Menu

Remittance for Dummies

noun

pronunciation: ri'mɪtəns

What does Remittance really mean?

51 1
51
Hey there! So, you're wondering what the word "remittance" means, right? No worries, I'm here to help break it down for you in a super easy and relatable way!

Alright, so imagine you have a close relative or a friend who lives far away from you, maybe even in a different country. You know how sometimes you want to send them some money? Well, that's when the magical word "remittance" comes into play!

Basically, remittance refers to the act of sending money, typically by a person (like you and me) living in one place to someone in another place. It's like a way to transfer money over a distance, so that your loved ones can receive the funds they need.

Now, let's think of a scenario to make things even clearer. Imagine your cousin is studying in a different city, and they're running low on money. You're feeling generous and want to support them, so you decide to send them some money. What do you do? You make a remittance!

When you send money as a remittance, you typically use a service like a bank or a money transfer company. They help facilitate the process, making sure the money gets safely from you to your cousin across the distance. It's sort of like how a mailman carries your letter and delivers it to the right address, but instead of letters, they're carrying money!

Now, there's another meaning of remittance that we should talk about. Sometimes, instead of referring to the act of sending money itself, "remittance" can also be used to describe the actual sum of money that is sent. So, in a way, it can mean both the action of sending money and the money that is being sent itself!

To sum it up, remittance means sending money from one place to another, usually to support or help someone who is far away. It's like a way of giving financial support from a distance, just like how a mailman delivers your letters to someone who lives far away.

I hope that gives you a clear understanding of what "remittance" means! If you have any more questions, feel free to ask. Keep up the great work!

Revised and Fact checked by David Anderson on 2023-10-29 16:50:21

Remittance In a sentece

Learn how to use Remittance inside a sentece

  • When someone sends money to their family in another country, it is called a remittance.
  • If you work in a different town and send money back home to your parents, it is also a remittance.
  • When you pay your monthly rent to your landlord, it is a form of remittance.
  • If you owe money to a friend and you give them the money you borrowed, it can be considered a remittance.
  • When you send money to a charity or organization to help people in need, it is called a remittance.

Remittance Synonyms

Words that can be interchanged for the original word in the same context.

Remittance Hypernyms

Words that are more generic than the original word.