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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
Lender
A financial institution or individual that provides money to a borrower with the expectation of being repaid, often with interest.
Deferment Period
A specified time during which loan payments are temporarily suspended or reduced.
Forged Check
A check that has been altered or created without the permission of the person or entity named as the payee. It is a form of fraud.