What does the term 'Remittance' mean?

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Transferring money to a person located far awayThe amount of money that is transferredBoth transferring money and the amount sentNeither of the above

Explanation

Remittance refers to both the act of sending money to someone at a distance and the actual sum of money that is sent.

What does the term 'Remittance' mean? — Basic of Economics | PakQuizHub