
In short, remittance can be defined as the transfer of money to a distant location, usually between individuals that live in different countries. In most cases, it consists of an immigrant worker sending money to their home country. Today, remittances represent the largest flow of funds into the developing world, surpassing foreign direct investments and official development assistance. According to the World Bank Group, the remittance industry experienced significant growth in the past years, up 8.8% in 2017 and 9.6% in 2018.
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