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Remittance Meaning: Definition, Examples, and Translations

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remittance

[rɪˈmɪt(ə)ns ]

Definition

Context #1 | Noun

financial transactions

A sum of money sent in payment or as a gift.

Synonyms

payment, transaction, transfer.

Which Synonym Should You Choose?

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Word Description / Examples
remittance

Typically used when referring to sending money from one place to another, usually across distances or international borders. It often implies a personal or family-related transaction.

  • He made a remittance to his family in India every month.
  • The charity organization received remittances from donors around the world.
payment

Used in a variety of scenarios where money is exchanged to settle a debt, bill, service, or purchase. General and the most common term among the group.

  • She made the payment for her electricity bill online.
  • The payment for the groceries was done by credit card.
transfer

Used when moving money from one account to another within the same bank, or between different banks. Also used in non-monetary contexts like moving ownership or responsibilities.

  • He requested a bank transfer to move his savings to a new account.
  • The transfer of ownership of the car was completed.
transaction

Refers to the process of conducting any business, typically involving a financial exchange. Can be used in a broader sense beyond just money, such as in digital or stock transactions.

  • The transaction was completed in mere seconds thanks to modern technology.
  • Bank transactions are recorded in the statement.

Examples of usage

  • The remittance was sent to the recipient's bank account.
  • She received a remittance from her family overseas.
  • The remittance was processed quickly and efficiently.
  • The company requested a remittance for the services provided.
  • The remittance is expected to arrive by the end of the week.

Translations

To see the translation, please select a language from the options available.

Origin of 'remittance'

The word 'remittance' originated from the Latin word 'remittere', which means 'to send back'. It has been used in the financial context to refer to a sum of money sent as payment or gift. Remittances play a significant role in the global economy, especially in supporting families and communities in developing countries. The process of remitting money has evolved over time with advancements in technology, making it easier and faster to send and receive funds across borders.

Word Frequency Rank

With rank #15,579, this word belongs to specialized vocabulary. While not common in everyday speech, it enriches your ability to express complex ideas.