remittancerɪˈmɪt ns
remittance (n)
- plural
- remittances
remittance
English Definitions:
remittance, remittal, remission, remitment (noun)
a payment of money sent to a person in another place
remittance (Noun)
A payment to a remote recipient.
Remittance
A remittance is a transfer of money by a foreign worker to his or her home country or simply sending amount from one country to another. Money sent home by migrants constitutes the second largest financial inflow to many developing countries, exceeding international aid. In 2012, according to the World Bank Report, $401 billion new remittance record went to developing countries with overall global remittances topped $514 billion. Remittances contribute to economic growth and to the livelihoods of people worldwide. Moreover, remittance transfers can also promote access to financial services for the sender and recipient, thereby increasing financial and social inclusion.
Remittance
A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of international capital flows, especially with regard to labor-exporting countries.According to the World Bank, in 2018 overall global remittance grew 10% to US$689 billion, including US$528 billion to developing countries. Overall global remittance is expected to grow 3.7% to US$715 billion in 2019, including US$549 billion to developing nations.Due to its large diaspora and overseas expats population, India consecutively remains the top receiver of remittance, e.g. with US$80 billion in 2018, US$65.3 billion (2.7% of India's GDP) in 2017, US$62.7 billion in 2016 and US$70 billion in 2014. Other top recipients in 2020 were US$67 billion to China, US$34 billion each to Philippines and Mexico and US$26 billion to Egypt.
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"remittance." Kamus.net. STANDS4 LLC, 2024. Web. 26 Apr. 2024. <https://www.kamus.net/english/remittance>.
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