Remittance
Funds sent by individuals to recipients in another country, common in UAE.
Detailed Description
Remittance
What are the two main types of remittances?
The two main types of remittances are formal remittances and informal remittances.
How do formal remittances differ from informal remittances?
Formal remittances occur through regulated financial institutions, while informal remittances take place outside of formal banking channels.
What are some common uses of remittances?
Common uses of remittances include family support, investment in local businesses, and emergency funds.
What are some advantages of using remittance services?
Advantages include accessibility, speed of transfers, and promoting financial inclusion.
What security measures do remittance service providers implement?
Providers use encryption, two-factor authentication, and fraud detection systems to protect users' information and funds.