Definition of foreign remittance.
The process of sending money from one county to another is called foreign remittance. Generally money is transferred to foreign by various ways like bill of exchange, bank draft, travellers cheque or letter of credit etc. All these techniques of sending money from one country to another is called foreign remittance.
" A sum of money sent from one place or person to another is called remittance". (The Oxford English Dictionary)
"The forwarding for credit of deposits through cheque, cash,...