REMITTANCE Meaning and
Definition
-
Remittance refers to the act of sending money, goods, or services from one person or place to another, typically through a payment system or financial institution. It involves the transfer of funds by an individual, organization, or government to a recipient who may be located in another country or region.
In the context of money transfers, remittance specifically denotes the process of sending money from an individual or entity in a foreign country back to their home country or to another individual or entity in their home country. This can include wages, gifts, or personal funds that are being sent to support family, pay bills, or invest in financial activities such as savings or investments.
Remittance is an essential aspect of international finance and plays a crucial role in the global economy. It enables individuals to support their families in different regions, stimulates local economies, and assists in poverty reduction. Remittance services are provided by a wide range of financial institutions, including banks, money transfer operators, and online platforms, all of which facilitate the secure and efficient exchange of funds across borders.
The term "remittance" can also refer to the payment that is sent to cover an invoice or bill. In this context, it is commonly used in the business and financial sectors, where companies and individuals send funds to settle debts, make purchases, or cover expenses associated with goods and services provided by others.
-
The sending of moneys, bills, &c., to a person at a distant place; the sum, bill, &c., remitted.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for REMITTANCE *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for REMITTANCE
Etymology of REMITTANCE
The word remittance originated from the Latin word remittere, which means to send back or to put back. In Latin, re signifies again or back, and mittere means to send. Over time, this Latin term evolved into Old French as remetre, which retained the same meaning of sending something back or putting it back. Ultimately, the word entered Middle English as remeten, which eventually underwent further changes in pronunciation and spelling to become the word we use today: remittance.
Similar spelling words for REMITTANCE
Infographic
Add the infographic to your website:
