Meaning & Definition of word "Remittance"
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Remittance
/rɪˈmɪtəns/
noun:
- 1. A sum of money sent, especially by mail, in payment for goods or services or as a gift.
- Example: She sent a remittance to her family in her home country to help them with expenses.
- 2. The act of sending money, especially to pay for something or to support someone financially.
- Example: The remittance of funds from expatriates plays a significant role in the economy of many developing countries.
- 3. A written acknowledgment of a payment.
- Example: Upon receipt of the remittance, the company issued a confirmation receipt.
Etymology
From the Latin 'remittere', meaning 'to send back'.
Common Phrases and Expressions
remittance advice:
A document sent to the payee to confirm receipt of a payment.
international remittance:
Money sent from one country to another.
remittance service:
A company or service that facilitates the sending of money.
Related Words
transfer:
The act of moving money from one account to another.
payment:
The act of giving money to settle a debt or exchange for goods.
invoice:
A document that itemizes and records a transaction between a buyer and a seller.
Slang Meanings of remittance
Meaning: Money transfer
Example Sentence: I used a mobile app for a quick remittance.
Meaning: Cash sent home
Example Sentence: He's always sending cash home as a remittance.