remittances
Funds sent home
Remittances are money sent to someone in another place, especially funds that migrant workers send back to family in their home countries.
The word carries a formal or financial tone: Remittances from workers abroad account for a significant portion of the country's GDP.
A remittance can also be any payment sent to settle a debt or bill.
Scattered population sharing origins
- migrant workersPeople moving for jobs
- expatriatesPeople living outside homeland
- guest workersTemporary foreign employees
- labor migrationRelocating for employment opportunities
immigration · brain drain · Gulf states · host country · home country · separation · transnational · seasonal workers
Electronic bank-to-bank payment
- money transferSending funds electronically
- send moneyTransmit payment remotely
- funds transferPayment sent between parties
- SWIFTBank messaging infrastructure
Western Union · MoneyGram · Wise · mobile money · cross-border · sender · recipient · beneficiary
Total money a home receives
- dependentsPeople financially supported
- family supportAid from relatives
- breadwinnerPrimary household earner
- relativesThose connected by blood
kinship · school fees · elder care · siblings · parents · spouse · extended family · multigenerational
Trading between national currencies
- economic developmentStructured advancement of prosperity
- poverty reductionDecreasing numbers below subsistence
- World BankGlobal development finance institution
- inflowsStreams entering something
balance of payments · current account · dollarization · economic dependency · rural development · infrastructure
Expense of making deals
- transfer feesCosts for moving assets
- exchange rateCurrency conversion value
- service chargeFee for being served
- commissionPayment for services rendered
hidden fees · transparency · affordability · pricing · comparison · competition · corridors · cost reduction
Adhering to requirements
- AMLIllicit finance prevention framework
- documentationWritten proof or instructions
- ID verificationConfirming someone's claimed identity
- sanctionsPunitive international restrictions
diaspora
Scattered population sharing origins
- migrant workersPeople moving for jobs
- expatriatesPeople living outside homeland
- guest workersTemporary foreign employees
labor migration · immigration · brain drain · Gulf states · host country · home country · separation · transnational · seasonal workers · undocumented
wire transfer
Electronic bank-to-bank payment
- money transferSending funds electronically
- send moneyTransmit payment remotely
- funds transferPayment sent between parties
SWIFT · Western Union · MoneyGram · Wise · mobile money · cross-border · sender · recipient · beneficiary · corridor
household income
Total money a home receives
- dependentsPeople financially supported
- family supportAid from relatives
- breadwinnerPrimary household earner
relatives · kinship · school fees · elder care · siblings · parents · spouse · extended family · multigenerational · obligation
foreign exchange
Trading between national currencies
- economic developmentStructured advancement of prosperity
- poverty reductionDecreasing numbers below subsistence
- World BankGlobal development finance institution
inflows · balance of payments · current account · dollarization · economic dependency · rural development · infrastructure
transaction cost
Expense of making deals
- transfer feesCosts for moving assets
- exchange rateCurrency conversion value
- service chargeFee for being served
commission · hidden fees · transparency · affordability · pricing · comparison · competition · corridors · cost reduction · G20
compliance
Adhering to requirements
- AMLIllicit finance prevention framework
- documentationWritten proof or instructions
- ID verificationConfirming someone's claimed identity
sanctions · financial crime · suspicious activity · limits · thresholds
- International Financeoffshore accounts, foreign investments, currency reserves, foreign currency, exchange rates
- emigration effectsbrain drain, family separation, labor shortages, population decline, skill gaps
- currencydollar, euro, pound, yen, peso
- immigrationimmigrant, immigrants, visa, refugee, citizenship
- migrationmigration, immigrants, refugees, immigration, emigration
- Island Economytourism, fishing, ports, resorts, hotels