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What is the difference between a remit and a transfer?

An example of remittance of payment is a migrant worker sending money from the United States to their family in Mexico using an online remittance service, ensuring the funds are transferred securely and efficiently.

What is an example of a remitted payment?

Remittance refers to receiving/sending money abroad, often to support family or friends. It plays a crucial role in the global economy. If youve ever had to receive/send money from/to family or friends abroad, then youve engaged in a remittance transaction.

What does remit payment to mean?

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.

Does remit mean return?

Remit means send back, and it has many uses. 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.

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