Crossword Genius

Character with identity remitted hot money, cash used in Argos? (8)

Ross

I believe the answer is:

didrachm

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'remitted hot money cash used in argos?' is the definition.
I can't tell whether this definition defines the answer.

'character with identity' is the wordplay.
'character' becomes 'drachm' (I can't explain this - if you can you should believe this answer much more).
'with' indicates putting letters inside.
'identity' becomes 'id' (abbreviation).
'drachm' going around 'id' is 'DIDRACHM'.

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I've seen this clue in The Times.
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