Remittance: meaning, definitions and examples

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.

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.

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.

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.