Legal Definitions - remittee

A remittee is the individual or entity who receives a payment that has been sent to them. In a financial transaction, they are the party to whom funds are directed and ultimately delivered.

A remittee is the individual or entity designated to receive a payment. This term refers to the party to whom money is sent or transferred, regardless of the method of payment.

Here are some examples to illustrate the concept of a remittee:

• Example 1: Paying a Monthly Bill

  When a homeowner sends a check or initiates an online transfer to pay their mortgage, the bank or lending institution is the remittee. The bank is the party to whom the mortgage payment is sent and who ultimately receives the funds.

• Example 2: Receiving a Refund

  If a customer returns an item to an online retailer and receives a refund credited back to their credit card, the customer is the remittee. The refund payment is sent back to the customer's account, making them the recipient of the funds.

• Example 3: International Wire Transfer

  A business in the United States wires money to a supplier in another country for goods purchased. The supplier's bank account in the foreign country is set up to receive these funds, making the supplier the remittee. They are the ultimate recipient of the payment for the goods.