👉 Remittance is a form of payment that involves transferring money from one country to another. It can be made through various methods such as cash, cheque, or electronic transfer. In terms of definition, remittances refer to payments made by individuals or organizations in a foreign country to their home country. They are often used for financial transactions like salaries, rent, and food expenses. Remittances help reduce the cost of international travel and transportation, as well as provide access to savings and investments in countries
