What is the Difference Between Remittance and Repatriation?

How do I send a Remittance?

Here are the following key takeaways for the Remittance and Repatriation. 

Remittance:  

• Remittances are the best way to send money electronically to your friends and family living in a foreign country.
• People rely on remittances as these are the largest sources of income. 
• For doing remittances through the banks, credit unions, you need to pay a service charge. 
• For more affordable remittances, you can use money transfer apps and other financial services for remittances, which are less costly than banks. 

Repatriation: 

• Repatriation is the transfer of funds from Indian accounts to bank accounts. 
• The NRI repatriation is in accordance with the Foreign Exchange Management Act (FEMA). 
• Funds from the NRE/FCNR accounts are repatriated without any limit. 
• Funds repatriated from the NRO account of Indian earnings are subject to taxation before the repatriation.