What do you mean by Remittance?

A remittance is a transfer of money by a foreign worker to his or her home country or simply sending an amount of money from one country to another.Money sent home by migrants constitutes the second largest financial inflow to many developing countries, exceeding international aid. In2012, according to the World Bank Report, $401 billion new remittance record went to developing countries with overall global remittances (including developed countries) topped $514 billion.Remittances's contribute to economic growth is contested among researcher whereas remittance's contribution to the livelihoods of receiving parties is, however, easily seen. Moreover, remittance transfers can also promote access to financial services for the sender and recipient, thereby increasing financial and social inclusion[citation needed].Remittances are playing an increasingly large role in the economies of many countries, contributing to economic growth and to the livelihoods of less prosperous people (though generally not the poorest of the poor).