What does remittance mean?
Remittance is a noun and it refers to the movement of money from one place to another.
For example, a family member that is living in a foreign country and is working in a decent job with a good salary may send money back home to their family. The money that is sent to the migrants’ native country is a remittance and is often used to support the family to help pay for bills, food, clothing, schools and so on.
Here are some examples of the noun being used:
- The remittance sent by expatriates to their native country is very important and can make up a large portion of the country’s GDP, especially in developing countries.
- There are many ways for migrants to send remittances to their family, there are many websites that will transfer the money securely and safely for the expatriate and their family.
