Remittance transfer services include fund transfer between two countries. The funds sent by foreign workers to their families are referred to as remittances. A proper channel through which remittance transfer could be done is called the remittance service providers. A remittance market is commonly indistinguishable from any other money transfer market because funds are transferred person-to-person.
There is a number of ways provided by the remittance market to send funds overseas. Remittance transfers can be made through ways including cash-based services offered by individuals, specialized global money transfer operators, card schemes and bank-to-bank transfers.
The remittance market is composed of more or less complex forms of networks through which the job is done. In all forms of money transfer, it is necessary that there should be proper access points from which the sender pays the payment and the receiver in another country receives the money. Through these networks the remittance transfer service providers have a direct relationship with each other, enabling them to agree and publicize the speed and total price of the service. Different forms of services are provided by banks and other money transfer companies that have widely influenced the movement of funds all around the world.