Does Remittance Mean Payment?

A Remittance is a transfer of funds to another bank account, sent as a payment or a gift. ... 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.

What is the difference between remittance and payment?

As nouns the difference between payment and remittance

is that payment is (uncountable) the act of paying while remittance is a payment to a remote recipient.

Is remittance transfer a payment?

The term 'remittance' is derived from 'remit', meaning 'to send back'. A bank remittance refers to the funds sent or transferred to another entity or account as payment for services or a product. Remittances can also be personal money transfers made to family and friends overseas and any sort of business payments.