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Remittance has been defined by the World Bank as the part of the earnings which a migrant worker sends back to family members in the country of origin. Worldwide, the flow of remittance has increased from US$72.3 billion in 2001 to approximately US$483 billion in 2011. [ 3 ]
An informal value transfer system is an alternative and unofficial remittance and banking system, that pre-dates current day modern banking systems. The systems were established as a means of settling accounts within villages and between villages. It existed as far back as over 4000 years ago and even more. [1] [2]
Giro (banking), also known as direct deposit; Money order, transfer by postal cheque, money gram or others; Postal order, purchased at a post office and is payable at another post office to the named recipient; Wire transfer, an international expedited bank-to-bank funds transfer
Hawala or hewala (Arabic: حِوالة ḥawāla, meaning transfer or sometimes trust), originating in India as havala (Hindi: हवाला), also known as havaleh in Persian, [1] and xawala or xawilaad [2] in Somali, is a popular and informal value transfer system based on the performance and honour of a huge network of money brokers (known as hawaladars).
Remittance services of banking institutions likely account for less than 5-10% of U.S.- Latin America money transfers. Despite Large profit margins, the money transfer systems of banks were set up with large sums of money in mind, making small remittance transfers of only a few hundred dollars or less relatively inefficient and undesirable.
Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems. The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit ...
Hundis are used as a form of remittance instrument to transfer money from place to place, as a form of credit instrument or IOU to borrow money and as a bill of exchange in trade transactions. The Reserve Bank of India describes the hundi as "an unconditional order in writing made by a person directing another to pay a certain sum of money to a ...
[1] [2] A payment system is an operational network which links bank accounts and provides for monetary exchange using bank deposits. [3] Some payment systems also include credit mechanisms, which are essentially a different aspect of payment. Payment systems are used in lieu of tendering cash in domestic and international transactions. This ...