remittance-service

Vocabulary Word

Definition

'Remittance service' refers to a service, often provided by banks or independent providers, that enable the transfer of funds from one party to another, often across countries. Like when you use an app to send money to your friend studying overseas.

Examples in Different Contexts

Remittance services enable individuals to send money across borders to family or friends, playing a crucial role in global financial support. A financial advisor might say, 'Remittance services have become more accessible and affordable, allowing diaspora communities to support their families back home efficiently.'

Practice Scenarios

Financial

Scenario:

I need to send money to my son studying overseas. What's the most cost-effective solution your bank provides?

Response:

Our bank offers an effective remittance service that provides competitive exchange rates and minimal transaction fees.

Tech

Scenario:

Our platform should cater to a global audience. How can we ensure users can make swift and secure money transfers worldwide?

Response:

We can integrate a reliable remittance service into our platform, allowing users to make fast global transfers.