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Remittances are typically sent using an electronic payment service or money transfer app. Once the money is transferred, the recipient can collect payment from the receiving bank or money service agent in that country. Depending on the service, it may be delivered directly to the recipients bank account.
In other words, a remittance is the sum of money being sent, generally to someplace abroad, although it can also be made domestically. In common usage, the word can refer to moving money by any method, such as a wire transfer, or by mail, to move the money. The payment could be to: Pay an employee.
Deriving from the term remit (meaning to send back), remittance refers to a sum of money that is sent back or transferred to another party.
The Merriam-Webster dictionary defines it as: To remit - to send (money) to a person or place especially in payment of a demand, account, or draft. In other words, a remittance is the sum of money being sent, generally to someplace abroad, although it can also be made domestically.
SAP Business Network displays the Remittance Advice page for the remittance advice. Perform any of the following actions: Click the History tab to view the status history of the remittance advice or the Details tab to view its details. Use the show and hide links for payer and payee details.
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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 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.

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