RemittanceRemittance can be defined as the act of transmitting money to a distant location to fulfill an obligation. With the advent of globalization, the migration of people from one country to another for job opportunities and better standard of living also increases. There are some socio-economic factors surrounding the country of sending migrants, some of the important factors are: • Poor job opportunities • A low standard of living • Very low wages • Political instability along with security issues within a country • A poor economy All these factors can be considered as the only reasons why migration occurs. According to the World Bank (2014) international migrants from developing countries are expected to send approximately $436 billion to their home countries in the form of remittances. The number is up from 2013, which was $404 billion; a projected figure of 515 billion is also provided for the year 2015. The World Bank has also indicated the top 10 remittance receiving countries: Source: World Bank 2013 All the countries mentioned above are developing countries or low-income countries and Socioeconomic factors mentioned above can be related to all countries indicated in the bar graph. It can also be deduced that these are the countries from which most migrants come. Likewise there are developed countries where migrants prefer to go, these countries might offer them opportunities that their native country cannot offer them. The positive socioeconomic factors that make migration destination countries so attractive are: • Availability of job opportunities • High standard of living • Good/healthy migration policies • High wages • Skills requirements...... middle of paper . ... ..the respective country of origin. The modern age of technology and globalization has made it much easier to transfer funds from one place to another. Migrants can use the following services to transfer their funds: • Banks • Money transfer operators • Indirect sources An expert's report states that the most preferred way to send remittances is through money transfer operators. Money transfer operators (MTOs) have flourished tremendously in recent years, and the two companies that have made a name for themselves in the industry are Western Union and Money Gram. According to the report, one in five dollars remitted globally goes through Western Union or Money Gram. The two companies can be declared as the giants of the remittance business in terms of money transfer operators. Banks also deal with remittance transfer