WikiWealth

A remittance is a transfer of money by a foreign worker to his home country.

"Money sent home by migrants constitutes the second largest financial inflow to many developing countries, exceeding international aid. Latest estimates vary between IFAD estimates of US$401 billion and the World Bank information from central banks at a more conservative US$250 billion for 2006 and these figures are increasing by almost 30% year on year. Remittances contribute to economic growth and to the livelihoods of needy people worldwide. Moreover, remittance transfers can also promote access to financial services for the sender and recipient, thereby increasing financial and social inclusion. Note though that in 19th century English usage a remittance man was exiled overseas and sent a meager living allowance from England."

The business of international remittance involves a fee for transferring assets between countries. As this trade grows, so does the profits to companies which facilitate the trade in money.

Source: http://en.wikipedia.org/wiki/Remittance