What does it mean when a payment is remitted?

What does it mean when a payment is remitted?

A remittance is money that is sent from one party to another. Broadly speaking, any payment of an invoice or a bill can be called a remittance. However, the term is most often used nowadays to describe a sum of money sent by someone working abroad to their family back home.

What remitted means?

verb (used with object), re·mit·ted, re·mit·ting. 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.

What is an example of remit?

Remit is defined as to forgive or to send a payment. An example of remit is to pardon someone for lying. An example of remit is to mail a check to a friend.

Does remit to mean payable to?

What Does “Remit To” Mean? To remit payment means to send money to settle an invoice. By providing a “remit to” address on the invoices you send to your clients, you can let them know where to send the payment for their invoices.

What is total amount remitted?

That’s the amount paid. If it’s amount remitted – that’s usually talking about how much you’ve already paid, like in tax withholding. If it’s amount “to be” remitted, then it’s how much you owe. The key is figuring out if it’s what’s already been paid or what needs to be paid.

What is 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.

How long does a remitted payment take?

This type of transfer can take anywhere from 3-5 business days or longer – especially with overseas payments. Funds are transferred using wire networks, such as the Society for Worldwide Interbank Financial Telecommunication (SWIFT). These networks act as a messenger between the sending and receiving banks.

How do you use remit in a sentence?

Remit sentence example. While mainly occupied in those years with philosophical studies, Mill did not remit his interest in current politics. It cannot remit the divine punishment for sin; that also is in the hands of God alone.

What does remitted mean in legal terms?

Definition of remit to

: to send (something, such as a dispute or a court case) to an authority that can make a decision about it The case was remitted to the state court.

What is the difference between remit and pay?

How do you use remit?

Remit means send back, and it has many uses. If you remit payment, you send it back to the person you owe it to. If you’ve been in prison for five years of a seven-year sentence but you’ve been on good behavior, a judge might remit the remainder of your sentence and let you go free.

What is the difference between remittance and payment?

What does remitted mean in banking?

A Remittance is a transfer of funds to another bank account, sent as a payment or a gift. Find out how you can send a remittance and the best methods for sending remittance advice to suppliers with Brex. A remittance refers to a money transfer that is sent as a payment or gift to another party.

Is remittance A transfer payment?

Remittance refers to money that is sent or transferred to another party, usually overseas. Remittances can be sent via a wire transfer, electronic payment system, mail, draft, or cheque.

What is the opposite of remit?

What is the opposite of remit?

Is remittance same as payment?

A remittance refers to a money transfer that is sent as a payment or gift to another party. You may send a payment remittance to meet a bill or invoice obligation. Transfers sent abroad from foreign workers to their family in a native country are also known as remittances.

What is the noun form of remit?

remitment \ ri-​ˈmit-​mənt \ noun. remittable \ ri-​ˈmi-​tə-​bəl \ adjective. remitter noun.

What does it mean to remit tax?

Collecting is the process of obtaining money from your customers to cover your tax obligations; remitting is when you pass that money on to the appropriate tax authorities. That’s the easy part. The tough part is figuring out how much to collect, and where and when you need to remit it.

Are remittances good or bad?

Remittance flows tend to be more stable than capital flows, and they tend to be countercyclical—increasing during economic downturns or after a natural disaster when private capital flows tend to decrease. In countries affected by political conflict, they are often an economic lifeline to the poor.

What are some synonyms for remit?

synonyms for remit

• address.
• consign.
• dispatch.
• forward.
• mail.
• pay.
• post.
• route.

How do you send a remittance?

6 things to include in a remittance advice document

1. Your company’s name and address. Include this information to ensure the payment recipient can clearly identify who the payment is coming from.
2. Recipient’s name and address.
3. Invoice number.
4. Payment amount.
5. Payment method.
6. Issued date.
7. Physical mail.
8. Email.

What is bank remitted date?

Bank Remittance Date means, with respect to any Payment Date, two Business Days prior to such Payment Date.

How would I use remit in a sentence?

What does out of my remit mean?

re·​mit ri-ˈmit. ˈrē-ˌmit. British : an area of responsibility or authority. usually singular. The problem was outside/beyond our remit.

What is remittance used for?

About 75 per cent of remittances are used to put food on the table and cover medical expenses, school fees or housing expenses. In times of crisis, migrant workers may send more money home to cover crop losses or family emergencies.