remittance

A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of international capital flows, especially with regard to labor-exporting countries.Due to its large diaspora, India consecutively remains the top receiver of remittance. In 2022, the top six recipient countries for remittances inflows in current USD were India (US$100 billion), Mexico (US$60 billion), China (US$51 billion), the Philippines (US$38 billion), Egypt (US$32 billion) and Pakistan (US$29 billion).

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