Word of the Day

: May 20, 2019

remittance

noun rih-MIT-unss

What It Means

1 a : a sum of money remitted

b : an instrument by which money is remitted

2 : transmittal of money (as to a distant place)

remittance in Context

"PayPal has everything it needs to send money to friends or family or to pay bills, even across borders. Its acquisition of Xoom in 2015 gave it a strong position in digital remittance." — Adam Levy, The Motley Fool, 14 Dec. 2018

"Kit … knew that his old home was a very poor place…, and often indited square-folded letters to his mother, enclosing a shilling or eighteenpence or such other small remittance, which Mr Abel's liberality enabled him to make." — Charles Dickens, The Old Curiosity Shop, 1841

Did You Know?

Since the 14th century, the verb remit has afforded a variety of meanings, including "to lay aside (a mood or disposition)," "to release from the guilt or penalty of," "to submit or refer for consideration," and "to postpone or defer." It is derived from Latin mittere (meaning "to let go" or "to send"), which is also the root of the English verbs admit, commit, emit, omit, permit, submit, and transmit. Use of remittance in financial contexts referring to the release of money as payment isn't transacted until the 17th century.