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Mar 11, 2025 · Remittances are a way to electronically send funds to people, often family, in another country. People who receive remittances frequently rely on them as a large source of income. Banks,...

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.

The meaning of REMITTANCE is a sum of money remitted. How to use remittance in a sentence. Did you know?

May 4, 2022 · To remit - to send (money) to a person or place especially in payment of a demand, account, or draft¹. In other words, a remittance is the sum of money being sent, generally to someplace abroad, although it can also be made domestically.

Feb 1, 2025 · Payment remittance is a cornerstone of the financial landscape, enabling the transfer of funds across borders and within domestic markets. It involves various regulatory and compliance considerations.

Sep 19, 2022 · Remittances are funds transferred from migrants to their home country. They are the private savings of workers and families that are spent in the home country for food, clothing,...

In simple terms, a remittance is the transfer of money to another country. They form a large part of the global economy, which depends upon the regular flow of money between nations. If you are one of the legions of people who send money across borders, it’s important to understand how it …

Apr 21, 2025 · Remittance in banking refers to the transfer of funds from one party to another, often across geographical boundaries. The two types of remittances are outward remittance and inward remittance. Several banks, NBFCs, and money transfer operators provide international remittance services.

REMITTANCE meaning: 1. an amount of money that you send to someone: 2. the act of sending payment to someone: 3. an…. Learn more.

Sep 28, 2022 · Remittance refers to an amount of money transferred or sent from one party to another, usually overseas. Remittances can be personal money transfers made to family and friends, as well as business payments.