Meaning of the word remittance in English

What does remittance mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

remittance

US /rɪˈmɪt̬.əns/
UK /rɪˈmɪt.əns/
"remittance" picture

Noun

1.

a sum of money sent, especially by mail, in payment for goods or services or as a gift

Example:
•
She sent a monthly remittance to her family abroad.
•
Please include the invoice number with your remittance.
2.

the act of sending money to someone

Example:
•
The bank facilitates international remittance services.
•
The new system aims to streamline the process of remittance.