noun the action of sending money in payment or as a gift
In finance, remittance refers to the transfer of money from one party to another, often used in the context of sending money to family members in another country.
Remittances are a key source of income for many households in developing countries, influencing poverty levels and overall economic growth.
Banks provide remittance services to facilitate the transfer of funds between accounts or individuals, both domestically and internationally.
Remittances play a significant role in international relations, as they can impact the economies of both sending and receiving countries.
Remittances are often sent by migrants working abroad to support their families back home, contributing to the economic well-being of their home countries.
In the context of a writer, remittance may refer to receiving payment for freelance writing services or royalties from published work.
For a psychologist, remittance could involve receiving payments from insurance companies or clients for therapy sessions.
An accountant may deal with remittances when processing payroll for a company or handling international money transfers for clients.
In banking, remittance often refers to the transfer of money from one account to another, especially across borders.
For an international aid worker, remittance might involve sending money back home to support family members or receiving funds from donors for humanitarian projects.