Money Transfer And Remittance
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
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.