Remittance Vs International Money Transfer: Can We Say That International Money Transfer Is Definition of Remittance?

Do you know how Pakistanis send money to Pakistan from abroad? And how much is the amount they sent each year? The majority of people agree that remittance is a synonym for international money transfer. Although they are close in several respects, there are some significant differences, so let’s dig a little deeper.

Remittances are low-value money transfers sent home by foreign workers to a specific person (usually a family). International money flows, on the other hand, make no such distinction. It refers to any money that passes from one country to another.

Remittances are known as foreign money transfers to Pakistan or home countries of expatriates because they require money transfers to another country. However, remittances aren’t the only form of international money transfer.

Remittance transfers are essential for the survival of many families in developing countries. The money they were given was used to buy food for daily sustenance, pay for their child’s education, and pay off debts. As a consequence, remittances play an important role in poverty reduction.

Transfer Money from Home: How to Send Money from Mobile App?

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Behind The Scene: How International Money Transfer Completes a Process?

Three key players are involved in a typical foreign online money transfer to Pakistan and worldwide:

The sender, the receiver, and the money transfer service provider are all parties involved in the transaction.

It begins with you (the sender) requesting a money transfer from the money transfer provider. You can send money overseas in person or online, depending on who you want. You must include the recipient’s information as well as the sum you wish to pass.

When the money transfer service provider receives payment, the funds are transferred to the receiver. Finally, the money would be deposited into the recipient’s bank account or in an e-wallet immediately or within 1 to 2 hours maximum time.