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Mar 5, 2024 · A remittance is a sum of money sent to another party, usually in another country. Remittances are a major source of income for people in poor nations.
Nov 9, 2017 · What’s the definition or meaning of remit or remittance? Let’s start at the beginning. What exactly is a remittance? The Merriam-Webster dictionary says the following: To remit - to send (money) to a person or place especially in payment of a demand, account, or draft
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Sep 28, 2022 · What is a remittance? The term 'remittance' derives from the word 'remit', which means 'to send back'. Remittance refers to an amount of money transferred or sent from one party to another, usually overseas. Remittances can be personal money transfers made to family and friends, as well as business payments.
May 4, 2022 · Let’s start at the beginning. What does remittance mean? The Merriam-Webster dictionary defines it as: To remit - to send (money) to a person or place especially in payment of a demand, account, or draft¹. In other words, a remittance is the sum of money being sent, generally to someplace abroad, although it can also be made domestically.
Jun 10, 2024 · In simple terms, a remittance is the transfer of money to another country. They form a large part of the global economy, which depends upon the regular flow of money between nations. If you are one of the legions of people who send money across borders, it’s important to understand how it works.
Remittance has been defined by the World Bank as the part of the earnings which a migrant worker sends back to family members in the country of origin. Worldwide, the flow of remittance has increased from US$72.3 billion in 2001 to approximately US$483 billion in 2011.
Sep 19, 2022 · They are the private savings of workers and families that are spent in the home country for food, clothing, and other expenditures, and which drive the home economy. For many developing nations...
Oct 29, 2020 · Technically, remittance can be defined as any such payments, whether or not the money crosses an international border. But in almost all cases, when people talk about money remittances, they are talking about financial transfers , usually wages, from a developed country to a developing country .
Nov 29, 2021 · What Is a Foreign Remittance? Foreign remittance is a transfer of money from a foreign worker to their family or other individuals in their home countries.
