Money Transfer And Remittance

Money Transfer And Remittance

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Money Transfer

Money transfer generally refers to one of the following cashless modes of payment or payment systems:

  • Electronic funds transfer, an umbrella term mostly used for bank card-based payments
  • Wire transfer, an international expedited bank-to-bank funds transfer
  • Giro, also known as direct deposit
  • Money order, transfer by postal cheque, money gram or others

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.