Remittance (redirected from remitence)

Remittance

The process of sending money to remove an obligation. This is most often done through an electronic network, wire transfer or mail. The term also refers to the amount of money being sent to remove the obligation.

Notes:

When a person sends a check to the government to pay for a tax bill, the check is remittance to remove the tax obligation. If you were to send money to a friend in Europe through a wire-transfer service, the sum of the payment is the remittance.

See also: Bank, Debt, Obligation, Retail Banking, Transfer Payment, Wire Transfer