Remittance
Also called: remittances, money transfer home, migrant remittances
A remittance is money sent home by someone working abroad, and in aggregate it exceeds foreign aid to developing countries by a wide margin. Costs are the policy issue: the global average charge is around 6%, against a UN target of 3%, with corridors into parts of Africa costing double that. Every percentage point saved is billions returned to some of the world's lowest-income households.