What is Remittance?
Remittance refers to the transfer of money, often by a foreign worker to an individual in their home country. These transfers can occur in various forms such as wire transfers, electronic payments, checks, or cash, and can be facilitated through banks, money transfer services, or online platforms.
Sentence Examples
To help you understand the term “remittance” better, here are some sentence examples:
- John sent a remittance to his family in Mexico every month to support their living expenses.
- In this sentence, John, who is likely working in a foreign country, sends money (remittance) to his family in Mexico on a monthly basis.
- The remittance from overseas workers plays a significant role in boosting the economy of developing countries.
- Here, the sentence highlights the economic impact of remittances, particularly in developing countries where they can contribute significantly to the GDP.
- Due to the rise of digital platforms, the cost of remittance transactions has significantly decreased.
- This sentence emphasizes the influence of technology on remittances, where digital platforms have made it easier and cheaper to send money across borders.
- The government is implementing policies to streamline the remittance process and make it more transparent.
- In this example, the sentence discusses the role of government policies in regulating remittances and ensuring transparency in the process.
- Maria received a remittance from her son who works in Canada, which she used to pay for her medical bills.
- This sentence illustrates a personal scenario where remittances are used to cover essential expenses, such as healthcare.
In conclusion, remittances are a crucial aspect of global finance, impacting individual lives and economies. They represent a lifeline for many families and a significant source of foreign income for many countries. As technology continues to evolve, the process of sending and receiving remittances is becoming more efficient and accessible.