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Money Transfer – The act of transferring money from one place to another place. This may occur electronically or physically. Whether you’re buying property overseas, emigrating or sending money to friends and family, our partners can help you send money to its required destination at a better rate. Other benefits include getting a fee free transfer on your first transfer and same day transfers.
Remittance – is a transfer of money by a foreign worker to an individual in his or her home country. 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 labour-exporting countries. In 2014, $436 billion went to developing countries, setting a new record. Overall global remittances also totalled $583 billion. Some countries, such as India and China, receive tens of billions of US dollars in remittances each year from their expatriates. In 2014, India received an estimated $70 billion and China an estimated $64 billion.
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