Remittance

Remittance

Welcome to the voice of America’s new words.

The worlds bank says migrant workers in the United States have increased the amount of money they send home.

REMITTANCE

Last year, $466 billion remittances flowed to low and middle-income countries.

That figure is estimated to grow to $485 billion this year.

Remittances are a lifeline to many countries that are facing some sort of a crisis.

The poorer the country, the larger their dependence on remittances.

A remittance is money sent by mail, as a payment or as a gift.

Here, it is money that migrants earn in one country, and then send to their families in their home countries.