remittance (Meaning)
remittance (n)
a payment of money sent to a person in another place
remittance (n.)
The act of transmitting money, bills, or the like, esp. to a distant place, as in satisfaction of a demand, or in discharge of an obligation.
The sum or thing remitted.
Synonyms & Antonyms of remittance
remittance Sentence Examples
- The migrant workers sent remittances back home to support their families.
- The remittance industry facilitates the transfer of funds from abroad to developing countries.
- The government implemented a tax on remittances to generate additional revenue.
- Remittances are a vital source of income for many households in low-income countries.
- The rise of online remittance services has made it easier and cheaper to send money cross-border.
- The World Bank estimates that global remittances in 2023 will reach $630 billion.
- The remittance flow between countries can be affected by economic conditions and political instability.
- Remittances can contribute to economic growth and development in recipient countries.
- Banks and money transfer companies charge fees on remittances, which can be a significant cost for migrants.
- Governments often regulate the remittance industry to prevent money laundering and other illicit activities.
FAQs About the word remittance
a payment of money sent to a person in another placeThe act of transmitting money, bills, or the like, esp. to a distant place, as in satisfaction of a demand,
payment, compensation, pay, reimbursement, wage(s), consideration,salary, reparation, remuneration, rebate
nonpayment, nonpayment,,underpayment, underpayment
The migrant workers sent remittances back home to support their families.
The remittance industry facilitates the transfer of funds from abroad to developing countries.
The government implemented a tax on remittances to generate additional revenue.
Remittances are a vital source of income for many households in low-income countries.
