A money order is a payment that is transferred to another party. In general, any payment of a bill can be called a transfer. However, the term is often used nowadays to describe a sum of money sent by a person working abroad to his family back home, or within the country but from faraway places.
Understanding remittances
Most remittances are made by foreign workers to family members in their home countries. The most common way to make a transfer is to use an electronic payment system through a bank or a money transfer service such as Western Union. People who use these options generally incur a fee. Remittances can take less than ten minutes to reach the recipient.
