What type of payment is remittance?

A remittance is the transfer of money from one account to another, generally for services rendered. Pretty simple. The amount of money being sent internationally has increased massively in recent years mainly due to more businesses working with customers and clients overseas.

What does it mean when someone asks for a remittance?

Broadly speaking, any payment of an invoice or a bill can be called a remittance. However, the term is most often used nowadays to describe a sum of money sent by someone working abroad to his or her family back home. The term is derived from the word remit, which means to send back.

What’s the difference between remittance and payment?

As nouns the difference between payment and remittance is that payment is (uncountable) the act of paying while remittance is a payment to a remote recipient.

What is the difference between bank transfer and bank remittance?

A bank transfer is when you send a certain amount from one account to another. A bank remittance is used when a transfer is made between two different accounts.

What is the purpose of remittance?

Many people use remittance as a means to send money back to their home country to provide financial support. Remittances are also used to aid developing countries and make up a portion of the gross domestic product (GDP).

What is difference between bank transfer and remittance?

Is wire transfer the same as remittance?

Remittance transfers are commonly known as “international wires,” “international money transfers,” or “remittances.” Under federal law, remittance transfers do not include transfers of less than $15.

Is Bank Transfer a remittance?

What is the Difference Between a Bank Remittance and a Bank Transfer? A bank transfer is when you send a certain amount from one account to another. A bank remittance is used when a transfer is made between two different accounts.

What is the difference between remittance and bank transfer?

What does the Dictionary say about a remittance?

Let’s start at the beginning. What exactly is a remittance? The Merriam-Webster dictionary says the following: In other words, a remittance is the sum of money being sent, generally to someplace abroad.

How are remittances used in the international economy?

Remittance. A remittance is a transfer of money, often by a foreign worker to an individual in their home country. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers’ remittances are a significant part of international capital flows,…

Which is the best dictionary definition of remitting?

Define remitting. remitting synonyms, remitting pronunciation, remitting translation, English dictionary definition of remitting. v. re·mit·ted , re·mit·ting , re·mits v. tr. 1. To transmit in payment. 2. a. To refrain from exacting ; cancel. b. To pardon; forgive: remitted their sins….

Where can I send money for a remittance?

If you’re hoping to pay your remittance using cash, you can use a company like Western Union or Moneygram. These services do offer online transfers, too, but much of their business is done by individuals taking cash to one of their outlets, to be transferred as cash to their recipient.