remittance

[ ri-mit-ns ]

noun

1. the sending of money, checks, etc., to a recipient at a distance.
2. money or its equivalent sent from one place to another.

remittance

/ rɪˈmɪtəns /

noun

1. payment for goods or services received or as an allowance, esp when sent by post
2. the act of remitting

Other Words From

• prere·mittance noun

Word History and Origins

Origin of remittance¹

First recorded in 1695–1705; remit + -ance

Example Sentences

Many Gazans try and send money back to support relatives still in Gaza – but remittance fees are steep and war merchants take a 30% cut.

From BBC

The average fee for a $200 remittance payment across the world was 6.18% in the third quarter of last year, the organization said.

From Los Angeles Times

In some countries, "the regulations governing who can act as a remittance provider can be quite stifling," says Ravenna Sohst, a policy analyst at the Migration Policy Institute Europe.

From BBC

One target of the UN Sustainable Development Goals is that by 2030, remittance fees should be less than 3%, and total fees to send and receive money between a pair of countries should be no more than 5%.

From BBC

Ms Sohst says that Mexico-US is an example of a major remittance corridor, where more competition has helped reduce prices.

From BBC

Related Words

• amount
• award
• cash
• deposit
• disbursement
• fee
• outlay
• pension
• premium
• refund
• reimbursement
• reparation
• repayment
• restitution
• return
• reward
• royalty
• salary
• settlement
• subsidy