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Remittances are typically transfers from a well-meaning individual or family member to another individual or household. They are targeted to meet specific needs of the recipients and thus tend to reduce poverty.
Remittance is a sum of money that is transferred either as a gift or payment to another party. Theoretically speaking, any repayment of an invoice could be categorised as a remittance, whereby the word remittance is a derivative of the term remit, which is essentially defined as to pay back.
The remittance letter is merely a notification from the customer making the payment to the supplier or company that the invoice or balance owed has been paid. However, a remittance letter is not proof of payment, nor does it prove that the enclosed check cleared properly through the customers bank.
What is a remittance? Remittance means send back. In terms of money, a remittance is the sending of money to a recipient who lives abroad. Most families living in slow-growing economies and developing nations rely heavily on these remittances as their main source of income.
So, while remittance involves sending money across borders to support family members, money transfer can be used for a wider range of purposes and may or may not involve cross-border transactions.
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What is the European Order for Payment Procedure? The European Order for Payment procedure was introduced by EC Regulation 1896/2006 and applies between all Member States except Denmark. The procedure allows creditors to recover uncontested civil and commercial claims using a simplified procedure.
Remittance Request means the instruction or request given by a Customer to the Bank through a Customer Service Representative at the Call Center to process a Remittance Transaction in favour of a Beneficiary.
What is the meaning of Remittance? Payment remittance is a money exchange using a transfer. One party will send funds to another individual or entity, typically using electronic transfer or wire submission. Transactions of this kind are often done internationally and can be completed almost immediately.

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