What is the meaning of a remittance man?
In British history, a remittance man was an emigrant, often from Britain to a British colony, supported by regular payments from home on the expectation that he stay away. In this sense, remittance means the opposite of what it does now, i.e. money that migrants send to their home countries.
What is a remittance man in england?
remittance man in British English noun. a man living abroad on money sent from home, esp in the days of the British Empire.
What do u mean by remittance?
A remittance is a payment of money that is transferred to another party. Broadly speaking, any payment of an invoice or a bill can be called a remittance. 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.
What was a remittance man on the Canadian frontier?
Remittance Man, a term once widely used, especially in the West before WWI, for an immigrant living in Canada on funds remitted by his family in England, usually to ensure that he would not return home and become a source of embarrassment.
What is purpose of remittance?
Key Takeaways: There are two types of remittances in India and each has its purpose. As an NRI, you may send money to India for various reasons – to support your family, make investments or maintain an NRE account. This transfer of funds from overseas to India and back is known as a remittance.
How remittances help a country?
Remittances are funds transferred from migrants to their home country. They are the private savings of workers and families that are spent in the home country for food, clothing and other expenditures, and which drive the home economy.
What is difference between remittance and payment?
The difference between a remittance and a payment is, in most cases, a matter of whether money is travelling overseas. The word, “remittance”, comes from the verb, “to remit”, or to send back. So, whilst all remittances are payments, not all payments are necessarily remittances.