What is an example of 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 do you mean by remit?

to transmit or send (money, a check, etc.) to a person or place, usually in payment. Synonyms: forward. Antonyms: retain. to refrain from inflicting or enforcing, as a punishment, sentence, etc. to refrain from exacting, as a payment or service.

What is a remit in the UK?

noun. plural remits. Britannica Dictionary definition of REMIT. [count] British, formal. : an area of responsibility and authority — usually singular.

What is a remit for payment?

Remit payment refers to the process of transferring funds by a payer to pay a payee, typically as a payment for invoices or bills. In business-to-business (B2B) transactions, this process is crucial for maintaining cash flow and ensuring that obligations are paid in accordance with agreements.

How do you use remit in a sentence?

That issue is not within the remit of the working group. The centre has a remit to advise Asian businesses and entrepreneurs. Many immigrants regularly remit money to their families. The matter was remitted to the justices for a rehearing.

🔵 Remit Remittance - Remit Meaning - Remittance Examples - GRE 3500 Vocabulary

What is your remit meaning?

The word “remit” originates from the Latin term remittere, meaning “to send back.” Over time, its usage has evolved to include various interpretations across different fields: Financial: To send money as payment. Legal: To refer a case back to a lower court. Medical: To diminish or abate symptoms.

What does it mean to remit a sentence?

to reduce a period of time that someone must spend in prison: She has had part of her sentence remitted. His prison sentence was remitted to two years. SMART Vocabulary: related words and phrases. Not punishing & reducing punishment.

How do I remit a payment?

Remittances are often transferred using an electronic payment system through a bank or money transfer service like Wise or Western Union. Most transfers take only a matter of minutes, and they usually come with a fee.

Is remit the same as pay?

It is also worth noting that remittances are usually for larger sums of money than most payments. You may pay $1 for an item in a convenience store, but remittances are never for such paltry sums of money. In fact, most of the time a remittance entails the transfer of at least a couple of hundred thousand dollars.

What does a remit look like?

Paper remittances include a detailed check stub, perforated invoice, or billing account statement section detached and mailed with the payment, indicating the amount paid. For example, if the customer pays by check, the payment may be sent with a remittance slip.

Does remit mean transfer?

The term 'remittance' derives from the word 'remit', which means 'to send back'. Remittance refers to an amount of money transferred or sent from one party to another, usually overseas. Remittances can be personal money transfers made to family and friends, as well as business payments.

What is a worker remit?

WHEN MIGRANTS send home part of their earnings in the form. of either cash or goods to support their families, these transfers are known as workers' or migrant remittances. They have been growing rapidly in the past few years and now represent the largest source of foreign income for many developing economies.

What is a cash remit?

A remittance is a sum of money transferred between two people. The term comes from the 'remit' definition, which means to give back. People working overseas often make remittances to their families back home. Sometimes, businesses also pay remittances to overseas customers and suppliers.

Does remit mean submit?

: to submit or refer for consideration, judgment, decision, or action. specifically : remand.

What is the purpose of a remit?

Key Uses of Remittance

Family Assistance: Remitting money to help family members who are far away, e.g., for school, healthcare costs, or everyday necessities. Payment for Goods and Services: Settlement of bills or the purchase of goods and services from local or foreign suppliers.

What is a remit type?

A remittance refers to the money sent by one party to another within or outside the country. Remittance is one of the important source of revenue for a country and plays a vital role in its economic growth and development. There are two types of remittance: Inward Remittance and Outward Remittance.

When to 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.

Does remit mean refund?

The word “remitted” comes from the Latin word remittere, which means “to send back” or “to cancel.” Historically, it referred to the action of sending money or a payment to extinguish a debt or obligation. Over time, the word evolved into its modern financial usage, denoting the act of sending money for a transaction.

How do you say "please remit payment"?

Please send payment as soon as possible by check or direct transfer. As per my payment terms, you will be charged a late fee of 2% per month for overdue payment. I've attached the invoice to this email for your reference. Please let me know if you have any questions.

What is remit money?

In finance, it refers to transferring funds from one person to another, often when someone abroad sends part of their earnings back home. Remittances are vital for supporting families, particularly in developing countries, where they help sustain household economies.

What does it mean when it says "please remit payment"?

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.

How do I send money through remit?

What is remit payment?

What is the meaning of Remittance? Payment remittance is a money exchange using a transfer. One party will send funds to another individual or entity, typically using electronic transfer or wire submission.

What does it mean to remit a decision?

Tribunal decisions

affirm a decision (this means we agree with the original decision) vary (make an alteration to) a decision. set aside (disagree with) a decision and substitute a new decision, or. remit (send back) a decision to the decision maker for reconsideration.

What does it mean to remit a document?

: 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.