remittance-transfer

Vocabulary Word

Definition

'Remittance transfer' refers to the money that is sent from one person to another, commonly across borders. It often involves workers abroad sending money back to families in their home countries.

Examples in Different Contexts

For migrant workers, remittance transfers are a key way of supporting families back home, often representing a significant portion of their income. A social worker might explain, 'Remittance transfers by migrant workers are a lifeline for many families in developing nations, underpinning their economic stability.'

Practice Scenarios

Economics

Scenario:

It's critical to understand how global remittance flows affect our national economy. What measures should we adopt to maximize their potential?

Response:

We should promote FDI alongside remittance transfers to use the incoming funds optimally for socio-economic development.

Tech

Scenario:

Our digital transfer platform has been well-received. But how could we further customize it to cater to people working abroad?

Response:

For those performing remittance transfers, the app could provide a currency conversion feature and expedited transfer options.