Payment vs. Remittance

Paymentnoun

(uncountable) The act of paying.

Paymentnoun

(countable) A sum of money paid in exchange for goods or services.

Paymentnoun

The act of paying, or giving compensation; the discharge of a debt or an obligation.

Paymentnoun

That which is paid; the thing given in discharge of a debt, or an obligation, or in fulfillment of a promise; reward; recompense; requital; return.

Paymentnoun

Punishment; chastisement.

Paymentnoun

a sum of money paid

Paymentnoun

the act of paying money

Payment

A payment is the voluntary tender of money or its equivalent or of things of value by one party (such as a person or company) to another in exchange for goods, or services provided by them, or to fulfill a legal obligation. The party making a payment is commonly called the payer, while the payee is the party receiving the payment.

Remittancenoun

The act of transmitting money, bills, etc. to a distant place, in return or payment for goods purchased.

Remittancenoun

That which is remitted; a payment to a remote recipient.

Remittancenoun

The act of transmitting money, bills, or the like, esp. to a distant place, as in satisfaction of a demand, or in discharge of an obligation.

Remittancenoun

The sum or thing remitted.

Remittancenoun

a payment of money sent to a person in another place

Remittance

A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries.