Home Uncategorized What is Home Remittance?

What is Home Remittance?

by Uneeb Khan

Leaving your family and home for the sake of work might be difficult and it might be more difficult to know that there are hindrances in sending money back home. People from all over the World leave behind their loved ones in search of a better future and home remittance is the process that helps them see this dream come true.

Remittance might be your way out of the troubles when you want to send money to your loved ones, securely. Someone who has moved abroad and is working there can send money back home via proper channels to financially support their family, this will be called remittance or home remittance.

It was estimated in 2019 that about 800 million people globally receive remittances. Now this remittance can be either through cheques, transfer of money, transfer via banks, and through cards. Even if someone doesn’t have a bank account, they can still send money.

What is the meaning of remittance?

It might just be a transfer of money between two entities but it means the world to some. Usually people choose an exchange to send money back home and that exchange acts as the connecting and transferring medium between the sender and the receiver.

It could mean transferring money between two parties but it usually denotes transferring money to another country. Examples include sending money for a wedding gift, to pay for bills, or for any other purpose.

Remittance is derived from the word Remit which literally translates to send back and in this case, money. One can use any money transfer company or bank like HBL to do the same. The process is super easy and offers convenience and security both.

Who uses remittance?

Mostly used by migrants, home remittance might be one of the best ways to send money to the people waiting for them back home. Now this might mean sending back a part of your earnings monthly or giving away gifts when needed or even sending money for fulfilling any other responsibilities.

What is the process of remittance transfer?

There are many ways through which you can send money back home. However, one of the most common ways is to send money via money transfer services. These money transfer services might require your bank account or other cards to transfer the fund. You can also be present there physically, send online, or through the application.

The next most acceptable way for remittance is to send money through banks when it doesn’t matter where you are, you can just choose the sending and receiving bank and be done with it.

So this is all about home remittance. If you still have any questions, you can let us know. We’d be more than happy to help you out.

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