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A remittance transfer means the electronic transfer of funds requested by a sender to a designated recipient that is sent by a remittance transfer provider.
Broadly speaking, any payment of an invoice or a bill can be called a remittance. However, the term is most often used nowadays to describe a sum of money sent by someone working abroad to their family back home. The term is derived from the word remit, which means to send back.
What is the Difference Between a Bank Remittance and a Bank Transfer? A bank transfer is when you send a certain amount from one account to another. A bank remittance is used when a transfer is made between two different accounts. While wire transfers are always popular, a prime alternative is online transfers.
Payment is made via banknotes and coins (cash), deposits and credit on an account by a financial institution or a similar institution. A remittance is a sum of money transferred from another party as a payment or gift. It is often used to describe a sum of money sent by someone working abroad to their family back home.
Under federal law, remittance transfers generally describe electronic transfers of more than $15, sent by consumers in the United States to people or companies in foreign countries through a remittance transfer provider.

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If you remit payment, you send it back to the person you owe it to. If youve been in prison for five years of a seven-year sentence but youve been on good behavior, a judge might remit the remainder of your sentence and let you go free. Definitions of remit (/riˈmɪt/) verb.
Remittance transfers are commonly known as international wires, international money transfers, or remittances. Under federal law, remittance transfers do not include transfers of less than $15.

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