Meaning of Word:
Remittance refers to money sent as a payment or gift, often from one person to another, especially across distances or borders. It can also denote the act of sending such a payment.
Definitions and Meaning in English:
- As a noun:
- A sum of money sent, often to support someone or as payment for a service (e.g., “He sent a remittance to his family back home”).
- The act of sending money, typically to someone in another place (e.g., “They received their remittance through a wire transfer”).
- In legal or formal contexts:
- The payment made to settle an obligation, often in the form of a financial transaction (e.g., “The company requested a remittance for the outstanding invoice”).
History and Origin:
The word “remittance” originates from the Latin remittere, meaning “to send back.” The term entered the English language in the 16th century, initially referring to the sending back of something, particularly in the context of sending money.
Detailed Explanation:
- Financial Context: Remittances are common in global trade, personal transactions, and support networks. For instance, workers from one country may send remittances to family members in their home country, especially in developing nations. These payments are often vital for family support.
- Business and International Remittances: In a business context, a remittance is any payment made to settle debts or invoices, and this can be done via various methods such as wire transfers, checks, or electronic payments.
- Remittances in Economics: In many countries, remittances sent by citizens working abroad are a major source of income for families and contribute significantly to the economy.
Example Sentences:
- She regularly sends a remittance to her elderly parents who live abroad.
- The company issued a remittance to settle the overdue bills.
- After moving to a new country, he began sending remittances back home to support his siblings.
- The remittance was processed through a bank transfer and arrived within two days.
- Migrant workers often send substantial remittances to their home countries, boosting local economies.
- The worker’s remittance covered most of the family’s monthly expenses.
- A remittance of $500 was received from the overseas branch.
- The government tracks remittances as part of its foreign exchange reserve policies.
- He has to arrange the remittance before the end of the month to avoid penalties.
Synonyms with Short Explanation:
- Payment: The act of paying money, similar to remittance, often in exchange for goods or services.
- Transfer: Moving money or funds from one account to another, akin to a remittance transaction.
- Subscription: Regular payment, typically for a service or product, similar to sending a remittance for ongoing support.
- Donation: A contribution, often charitable, similar to remittance in the context of sending money for support.
- Disbursement: The distribution or payment of money, often from a fund, akin to sending remittance.
Related Words with Short Explanation:
- Wire transfer: A method of transferring money, often used for remittances, especially internationally.
- Bank transfer: A system for transferring money between accounts, often used in sending remittances.
- Overseas: Refers to another country or region, often relevant when discussing remittances sent from abroad.
- Currency exchange: The process of converting money into a different currency, which may occur when sending or receiving remittances internationally.
- E-transfer: Electronic transfer of funds, a modern form of remittance transfer via digital means.
More Matches with Short Explanation:
- Money order: A paper-based method of sending money, often used as a form of remittance.
- Gift: A financial contribution made voluntarily, which may function similarly to a remittance in certain contexts.
- Support: Financial or material help provided, particularly in the context of family remittances.
- Income: Money received regularly, which could be part of the remittance sent from a working family member.
- Allowance: A sum of money given regularly, often akin to remittances sent to support others.
Antonyms:
- Debt: A financial obligation that contrasts with remittance, which is the act of payment.
- Expenditure: The act of spending money, opposite of sending money in the form of a remittance.
- Withdrawal: The act of taking money out of an account, opposite of sending money as a remittance.
- Neglect: The failure to send financial support or remittance when needed.
- Nonpayment: The failure to make a payment, which is the opposite of sending a remittance to settle an obligation.