What Are The Types Of Remittance?

What remitted means?

to transmit or send (money, a check, etc.) to a person or place, usually in payment.

to refrain from inflicting or enforcing, as a punishment, sentence, etc.

to refrain from exacting, as a payment or service.

to pardon or forgive (a sin, offense, etc.).

to slacken; abate; relax: to remit watchfulness..

What is remittance statement?

A remittance advice is a statement that accompanies a payment to a supplier, detailing what was paid. The supplier uses the information on a remittance advice to flag outstanding receivables in its accounting system as having been paid. A remittance advice is frequently printed as an attachment to a check payment.

What is the meaning of remittance?

A remittance refers to money that is sent or transferred to another party. The term is derived from the word remit, which means to send back. Remittances can be sent via a wire transfer, electronic payment system, mail, draft, or check.

What is salary remittance?

Personal remittances is the sum of personal transfers and compensation of employees. … Compensation of employees has three main components: wages and salaries in cash, wages and salaries in kind, and employers’ social contributions.

What is receipt remittance?

Remit automatic receipts to your bank to initiate the transfer of payments from your customers. You remit your automatic receipts after approval or confirmation, if confirmation is required. The remittance process is very similar to the automatic receipt creation process. …

What is a remittance transfer?

Remittance transfers are commonly known as “international wires,” “international money transfers,” or “remittances.” Federal law defines remittance transfers to include most electronic money transfers sent by consumers in the United States through “remittance transfer providers” to recipients in other countries.

What is the difference between remittance and payment?

The difference between a remittance and a payment is, in most cases, a matter of whether money is travelling overseas. The word, “remittance”, comes from the verb, “to remit”, or to send back. So, whilst all remittances are payments, not all payments are necessarily remittances.

What is another word for remittance?

In this page you can discover 9 synonyms, antonyms, idiomatic expressions, and related words for remittance, like: payment, transmittal, money sent, enclosure, remittal, remission, remitment, remittances and receipt.

What is direct remittance?

Direct remittance is an electronic payment service. When the company registers incoming invoices and makes salary payments, the payment transactions are sent to Nets in a file. … The file can be sent directly to Nets, via another data centre or via the bank.

How do you send a bank remittance?

Just follow these simple steps:login or sign up for a WorldRemit account (it takes just 2 minutes to create an account)select the country and amount you want to send.enter your recipient’s details (name, address, phone number) and bank details (bank name, IBAN number and SWIFT code)pay for your transaction.

What is Remittance Account?

Remittance Account means the deposit account established and maintained by Seller at Bank into which Bank shall deposit any and all funds received by Bank from time to time which are attributable hereunder to Seller’s Retained Percentage in any Participated Mortgage Loan and which are required to be paid by Bank to …

How many types of remittances are there?

Remittance can be one of the following two types: Outward Remittance: When expatriates send money to their home country, the process is referred to as outward remittance. Inward Remittance: The process of receiving this money by the expat’s family is called inward remittance.

How do you do a remittance?

To transfer online, open an account, provide information about the recipient, and fund your transfer. You can typically use a linked bank account, a debit card, or credit card to make payments. Be aware that your funding method affects how fast the money moves and how much you pay in fees.

What is the opposite of remittance?

What is the opposite of remittance?debtdisadvantagewholedamagecosttakefinedeprivationforfeitureforfeit3 more rows

What is an example of a remittance?

Remittance is defined as money that is sent to pay for something. An example of remittance is the check sent to pay for the treadmill you bought on TV. The sending of money to someone at a distance.