Definition, Meaning & Synonyms

remittance

noun

/rɪˈmɪt.əns/

Definition

A payment of money sent to another person or organization, usually to settle a debt or as part of a financial transaction.

Examples

After completing the project, she sent a remittance to her contractor as final payment.
Many immigrants send remittances back home to support their families.
The remittance will arrive within three to five business days.

Meaning

Remittance refers to the transfer of money, often in the form of a payment for services, obligations, or contributions, from one party to another, typically to support individuals or businesses.