What does remittance mean?

A sum of money being sent, usually internationally, as a payment or gift. Remittances have been increasingly important in small developing countries. In some countries remittances exceed charitable aid, and make up a significant portion of the country’s GDP. With the rise of peer-to-peer cryptocurrencies that can be easily and nearly instantaneously transmitted globally, the concept of remittances will likely play an even greater role in the future.