define remittance - MARKETS
Global money transfers are entering a defining decade. Annual remittance flows are expected to move close to the $1 trillion mark by 2026, turning cross-border payments into one of the largest ... 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.
Understanding the Context
It is derived from Latin mittere (meaning "to let go" or "to send"), which is also the root of the English verbs admit, commit, emit, omit, permit, submit, and transmit. Use of remittance in financial contexts referring to the release of money as payment isn't transacted until the 17th century. What Is a Remittance? "Remittance" refers to sending money from one person or group to another and commonly refers to sending money back to one's family in another country.
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formal 1 [count] : an amount of money that is sent as a payment for something Please return the form with your remittance. [= payment] 2 [noncount] : the act of sending money as a payment for something Definition of remittance noun in Oxford Advanced Learner's Dictionary. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. REMITTANCE definition: 1. an amount of money that you send to someone: 2.
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the act of sending payment to someone: 3. an…. Learn more. A remittance is a sum of money that you send to someone. Please enclose your remittance with any cheques.