their son/daughter settled in Australia is an example of inward remittance.
Remittances are in-fact, the major sources of income in receiving countries that affect their economy, GDP and standard of living. There are various ways of transferring money from one country to another, such as remittances through: Drafts Personal Cheque Wire Transfer Online Transfers In all these methods, one may also need to consider: Currency Exchange Rates Transfer Fees Remittance Float (the total time taken to process money transfer)
The best authorised money transfer operators ensure international transfers at great exchange rates, lower fees and quicker transfer, which is the reason why most prefer these online transfers compared to the traditional methods. Every subsequent year the volume of international remittances keep rising higher and higher, and the remittance industry is boosting up like never before.
