The Definition of Remittance

For low-income countries or those with struggling economies, remittances are one of the main sources of income for the local population. In 2015, for example, Mexicans sent home more than $24 billion abroad, which is more money than the country earned by selling oil. A bank transfer is a payment that is sent elsewhere. When you receive an invoice in the mail, you usually have at least a week to send your transfer. Many authorities are also concerned about the high cost of remittances. Sending small amounts is often expensive. To promote transparency, some countries limit remittances to bank transfers, but banks are the most expensive remittance channel, according to the World Bank. In the first quarter of 2019, banks charged an average of 11% transfer fees. Post offices charge more than 7% on average. The fee can exceed 10% if the destination is in Africa or an island in the Pacific Ocean.

These sample phrases are automatically selected from various online information sources to reflect the current use of the word “bank transfer”. The views expressed in the examples do not represent the views of Merriam-Webster or its editors. Send us your feedback. Let`s start at the beginning. What exactly is a bank transfer? The Merriam-Webster dictionary says the following: The drop in oil prices and production has also pushed much of the Venezuelan population to migrate to other countries over the years. With so many refugees and immigrants living abroad, the result is an increase in remittances. In 2017, more than $1.5 billion in remittances were sent to family members back in the besieged country. In some cases, additional fees will be added if you finance your transfer with a debit or credit card. This can be an unpleasant surprise. An online transfer PayPal, for example, can cost 4% – 7.4% more per credit card. Western Union also increases its fees if you pay by card.

Unfortunately, card payments are not free and Wise sometimes charges you a fee if you want to pay by card. But they will show you these fees in advance. This way, you can decide whether you think it`s worth it or not, and you can make a bank transfer instead to avoid those extra fees. In a typical year, more than 270 million migrants living and working abroad send these remittances, known as remittances, back home. “Bank transfer” means sending money or making a payment, and what you send is called bank transfer. Buying something on a website involves a bank transfer – usually from an adult`s credit card, just like holding your cell phone requires a regular bank transfer to cover minutes and messages. If you`re going on a trip and run out of money, you may need an emergency referral for a plane or train ticket to get home. Britannica.com: Encyclopedia articles on transfers Your grandfather`s balance with me was just under one thousand five hundred when I made a transfer to him in December of last year.

If you need to pay for a bank transfer, you have several options. The abrupt halt in global trade and tourism, as well as the impact of lockdown measures on international migration and remittances, dealt a “ruinous” blow. Remittances are playing an increasingly important role in the economies of small and developing countries. They are also considered an important part of disaster relief and often exceed official development assistance (ODA). Remittances are often used to raise the standard of living of people abroad and fight global poverty. Indeed, since the late 1990s, remittances have surpassed development assistance and, in some cases, account for a significant share of a country`s gross domestic product (GDP). And they have to face like the Deuce to stay in Grub from one reference day to the next. The proposed definitions are used for inclusion in the Economictimes.com You can limit your free float by asking anyone transferring money to you to agree to use the fastest and most efficient service available. And if you need to transfer money abroad, it`s worth understanding the best way to pay an international invoice so you don`t have to wait for your suppliers unnecessarily. On the positive side, remittances are also used to help those living in less developed countries open bank accounts, which helps promote economic development. In June, he had received official permission from Earl Street to make a nice transfer.

According to the World Bank`s 2019 Migration and Development Letter, remittances totaling $529 billion were sent to low- and middle-income countries in 2018, a 9.6% increase from the previous record of $483 billion in 2017. This figure is significantly higher than the $344 billion in foreign direct investment in these countries, excluding China, in 2018. If we also include high-income countries, total remittances rise from $633 billion in 2017 to $689 billion. Nglish: Translating transfers for Spanish speakers Whether you have to pay a one-time transfer or you`re a foreign worker who regularly sends money to loved ones, it`s helpful to understand how transfers work and what fees may apply. A common way to pay for a bank transfer is to send an international transfer through your bank. You can call your local bank branch and clarify the situation in person or through your bank`s online banking system or app. If you`re sending money from the U.S. abroad, you may need a little more help making an international transfer. According to the World Bank, the top recipients of remittances in 2018 were India with $79 billion, followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion) and Egypt ($29 billion).

His own transfers were already supporting Garcia`s grandmother at home. The methodology used by countries to record the amount of money people receive through remittances is rarely published. While the majority of value transfers are made via web or bank transfers, where they are easier to settle, a reasonable amount of money is transferred in a more opaque way. “Bank transfer.” Merriam-Webster.com Dictionary, Merriam-Webster, www.merriam-webster.com/dictionary/remittance. Retrieved 14 January 2022. Services like Western Union and Moneygram allow you to transfer money online or visit one of their outlets worldwide. The recipient can then either have the transfer transferred to their account or pick it up in cash at a location near them. Subscribe to America`s largest dictionary and get thousands of other definitions and an advanced search – ad-free! In some cases, they were even higher than usual, based on our review of the latest available data and press releases for the main remittance recipient countries.

The global average cost of sending a $200 bank transfer, according to the World Bank. Yet despite lockdowns that have devastated wealthier economies and caused massive unemployment, remittances have generally held up this year. When you pay or plan to receive a transfer, the time it takes to process it is called a floating transfer. For example, if you`re sending a check in the mail, the time it takes to send the check to the right person, deposit it, and deposit the money into the recipient`s account is the transfer float. It`s especially important for companies and freelancers to understand the referring swimmer and try to limit it. When money is tied up while it is being processed, cash flow is limited and you lose potential interest payments on money owed to you.