Remittance is defined as the sum of money paid to someone at a distance. A 'remittance transfer' refers to the transfer of money from an individual, usually a person who has emigrated from her city or country of origin, to another individual, usually a relative who remains at home.

Remittance transfers are typically person-to-person payments and of low monetary value. There are two basic categories of remittance transfers: domestic and international.

Domestic remittance transfers occur when an individual transfers funds from one location to another within the same country. Remittances play a vital role in the economies of many countries, contributing to growth.

The World Bank and the Bank for International Settlements have developed international standards for remittance services. To know more about nations that top the share of remittance, read on.

Text: Agencies
Image: The Taj Mahal in Agra. | Photograph: Pedro Ugarte/AFP/Getty Images Also read: Drive these cars @ 40 paise per km!

Next