Hawala
हवाला
ha-WAH-la
An informal method of transferring money without physical money movement.
Meaning & usage
Hawala is an informal method of transferring money, often across borders, without the physical movement of currency. It operates based on trust and a network of money brokers, known as hawaladars. Originating from Arabic and South Asian cultures, it is often used in regions where formal banking is less accessible or for transactions that require discretion.
In a sentence
Many expatriates use hawala to send money back to their families in their home countries.
As seen in crosswords
Hawala is a 6-letter answer. A typical clue:
“An informal method of transferring money without physical money movement” (6)
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