A remittance is a payment that gets sent somewhere else.
To remit is to send money or make a payment and what you send is called remittance.
What is the meaning of remittance in banking?
A remittance is the funds an expatriate sends back to his or her home country via wire, mail, or online transfer. These peer-to-peer transfers of funds across borders are economically significant for many of the countries that receive them.
What is an example of a remittance?
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 TV you bought online.