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Remittance
A financial transaction in which money is transferred from one person to another, typically to support family members or other loved ones.
More Details
A remittance is a transfer of money, typically by a person living in one location, to someone in another location. Remittances are often used to support family members or other loved ones and can be made through a variety of channels, such as wire transfers, money orders, or online payment platforms.
Example
Imagine that you are living and working in one city, and you want to send money to your family in another city. You might make a remittance to them through a wire transfer service or an online payment platform. This would allow you to send money directly to their bank account or provide them with access to the funds through a prepaid debit card.
Remittances can be an important source of financial support for family members or other loved ones and can help to bridge the gap between different locations.
Related Terms
Maturity Date
The date on which a loan or investment reaches its end and the principal amount is due to be repaid.
Retirement
The state of exiting the workforce, usually at the end of one's career, and living on savings or pension.
Private Mortgage Insurance (PMI)
Insurance that protects lenders in case of mortgage default—typically required if the down payment is less than 20% of the home's purchase price.