What does remittance meaning?
Definition of remittance 1a : a sum of money remitted. b : an instrument by which money is remitted. 2 : transmittal of money (as to a distant place)
What is a remittance example?
Remittance definition An example of remittance is what a customer sends in the mail when a bill is received. Remittance is defined as money that is sent to pay for something. An example of remittance is the check sent to pay for the treadmill you bought on TV. The sum of money sent.
What is remittance in one sentence?
a payment of money sent to a person in another place. 1. Your last month’s salary will be paid by remittance.
Is remittance a receipt?
In short, remittance advice is a proof of payment document sent by a customer to a business. Generally, it’s used when a customer wants to let a business know when an invoice has been paid. In a sense, remittance slips are equivalent to cash register receipts.
What is the meaning of remitter?
remitter. / (rɪˈmɪtə) / noun. Also: remittor a person who remits. property law the principle by which a person out of possession of land to which he or she had a good title is adjudged to regain this when he or she again enters into possession of the land.
What is a remittance country?
A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland.
What is difference between remittance and payment?
The difference between a remittance and a payment is, in most cases, a matter of whether money is travelling overseas. The word, “remittance”, comes from the verb, “to remit”, or to send back. So, whilst all remittances are payments, not all payments are necessarily remittances.
What is remittance country?
Foreign remittance is a transfer of money from a foreign worker to their family or other individuals in their home countries. In many countries, remittance constitutes a significant portion of a nation’s economic growth as measured by gross domestic product (GDP).
What is a remittance transfer?
Remittance transfers are commonly known as “international wires,” “international money transfers,” or “remittances.” Federal law defines remittance transfers to include most electronic money transfers sent by consumers in the United States through “remittance transfer providers” to recipients in other countries.
What’s the difference between remittance and transfer?
Bank transfer is defined as a transaction between accounts (in most cases, two accounts of the same individual). On the other hand, Bank remittance is a type of transaction involving two separate account holders. Such individuals should be residing in two different countries.
What is the difference between remittance and 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.