Do you know what a remittance is? A remittance is any sending of money from one party to another. So even the payment of a bill, for example, can be considered a remittance, since the money goes from the bill holder’s account to the bill issuer’s account.
However, in recent years the term remittance has gained popular usage, designating specific money transfers: those that go from an individual to a relative or friend of that individual living abroad.
To better understand how remittances work, we’ve put together this article explaining all you need to know and showing the best way to send money to someone living abroad.
How does a remittance work?
The term “remittance” comes from the word “remit”, which means to send back. In the case of international remittances, the main use of the word today, refers to the transfer of an amount of money from someone to a close person living in another country.
Most remittances are made by foreigners living outside the country to their relatives and close associates in the home country. There are a few ways to make a remittance, including, through a digital platform, such as Western Union.
In this case the platform converts the money from the local currency to the currency of the destination country, and the remittance can take only a few minutes in some cases. The process is also completely transparent.
How to make a remittance?
Remitting money overseas using the Western Union application is very simple. All you need to do is download the app to your smartphone and register. This registration will be done only once, and then you can access the service using only your login and password.
Western Union is present in more than 200 countries and territories, which means that you may be able to remit directly to the country where your loved ones live. You can even simulate the transaction before you make it, allowing you to check different exchange rates1 to save money.
Western Union app also allows you to track the status of the remittance in real time, check your history of sent remittances, and confirm that the recipient has received the amount. All very quick to make your remittances easier.
Now that you know what remittance is, download the Western Union app and start making your own!
1 Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates subject to change without notice.
