Glossary entry

Remittance

A remittance is a transfer of money from one person or place to another, especially money sent to family or to accounts in another country. The word is widely used for international transfers such as sending pounds from the UK to a relative in India. A remittance involves your funds, a currency conversion, a delivery route and compliance checks, and the cost is spread across the exchange rate, any fee and any charges on the way. See also: transfer fee, repatriation, KYC, and the guide Sending Money from the UK to India.