India is the world’s largest recipient of remittances, followed by China, Mexico, the Philippines, and Egypt. In 2021, the country received $87 billion, up 4.6 per cent, according to the World Bank. The US was the biggest source, accounting for over 20 per cent of these funds. Cross-border remittances indicate transactions between individuals, companies, banks or institutions located in at least two different countries. With increasing global migration and use of technology, remittances have become faster, safer and more affordable.