remittance
Many migrant workers send remittances to their families back home.
This shows how remittances support families financially across distances.
A sum of money sent to someone in another location, typically by a migrant worker to their family.
Remittances from overseas workers contribute significantly to the GDP of many developing countries.
This highlights the economic impact of remittances on national economies.
The bank offers low-cost remittance services to help migrants send money home.
This demonstrates how financial institutions facilitate remittances.
Remittances are often sent through formal channels like banks or informal methods like money transfer services.
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Antonyms
Related Phrases
Pro Tip
Common Contexts
Remittance is frequently discussed in financial news, economic reports, and discussions about migration.
Gold Rule
Formal Usage
Remittance is a formal term; in casual speech, people might say 'sending money home'.
Word Origin
From Middle French 'remettre' (to send back), from Latin 'remittere' (to send back).
Usage Notes
Remittance is often used in financial and economic contexts, particularly when discussing migrant workers and international money transfers.