A
remittance is a
transfer of money by a
foreign worker to an individual in his or her home country. Money sent home by migrants competes with
international aid as one of the largest financial inflows to
developing countries. Workers' remittances are a significant part of international
capital flows, especially with regard to labour-exporting countries. In 2014, $436 billion went to developing countries, setting a new record. Overall global remittances also totaled $583 billion. Some countries, such as India and China, receive tens of billions of US dollars in remittances each year from their expatriates. In 2014, India received an estimated $70 billion and China an estimated $64 billion.