what s the difference between a remittance and a payment 
although a remittance can be a payment sent in response to receiving a bill it s a term that s also used to describe funds sent internationally for instance when money is sent by someone in the u s to family or friends in another country they are sending a remittance the bottom lineremittances are sent all across the globe in huge amounts they play a very important role in the economies of various low to middle income nations as well in disaster relief the amounts that are transferred yearly can exceed the gdps of some countries remittances can be expensive to send that s a concern for organizations such as the world bank because funds sent home by migrants have greatly complemented government cash transfer programs to support families suffering economic hardships 6reducing the costs and encouraging the flow of remittances to households in countries where they provide economic relief should be a focus of government policies around the world 