Remittances Meaning: Definition, Examples, and Translations
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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.
Translations
To see the translation, please select a language from the options available.
Interesting Facts
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.
Origin of 'remittances'
Main points about word origin
- 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.
The term 'remittances' originated from the Latin word 'remittere,' which means 'to send back.' The concept of remittances has been prevalent throughout history, with individuals sending money to their families in different regions. In modern times, remittances play a crucial role in supporting families in developing countries and facilitating international financial transactions.