What is Remittance?

A remittance is a payment from one place to another, and in most cases involves an individual transferring capital to an overseas contact. Typically, these payments are made via an online service provider, cryptocurrency wallet, or other tech-enabled financial conduit, and completing a cross-border money transfer using a blockchain-based transfer mechanism is oftentimes quicker and more cost-effective than sending a remittance through the traditional banking system. With the advent of blockchain technology and mobile cryptocurrency wallets, individuals can now transfer substantial amounts of capital essentially anywhere in the world within seconds while incurring minimal fees.