What is a remittance payment?

A remittance is a payment of money that is transferred to another party. Broadly speaking, any payment of an invoice or a bill can be called a remittance. The term is derived from the word remit, which means to send back.

What is an example of a remittance?

Remittance is the act of sending in money to pay for something. An example of remittance is what a customer sends in the mail when a bill is received. Remittance is defined as money that is sent to pay for something. An example of remittance is the check sent to pay for the treadmill you bought on TV.

What does make remittance to mean?

A remittance is a payment that gets sent somewhere else. If you get a bill in the mail, you will usually have at least a week to send your remittance. To “remit” is to send money or make a payment and what you send is called remittance.

What is remittance on a bank statement?

REM – remittance: a cheque credited to your account that was not paid in at your account-holding branch or bank. REV – reversal: a standing order or Direct Debit has been recalled. STO – standing order.

How does a remittance work?

Remittances are funds transferred from migrants to their home country. They are the private savings of workers and families that are spent in the home country for food, clothing and other expenditures, and which drive the home economy.

What does remit mean in business?

If you send your client a bill for your consulting services, be sure to include your address so he knows where to remit the payment. Remit means send back, and it has many uses. If you remit payment, you send it back to the person you owe it to.

What does remittance mean in banking?

The term ‘remittance’ derives from the word ‘remit’, which means ‘to send back’. Remittance refers to an amount of money transferred or sent from one party to another, usually overseas. Remittances can be personal money transfers made to family and friends, as well as business payments.

Is Cebuana Lhuillier International?

While the company was originally known for its pawning services, Cebuana expanded its offers and financial services to the consumers, with international transfers as one of its biggest benefits for its Overseas Filipino Workers (OFW).

What is difference between remittance and payment?

The difference between a remittance and a payment is, in most cases, a matter of whether money is travelling overseas. The word, “remittance”, comes from the verb, “to remit”, or to send back. So, whilst all remittances are payments, not all payments are necessarily remittances.

What are the examples of remittances?

Remittance is the act of sending in money to pay for something. An example of remittance is what a customer sends in the mail when a bill is received . Remittance is defined as money that is sent to pay for something. An example of remittance is the check sent to pay for the treadmill you bought on TV .

What is an example of a remittance letter?

An example of a remittance letter is as follows: Dear Mr. Smith; Enclosed is $75 for December, 2015 for the office furniture I am leasing from your company, Office Solutions.

What are sources of remittance?

Most remittances are made by foreign workers to family members in their home countries. The most common way of making a remittance is by using an electronic payment system through a bank or a money transfer service such as Western Union. People who use these options are generally charged a fee.

What is the problem of remittance?

Remittances can reduce labor supply and create a culture of dependency that inhibits economic growth. Remittances can increase the consumption of nontradable goods, raise their prices, appreciate the real exchange rate, and decrease exports, thus damaging the receiving country’s competitiveness in world markets.