April 20, 2024

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remittance

A remittance is a transfer of money by a foreign worker to an individual in his or her home country. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers’ remittances are a significant part of international capital flows especially in the case of labour-exporting countries. In 2013, $404 billion went to developing countries (a new record) with overall global remittances totaling $542 billion. Some countries, such as India and China, receive tens of billions of dollars in remittances each year. In 2013, India received an estimated $70 billion and China an estimated $60 billion.

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