remittance

noun

re·​mit·​tance ri-ˈmi-tᵊn(t)s How to pronounce remittance (audio)
1
a
: a sum of money remitted
b
: an instrument by which money is remitted
2
: transmittal of money (as to a distant place)

Did you know?

Since the 14th century, the verb remit has afforded a variety of meanings, including "to lay aside (a mood or disposition)," "to release from the guilt or penalty of," "to submit or refer for consideration," and "to postpone or defer." It is derived from Latin mittere (meaning "to let go" or "to send"), which is also the root of the English verbs admit, commit, emit, omit, permit, submit, and transmit. Use of remittance in financial contexts referring to the release of money as payment isn't transacted until the 17th century.

Example Sentences

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 Two additional sessions were on African markets, focusing on the African fintech divide as well as solutions to the remittance economy. WIRED, 3 Nov. 2022 Through open banking, Kanyeki says Terrapay has reduced cross-border remittance costs from 7% to 3% is some countries, and has expanded its portfolio to 4.5 billion bank accounts and over 1.5 billion mobile wallets. Faustine Ngila, Quartz, 7 Oct. 2022 Mallers also believes Strike will come to challenge Western Union as a remittance service. Jeff John Roberts, Fortune, 27 Sep. 2022 Perhaps its most eye-catching move was signing Grammy-winning star Wizkid as a brand ambassador, leveraging his cult following to launch a remittance service. Alexander Onukwue, Quartz, 16 Feb. 2022 At present, Novi is providing its remittance service free of fees or FX margin, as would be expected in a pilot and similar to many launch strategies of other money transfer services. Daniel Webber, Forbes, 28 Oct. 2021 Still, Connecticut merchants of all kinds largely comply with sales tax remittance laws, Phelan said, adding that out-of-state sellers who flout those rules continue to hold an unfair advantage. Keith M. Phaneuf, Hartford Courant, 15 July 2022 The Latin American FinTech company, Broxel, led by founder Gustavo Gutiérrez has recently taken the financial initiative, producing a platform that provides financially easy-to-manage remittance payments, integral to the Mexican economy. Rod Berger, Forbes, 28 June 2022 Those who wish to pay the bills due on all their properties in one transaction, must either pay in person at the Cuyahoga County Administrative building, 2079 E. 9th St, or mail in a check with each bill’s remittance stub. Kaitlin Durbin, cleveland, 30 June 2022 See More

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.

Word History

Etymology

remit entry 1 + -ance

First Known Use

1672, in the meaning defined at sense 1a

Time Traveler
The first known use of remittance was in 1672

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Dictionary Entries Near remittance

Cite this Entry

“Remittance.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/remittance. Accessed 4 Dec. 2022.

Kids Definition

remittance

noun

re·​mit·​tance ri-ˈmit-ᵊn(t)s How to pronounce remittance (audio)
1
: money sent especially in payment
2
: a sending of money (as to a distant place)

Legal Definition

remittance

noun

re·​mit·​tance ri-ˈmit-ᵊns How to pronounce remittance (audio)
1
a
: a sum of money remitted
b
: an instrument by which money is remitted
2
: transmittal of money (as to a distant place)

More from Merriam-Webster on remittance

Last Updated: - Updated example sentences
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