How do remittance transfers function from sender to receiver?

Remittances work just like any other correspondent banking relationship, except with everyone taking a little slice of the pie.

Here are three detailed answers that will help you understand how remittances (cross-border money transfer) works:

• Faisal Khan's answer to How does a remittance money transfer work? What are all the steps and who is involved?
  
• Faisal Khan's answer to How does international remittance work in detail, e.g. sending money from the U.S. to a European country?
  
• Faisal Khan's answer to What exactly happens when money is sent via Western Union versus a company like XOOM? What is the difference?