Remittance is the transfer of money from one point to another; a transaction usually made by foreign workers and immigrants to send money to their home country. Money remittances serve as one of the largest types of financial transactions in the world, with remittances to developing countries reaching £83.9 billion in 2005, and close to £125.6 billion in 2006. This figure is more than twice the amount of international aid.

Remittances are considered a lifeline for people in developing countries. With the relative strength of currencies from developed countries, the money sent regularly to homes could be much more compared to the average salary in developing countries.

The increasing role of remittances in families' incomes is starting to play a role in national development policies. Since one needs to open a bank account to receive remittances, governments can leverage remittances to promote economic development.

For example, the strength of the Philippine Peso and the Indian Rupee is based on the volume of foreign currency sent. The large amount of foreign currency that is transferred to these countries helps moderate local currencies. In South America, remittances account for almost 10% of the GDP in six Latin American and Caribbean countries.

An increase in money remittances is a symbol of a globalised economy, as more migrant workers from developing countries travel to the developed world to work in various jobs where domestic manpower is not available. Remittances are also valuable sources of domestic investment to aid economic goals.

Remittances can also be a crucial source for supplemental income during natural disasters and calamities. Money transfer services are also employed by non-government organizations and charitable institutions, so they can effectively mobilize their programs during a crisis.

Various remittance agents and money service providers facilitate money sent from one country to another. In India, cash2india.com or Xoom.com handles online-to-offline money remittance. With their online facility, you can transfer money from the UK to be picked up or delivered to the receiver in India. The global leader in money transfer services is W Union. With their long history in this industry, you can find a W Union branch almost anywhere on the globe.

Popular online facilities are also used for remittances. The easiest way to transfer money to india is Paypal, the largest and most widely used online money transfer in the world. A leading alternative to Paypal widely used in UK and the rest of Europe is Moneybookers. More and more international and local money transfer services facilitate remittances from UK to all parts of the world. The cost of money transfer varies depending on the type of service and the geographic cover of operations.

The top remittance countries in the world are mostly from Asia. In the period between 2006 and 2007, £13.5 billion worth of remittances were sent to India, followed by China with £11.3 billion. Third on the list is Mexico followed by France and the Philippines. Remittances will continue to come from UK, US, and the rest of the developed countries to these developing economies.

Send money abroad with Transfer Money from UK

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How to protect your heard-earned money when you happen to be an expat?

Someone who's thousands of miles away from your country that you have grown so familiar and so comfortable with and now in a country where you still feel to be a stranger?

Well, actually you might be surprised to find out that when it comes to expat offshore banking, you have got all the aces. No kidding. You are in a very advantageous position because as an expat you have the liberty to make a choice where to entrust all cash.

More money, more problem, eh?

With expat offshore banking, the international financial market lay down at your feet to be of service. Try to keep that in mind so you won't have any of those sleepless nights.

Expatriates can take full advantage of the investment and tax benefits during the time they will spend living in a foreign land by availing the services of an offshore banking system. One of the perks that can be gained from expat offshore banking is that there is no need for those in the offshore jurisdiction to render an authorization or consent. An expat can freely enjoy the services of offshore banks directly together with the following other advantages:

* Confidentiality
* Accessibility
* Efficiency of Tax
* Flexibility

One thing more, the money is just but a thousand and one other things that you need to consider that's why there's a need for an expat international travel guide to generally guide you along the way. Like for starters, the general do's and don't to in your new found home like doing what is acceptable to the society and avoiding what is deemed to be taboo.

The expat international travel guide will scrap away the ignorant traveler/foreigner on you and therefore will help you survive life in general in the concrete jungle. Like a compass, such travel guides will tell you when and how to respond appropriately to certain situations like when:

* dining out
* shopping
* asking for directions or other form of help
* striking a conversation
* general interaction with others and so on

For certain, expat international travel guide will bring you to places minus all the hassles. Now that you know these tidbits of information, do yourself a favor by researching more on offshore banking and international guides for expats like you.

Sturat Mitchel is an Experience article writer and very interested in writing on topics like offshore banking and international travel tips

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