remittance

/rɪˈmɪtəns/

money sent to someone in another place

Many migrant workers send remittances to their families back home.

This shows how remittances support families financially across distances.

Finance

formal

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.

Collocations

send a remittanceto transfer money to someoneremittance servicea financial service that facilitates money transfersremittance inflowthe total amount of money sent into a country

an economy heavily reliant on money sent by workers abroad

the industry providing money transfer services

Remittance is frequently discussed in financial news, economic reports, and discussions about migration.

Remittance is a formal term; in casual speech, people might say 'sending money home'.

From Middle French 'remettre' (to send back), from Latin 'remittere' (to send back).

Remittance is often used in financial and economic contexts, particularly when discussing migrant workers and international money transfers.

remit

to send back or transfer

root

-ance

the action or result of

suffix

English Dictionary