remittance

noun

Etymology: Etymology tree English remit Proto-Indo-European *-yós Proto-Italic *-ios Old Latin -ios Latin -ius Latin -iader. Old French -ancebor. Middle English -aunce English -ance English remittance From remit + -ance.

1. The act of sending money to someone.

   “remittance advice”

2. Money which is sent to someone, typically to someone in another country.
3. Money sent by a foreign worker back to their home country.

   “It had been built on remittances, Lamin told me, sent back by a local young man who had been doing well, driving a cab in Amsterdam, until his luck changed and the money abruptly stopped.”

   “While the average cost of sending money to sub-Saharan Africa is the highest in the world, the cost of digital remittances to the region is less than the global average. If more Africans sent money home via digital services rather than cash, average remittance fees should fall, but receiving money online requires the internet, which is used in sub-Saharan Africa by only 37% of people, according to the World Bank.”