How Do You Spell REMITTANCES?

Pronunciation: [ɹɪmˈɪtənsɪz] (IPA)

The word "remittances" is spelled /rɪˈmɪtənsɪz/. The first syllable, "re", is pronounced as /rɪ/ and the second syllable, "mitt", is pronounced as /ˈmɪt/. The word ends with "-ances" which is pronounced as /ənsɪz/. The word refers to the act of sending money to a distant place, typically done by people who have migrated from their home country to another country in search of work. Remittances plays a significant role in the economy of many developing countries.

REMITTANCES Meaning and Definition

1. Remittances refer to the money that is sent by individuals who are working in a foreign country to their home country to support their families or communities. These transfers of funds are typically made on a regular basis and can serve as a critical source of income for the recipient households.

   Remittances are an essential component of the global economy, supporting economic development and poverty reduction in many developing countries. These transfers can help to alleviate poverty and contribute to the overall growth and improvement of the recipient countries' economies.

   Remittances can take various forms, such as wire transfers, postal or online money orders, or even physical transportation of cash. They can be sent through formal channels, such as banks and financial institutions, or informal channels, involving friends or family members acting as intermediaries.

   The amount of remittances sent globally has been steadily increasing in recent years, reaching significant levels. According to the World Bank, remittance flows to low- and middle-income countries exceeded $550 billion in 2019. Some of the largest recipients of remittances include India, China, Mexico, the Philippines, and Egypt.

   Remittances offer benefits not only to the recipient country but also to the sender and the global economy. They can help to reduce unemployment rates in the host countries, promote social stability, and contribute to more balanced global development.

Common Misspellings for REMITTANCES

• remmitances
• remitances
• remitance
• remmittance
• remittancesa
• Remitancs
• Remittnes

Etymology of REMITTANCES

The word "remittances" is derived from the verb "remittance", which comes from the Latin word "remittere". "Remittere" is a combination of the prefix "re-" (meaning back or again) and the verb "mittere" (meaning to send). Therefore, "remittances" essentially refers to the act of sending money back or sending money again, particularly in the context of sending money to another country or a distant location.