remittance

noun
re·​mit·​tance | \ ri-ˈmi-tᵊn(t)s How to pronounce remittance (audio) \

Definition of remittance

1a : a sum of money remitted
b : an instrument by which money is remitted
2 : transmittal of money (as to a distant place)

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Examples of remittance in a Sentence

Remittance can be made by check or credit card. she always mails in her remittance on time so she won't ever be charged a late fee on her electric bill
Recent Examples on the Web The average remittance in the period from January to July was $337, 4.3 percent higher than the same period of 2019. Wendy Fry, San Diego Union-Tribune, "Immigrants, hit hard by the pandemic, are sending even more money back to Mexico," 5 Sep. 2020 The company touts itself as the world’s top independent provider of such services for immigrants, disrupting the $600 billion global remittance industry and market share of longtime brick-and-mortar leaders like Western Union. Tribune News Service, oregonlive, "Seattle’s Remitly booms during coronavirus pandemic, serving 300 million customers," 29 Aug. 2020 The World Bank compiled data on remittances sent by migrants in foreign nations and found roughly $103 billion was sent from the U.S. to six foreign nations that make up the top remittance routes. Emma Colton, Washington Examiner, "World Bank finds migrants in US sent $19B to China in 2019 and $38B to Mexico," 8 July 2020 The news last week that Western Union is considering an acquisition of rival MoneyGram would not have been a huge surprise to those following the remittance space in recent years. Rey Mashayekhi, Fortune, "Could a Western Union–MoneyGram deal help two giants fend off fintech disrupters?," 11 June 2020 In 2019, remittance inflow from the African diaspora topped $48 billion. Amindeh Blaise Atabong, Quartz Africa, "African countries are having to come to terms with a growing diaspora’s dual citizenship," 2 July 2020 Those challenges have been exacerbated by the pandemic, which the World Bank projects will lead to a 20% decline in global remittance volume this year. Rey Mashayekhi, Fortune, "Could a Western Union–MoneyGram deal help two giants fend off fintech disrupters?," 11 June 2020 Their families in countries like India, Pakistan, Nepal and the Philippines rely on their monthly remittances for survival. Angela Charlton And Tassanee Vejpongsa, Houston Chronicle, "Despite global reopening push, some jobs are gone for good," 6 June 2020 Governments and regulators around the world have long sought to cut the cost of remittances, which often cater to migrants who lack access to traditional bank accounts. Bloomberg Wire, Dallas News, "Western Union makes bid to buy Dallas-based rival MoneyGram," 2 June 2020

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'remittance.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of remittance

1672, in the meaning defined at sense 1a

History and Etymology for remittance

remit entry 1 + -ance

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Time Traveler for remittance

Time Traveler

The first known use of remittance was in 1672

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Statistics for remittance

Last Updated

18 Sep 2020

Cite this Entry

“Remittance.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/remittance. Accessed 19 Sep. 2020.

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More Definitions for remittance

remittance

noun
How to pronounce remittance (audio)

English Language Learners Definition of remittance

formal
: an amount of money that is sent as a payment for something
: the act of sending money as a payment for something

remittance

noun
re·​mit·​tance | \ ri-ˈmi-tᵊns How to pronounce remittance (audio) \

Kids Definition of remittance

: money sent in payment

remittance

noun
re·​mit·​tance | \ ri-ˈmit-ᵊns How to pronounce remittance (audio) \

Legal Definition of remittance

1a : a sum of money remitted
b : an instrument by which money is remitted
2 : transmittal of money (as to a distant place)

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Comments on remittance

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