re· mit· tance ri-ˈmit-ᵊn (t)s 1 : money sent especially in payment 2 : a sending of money (as to a distant place) Legal Definition remittance noun re· mit· tance ri-ˈmit-ᵊns 1 a : a sum of money …

12/08/2022 · Key Takeaways A remittance is money sent to another party, usually in another country. Typically, the sender is a foreign worker and the recipient is a relative in the recipient's home country. Remittances represent one of the largest sources of income for people in low-income and developing ...

How to Send a Remittance. ACH transfers. Wire transfers. ACH transfers, also known as direct deposits, can be ideal because of their low or non-existent fees. A potential drawback with ACH ...

A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of …

noun 1 as in payment something (as money) that is given or received in return for goods or services she always mails in her remittance on time so she won't ever be charged a late fee on her electric bill Synonyms & Similar Words Relevance payment pay compensation salary reparation wage (s) consideration reimbursement remuneration recompense

Remittance Remittances are the transfer of funds between parties as a bill, an invoice, or even a gift. However, "remittance" refers more broadly to the funds migrants send to their relatives in their home country while working and living abroad. These are also referred to as worker or migrant transfers. What is a remittance?

an amount of money that is sent somewhere as payment for something: Complete the membership form and send it to the address below, together with your remittance for the …

28/09/2022 · A remittance is a sum of money transferred from one party to another – typically abroad. The term is derived from the word remit, which means to send back. According to most definitions, to remit is to send money in payment of a demand, account, or draft so, broadly speaking, any payment of an invoice or a bill can be called a remittance.

What is the meaning of Remittance? Payment remittance is a money exchange using a transfer. One party will send funds to another individual or entity, typically using electronic transfer or wire submission. Transactions of this kind are often done internationally and can be completed almost immediately.

Remittances are typically transfers from one person to another person or household. They are targeted to specific needs of the recipients and thus tend to reduce poverty. Cross-country analyses generally find that remittances have reduced the share of poor people in the population (Adams and Page 2003, 2005; Gupta, Pattillo, and Wagh 2009).