A foreign exchange remittance is a transfer of money from one country to another that involves converting it from one currency into another, most often money sent by a person working abroad to family at home. Banks in many countries use the term, and the shorter "foreign remittance", for these inward or outward transfers. The scale, uses and economics of such transfers are explained in full in the Remittances entry.
The currency conversion is a large part of the cost. Besides any fixed fee, providers earn a margin by giving the sender a worse exchange rate than the market rate, so comparing only the fee can be misleading. Transfers are sent through banks, money transfer operators, mobile wallets and informal channels, and prices vary widely by remittance corridor.
The United Nations Sustainable Development Goals include a target to cut the average cost of sending remittances to below 3% of the amount sent by 2030, and to eliminate corridors costing more than 5%.