What does remitted payment mean?

to send back
A remittance is a payment of money that is transferred to another party. However, the term is most often used nowadays to describe a sum of money sent by someone working abroad to his or her family back home. The term is derived from the word remit, which means to send back.

What does remitted in full mean?

Remit. To transmit or send. To relinquish or surrender, such as in the case of a fine, punishment, or sentence. An individual, for example, might remit money to pay bills.

What is the means of remit?

: to send (money) as a payment. : to cancel or free someone from (a punishment, debt, etc.) remit.

Does remit mean refund?

Remit means send back, and it has many uses. If you remit payment, you send it back to the person you owe it to.

What does remitted mean in banking?

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 does remitted mean in tax?

A remittance is the amount you have to send to the CRA, after paying remuneration or giving a taxable benefit to a recipient. For information about calculating source deductions and your share of CPP and EI (if applicable), go to Payroll deductions and contributions.

What is a remitted patient?

(of a patient or a disease) having had the symptoms decrease or subside; in remission: Our study indicates that without continuous active treatment, virtually all remitted patients relapsed within 6 months.

What is the difference between remit and remittance?

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.

Is bank transfer a remittance?

What is the Difference Between a Bank Remittance and a Bank Transfer? A bank transfer is when you send a certain amount from one account to another. A bank remittance is used when a transfer is made between two different accounts.

Has been remitted meaning?

(of money) having been sent or transmitted to a person or place, usually as payment:Any remitted money must be in U.S. currency. (of a debt, offense, etc.) having been forgiven or pardoned:Our envoys shall not have the right to extort payment of remitted fines from those destitute persons whom the emperor has forgiven.

What is the difference between bank transfer and bank remittance?

Bank transfer is defined as a transaction between accounts (in most cases, two accounts of the same individual). On the other hand, Bank remittance is a type of transaction involving two separate account holders. For instance, if a migrant or foreign worker sends money back home, the fund transfer is a remittance.

What is remitted foreign income?

Commonly foreign income and gains are ‘remitted to the UK’ if they (or something deriving from them) are: brought to, or received in, or used in the UK by you or another relevant person. brought to, or received in, or used in the UK for your benefit or that of another relevant person.

What does remit to address mean?

A remittance address, which can also be called a remit to address or remit address, is just a specific address that an individual or a business uses to receive payments. Since some businesses use payment processing centers or banks to handle their incoming payments, they might use the addresses of those facilities as their remittance address.

What does remit mean in business?

“remit” in Business English. › the types of activity that a person or organization has responsibility for: The Treasury’s remit has never been more wide-ranging than it is now. As independent broadcasters, it is part of our remit to cater for minority audiences and promote diversity.

What is remit of Investigation?

The remit or scope sets out the boundaries of inquiry, including documents, people and activities that can be explored by the investigator – and those that cannot. It also includes what is required from the investigator in terms of deliverables, such as interim reports and final actions.

What is a remit payment?

A remittance refers to money that is sent or transferred to another party. The term is derived from the word remit, which means to send back. Remittances can be sent via a wire transfer, electronic payment system, mail, draft, or check. Remittances can be used for any type of payment including invoices or other obligations.