Remittance refers to the money that individuals send back to their home country, typically to support family members or friends. This financial transaction often occurs when people work abroad and want to provide financial assistance to their loved ones. Remittances can be sent through various channels, including banks, money transfer services, and mobile apps. These funds play a crucial role in the economies of many countries, especially in developing nations. They can help improve living standards, fund education, and support local businesses. In some cases, remittances contribute significantly to a country's gross domestic product (GDP), highlighting their importance in global finance.