Remittances: meaning, definitions and examples
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remittances
[rɪˈmɪtənsɪz ]
Definitions
financial transactions
Remittances refer to the money that is sent by someone working in a foreign country to their family back home. These transactions are usually done through banks or specialized transfer services.
Examples of usage
- Many families in developing countries rely on remittances from their relatives working abroad.
- She sends a portion of her salary to her parents every month as remittances.
payments
Remittances can also refer to any money sent as payment for goods or services.
Examples of usage
- The company requested remittances for the products they had delivered.
- We will need your remittances to finalize the purchase.
Interesting Facts
Etymology
- The word comes from the Latin 'remittere', meaning 'to send back'.
- It was first used in English in the late 16th century, initially referring to the act of sending money back.
Economics
- Globally, remittances are a significant source of income for many families, often surpassing foreign direct investment.
- In some countries, remittances make up a large portion of the national income and can help boost local economies.
Sociology
- People often migrate to provide better opportunities for their families, sending money home as part of their commitment to family support.
- Remittances can change social structures, influencing educational and healthcare access in the family members receiving them.
Technology
- Advancements in mobile payment systems have made sending remittances faster and cheaper, with apps like TransferWise and Venmo changing the landscape.
- Blockchain technology is being explored to enhance the safety and efficiency of remittance transactions.
Cultural Impact
- Cultural ties remain strong as migrants often invest their earnings in their home communities, fostering development.
- Celebrations and festivals in receiving communities often reflect the contributions of remittances, as families gather to honor those who support them.
Translations
Translations of the word "remittances" in other languages:
🇵🇹 remessas
🇮🇳 हवाला
🇩🇪 Überweisungen
🇮🇩 kiriman uang
🇺🇦 грошові перекази
🇵🇱 przekazy pieniężne
🇯🇵 送金
🇫🇷 transferts de fonds
🇪🇸 remesas
🇹🇷 para transferleri
🇰🇷 송금
🇸🇦 تحويلات مالية
🇨🇿 peněžní převody
🇸🇰 peňažné prevody
🇨🇳 汇款
🇸🇮 denarni transferji
🇮🇸 peningasendingar
🇰🇿 ақша аударымдары
🇬🇪 ფულადი გზავნილები
🇦🇿 pul köçürmələri
🇲🇽 remesas