remittance
/ˈrɛmɪtəns/A sum of money sent, especially by someone working abroad to their family in their home country.
Many migrant workers rely on remittances to support their families back home.
Remittances often play a crucial role in the economies of developing nations.
Remittances are a significant source of income for many households in low- and middle-income countries.
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💡Pro Tip
Usage in Context
Remittance is often used in formal contexts, such as financial reports or economic discussions, rather than casual conversation.
⚡Gold Rule
Precision in Usage
Ensure that 'remittance' is used in contexts involving the transfer of money, particularly from abroad, to avoid confusion with other types of financial transactions.
📖Word Origin
From Middle English 'remittance,' from Old French 'remettre,' meaning 'to send back,' from Latin 'remittere,' meaning 'to send back.'
📝Usage Notes
The term is commonly used in financial and economic contexts, particularly in discussions about international money transfers and global economic flows.