remittance definition accounting - MARKETING
What Is a Remittance? "Remittance" refers to sending money from one person or group to another and commonly refers to sending money back to one's family in another country. A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland.
Understanding the Context
A remittance is a financial transfer made from one party to another, often across borders or geographical locations. This term typically describes regular support payments from individuals to recipients who are often family members. What is a remittance? (Plus, how to send them) | PayPal US It is derived from Latin mittere (meaning "to let go" or "to send"), which is also the root of the English verbs admit, commit, emit, omit, permit, submit, and transmit.
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Key Insights
Use of remittance in financial contexts referring to the release of money as payment isn't transacted until the 17th century. Remittance is the act of sending money from one party to another, typically across a geographical distance. While it can be domestic, it most often refers to international money transfers made by migrant workers, businesses paying for imports/exports, or individuals sending money to family abroad. A remittance is money that’s sent internationally from one party to another. Find out how remittances work and how you can send one, here.
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A remittance transfer is a money transfer sent electronically from the United States to another country by a remittance transfer provider. Common terms may include “international wires,” “international money transfers,” and “remittances.”