Meaning of Remittance

Remittance is a process by which money is transferred by a foreign worker to an individual in his or her own country. The financial institution that supports sending the money to the home country from a foreign country is called as the Remittance Service Provider. It was accounted about more than 400 billion dollar was transferred to developing countries by means of remittance. China and India are considered the two top countries that receive most of the money in remittances.

You will find more statistics at Statista

Following are the top 4 countries that are the major sources of remittances:
– United States of America,
– Russia,
– Saudi Arabia,
– Switzerland.

Following are the top 10 countries that are the major recipients of remittances:
– India

– China

– Philippines

– France
– Mexico

– Nigeria
– Egypt
– Germany
– Pakistan

– Bangladesh