What does remittance mean?
A payment or transfer of money, especially one made by a person living abroad to a family member or friend in their home country. A payment or transfer of money made by a person or organization to settle a debt or obligation.
Example
"The company sent a remittance to the employee's bank account to cover the cost of the relocation."
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.