A remittance is - quite simply - a money transfer made by a foreign worker back to an dividual in their home country. As it currently stands, the typical international money
transfer requires far too much communication between the individuals from both sides of the equation. Currently, they have to calculate exchange rates, synchronize amounts,
collect personal details, agree on a transfer method, and then confirm when the cash has been sent and received - also a transaction id as well as a physical identification card is
required. Worldwide, 230 million people send $500 billion in remittances each year, primarily using the likes of Western Union, Moneygram, and RIA. India, China and the
Philippines are the top three countries that receive the most money via remittance. In terms of continents, Asia is the biggest recipient by far - in 2016, migrants from China and
India sent home a staggering $180 billion.
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