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Remit: meaning, definitions and examples

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remit

 

[rɪˈmɪt ]

Definitions

Context #1 | Verb

financial transaction

To remit means to send money as payment or as a gift. It often refers to the act of sending money to settle a bill, debt, or account. Remitting can be done electronically or through traditional means such as mailing a check. This term is commonly used in banking and finance, particularly in terms of international transactions where money is sent across borders. In some contexts, remit can also mean to cancel or refrain from exacting or inflicting a debt or punishment.

Synonyms

dispatch, send, transfer.

Examples of usage

  • I need to remit my monthly rent by the end of the week.
  • She decided to remit a portion of her salary to help her family abroad.
  • The company will remit payment for the services rendered next week.
Context #2 | Noun

money sent

A remit can also refer to a sum of money that is sent or transmitted as payment. This term is often associated with funds that are sent to support individuals or enterprises, especially in the context of migrant workers sending money back home. The remit usually consists of coordinated amounts that are intended to cover specific expenses such as education, healthcare, or daily living costs.

Synonyms

funds, money transfer, payment.

Examples of usage

  • The remittance from her parents helps her cover tuition fees.
  • Many countries rely on remits from citizens working abroad.
  • The bank charges a small fee for processing remits.

Interesting Facts

Etymology

  • The word originates from the Latin 'remittere', meaning 'to send back'.
  • The term has been used in English since the late 14th century, initially referring to the act of sending money.
  • Over time, its meaning expanded to include the idea of forgiving debts or canceling responsibilities.

Finance

  • In finance, a 'remit' often refers to a payment sent by a person, such as a payment to a utility company or tax office.
  • The term is particularly important in the context of remittances, which are funds sent by migrant workers back to their families in their home countries.
  • Global remittances have grown significantly, amounting to trillions of dollars each year, aiding economies worldwide.

Law

  • 'Remit' can also refer to the act of sending a case back to a lower court for further action or review.
  • In law, it may involve a judge absolving or waiving a penalty for a defendant, often called 'remitting a sentence'.
  • Legal remits can involve complex guidelines and are often pivotal in personal and commercial cases.

Cultural References

  • In literature, the concept of 'remitting' often plays a role in themes of forgiveness and new beginnings.
  • Various films and novels portray the act of sending money abroad, often highlighting the sacrifices of immigrants or the burden of debt.
  • Music, too, has highlighted themes of remittances, connecting the emotional weight of sending money with family and home.

Psychology

  • In behavioral psychology, 'remit' relates to the idea of forgiveness, impacting mental health positively.
  • Studies have shown that people who 'remit' hardships through kindness or forgiveness tend to feel lighter and happier.
  • The psychological relief of forgiving someone or letting go of past grievances can lead to improved well-being.

Translations

Translations of the word "remit" in other languages:

🇵🇹 remessa

🇮🇳 भेजना

🇩🇪 Überweisung

🇮🇩 mengirim

🇺🇦 пересилати

🇵🇱 przekaz

🇯🇵 送金する

🇫🇷 envoyer

🇪🇸 remitir

🇹🇷 göndermek

🇰🇷 송금하다

🇸🇦 إرسال

🇨🇿 poslat

🇸🇰 poslať

🇨🇳 汇款

🇸🇮 poslati

🇮🇸 sending

🇰🇿 жөнелту

🇬🇪 გადარიცხვა

🇦🇿 göndərmək

🇲🇽 remitir

Word Frequency Rank

Ranked #12,407, this word falls into high-advanced vocabulary. It appears less frequently but is valuable for expressing precise meanings in specific contexts.