A bank transfer is when you send a certain amount from one account to another. A bank remittance is used when a transfer is made between two different accounts.

Though a remittance can refer to any kind of monetary transfer, it usually describes someone sending money to another country. For example, you might be sending funds to your family abroad, whether as a wedding gift, or contributing towards bills back home.

Inward Remittance and Outward Remittance.