👉 In the context of financial transactions, remittances are payments made by a recipient to an originating party. This can be in the form of money transfer or other forms of payment. Remittances can occur for various reasons such as work-related expenses, education, travel, and even personal care needs. Remittances can be categorized into two main types: direct remittances and indirect remittances. Direct remittances involve a physical delivery of the funds to the recipient's bank account or
