Remittance

A financial transaction in which money is transferred from one person to another, typically to support family members or other loved ones.

More Details

A remittance is a transfer of money, typically by a person living in one location, to someone in another location. Remittances are often used to support family members or other loved ones and can be made through a variety of channels, such as wire transfers, money orders, or online payment platforms.

Example

Imagine that you are living and working in one city, and you want to send money to your family in another city. You might make a remittance to them through a wire transfer service or an online payment platform. This would allow you to send money directly to their bank account or provide them with access to the funds through a prepaid debit card.

Remittances can be an important source of financial support for family members or other loved ones and can help to bridge the gap between different locations.

Ready to Own the Home of Your Dreams?

Join now to get access to the competitive rates, member-friendly loan products, and educational resources you need to secure an exceptional financial future.