What Does Remit Mean? Your Guide to a Remittance Transfer

In this article, weโ€™re going to be answering โ€œWhat does remit mean?โ€ However, weโ€™ll be specifically focusing on the meaning in the context of international banking and sending money.

This will include answers to common questions, examples of remittances being sent, and an explanation of how remittances work in banking.

This article is part of our free series on how to send money online which you can access by clicking this link.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. What Does Remit Mean?
  2. Examples of Remit
  3. Frequently Asked Questions
  4. Do You Want Help Opening Bank Accounts?

What Does Remit Mean?

Remit means send a payment, however, what it does not mean is send any payment. Instead, remit means sending a payment internationally, in most cases, this refers to sending a payment to friends, family members, or service providers in another country.

Importantly, you can remit payment through a number of different methods, including sending through a money order, bank transfer, online transfer, check, and more.

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Examples of Remit

Common examples of when you might remit a payment include remitting money to family as a form of financial support, remitting money to pay for utilities and other expenses, and sending money to pay service providers through their preferred method. Here is a closer look at these and other examples of when you might remit money.

  • Sending money to family members in a different country for the purpose of financial support
  • Remitting money to another country to cover real estate expenses for utilities, taxes, etc.
  • Sending a money order to service providers in another country.
  • Remitting money to dependents who are studying in a foreign country.

Frequently Asked Questions

Below are a few of the most common questions we receive from people looking into what remit means. If you have further questions you would like to ask our team, donโ€™t hesitate to get in touch.

What Does It Mean to Remit a Payment?

To remit a payment means to send money through an online transfer, money order, check, or other form of payment to an individual or business. While โ€œremit a paymentโ€ is used broadly to mean any payment that is being sent, what it actually means is to send a payment internationally.

What Does Remit Mean in Real Estate?

In real estate, remit a payment means that the person who withholds any taxes in relation to the sale of real estate will remit (send) those withheld taxes to the government, tax authorities, or other related body.

What Is an Example of Remit?

An example of a remit or remittance is when an individual is required to send a payment internationally to friends or family through a money order. Another example of remittance is when an individual is required to pay for services and the service provider requests that payment be remitted (sent back) via a specific form of payment.

What Does Remit Mean in Work?

Unlike sending a payment, in work (or business), it refers to the specific area of focus or responsibility of an individual, division, or company. This is especially true in British English, where the term is far more commonly used. In American English, it is more commonly used in the context of sending a payment.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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