Definition

The period of time that is accepted by custom for making a payment, especially in international trade, or the practice of using something in a particular way.

Example

The usance for this bill of exchange is typically 30 days after the date of issue.

Conversation

Have you ever heard of the term usance in finance?

Yeah, it refers to the time allowed for payment on bills, right?

Exactly! Different countries have different customs regarding usance.

That makes sense; it’s important to know when dealing with international transactions.

Synonyms & Antonyms

Root Explanation

Usance comes from Old French 'usance' (meaning use or usage), which in turn derives from the Latin 'usus' (meaning use). The word refers to the practice or customary use of something, particularly in a financial context.

Memory Tip

Think of 'use' in 'usance' to remember that it refers to the customary practice or usage of something.

Visually Confused Words