Meaning & Definition of word "Remittance"

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.