The term bagman (or bag man) has different meanings in different countries.

One group of definitions centers on the idea of traveling. In British usage, "bagman" is a term for a traveling salesman, first known from 1808. In Australian usage, it can mean a tramp or homeless man.

However, many other definitions center around money. People involved in political fundraising, soliciting donations, or otherwise involved in the financial side of a political campaign may be referred to as a bagman. This usage has led to an expansion of meaning to include those who solicit bribes for public officials.

In organized crime, a bagman may be involved in protection rackets or the numbers game, collecting or distributing the money involved. When acting as an intermediary in such activities, a bagman may also be called a delivery boy or running man, and may receive a fraction of the money collected. Journalist Jack Shafer defines "bag man" as a slang term "for criminals who perform deliveries and run errands for other criminals." In criminal operations involving disbursements of cash as illegal payments for some service, a bagman delivers the money, often cash, to the recipient, such as Fred LaRue in the Watergate scandal.