Remittances are funds that migrants send back to their home country, typically to family members or friends. These payments often serve as a crucial source of income for recipients and can help cover basic living expenses, education, healthcare, and other financial needs.
Remittances can vary in size and frequency, and they are usually sent through formal channels such as banks or money transfer services, or through informal ways like cash deliveries. They play an essential role in the economies of many countries, particularly those with a large number of citizens working abroad, as they can contribute significantly to gross domestic product (GDP) and help improve living standards.