Remittances
Remittances are money transfers from one person to another, usually from a foreign worker to their family in their home country. Remittances are a major source of income for many countries, and are often used to support families and communities. Remittances are also used to fund investments in businesses, education, and other areas.
History of Remittances
The concept of remittances has been around for centuries, with the first recorded remittance being sent from India to England in 1772. Since then, remittances have become increasingly popular, with the World Bank estimating that over $689 billion was sent in remittances in 2019. Remittances are often sent through banks, money transfer services, or even through informal networks.
Comparison of Remittance Services
| Service | Fee | Exchange Rate |
|---|---|---|
| Bank Transfer | $10 | 1.2 |
| Money Transfer Service | $5 | 1.3 |
| Informal Network | $2 | 1.4 |
Summary
Remittances are a major source of income for many countries, and are often used to support families and communities. Remittances are sent through banks, money transfer services, or even through informal networks. The fees and exchange rates vary depending on the service used, so it is important to compare the different options before sending a remittance. For more information about remittances, you can visit the World Bank website or the websites of the various remittance services.
See Also
- Foreign Exchange
- Money Transfer
- International Payments
- Currency Exchange
- Wire Transfer
- Money Order
- Cash Transfer
- Bank Transfer
- Remittance Services
- Money Laundering
