International Remittance in Trichy - FEX Forex Pvt. Ltd

 International Remittance in Trichy - FEX Forex Pvt. Ltd

 A remittance is a payment of money that is transferred to another party. Broadly speaking, any payment of an invoice or a bill can be called a remittance. However, the term is most often used nowadays to describe a sum of money sent by someone working abroad to his or her family back home.The term is derived from the word remit, which means to send back. 

 

Payment remittance is a money exchange using a transfer. One party will send funds to another individual or entity, typically using electronic transfer or wire submission. Transactions of this kind are often done internationally and can be completed almost immediately. Many people use remittance as a means to send money back to their home country to provide financial support. Remittances are also used to aid developing countries and make up a portion of the gross domestic product (GDP). While convenient and not necessarily done through business transactions, fees do apply for remittance activity. view details

 

There are different ways a remittance payment can work. Circumstances for choosing a payment path include bank account access, payment preferences, desire for quick transaction, or the cost of the transaction. No matter the method, transactions take a basic route to complete the payment cycle. 

When executing a remittance, funds of the remittance amount must be present in the sender’s bank account. After the transaction has been issued, the funds will be transmitted to the recipient’s bank for processing. Once the money is at the bank, a foreign exchange rate and banking fee are applied. The funds are now available as local currency, minus the fees, for the recipient to access. more details

 

Most remittance transactions are sent by wire transfer, however, electronic transfer is common as well. There are many options for wire transfers, though popular choices are Western Union and Society for Worldwide International Financial Telecommunication (SWIFT). Remittance senders must ensure their bank works with the same transfer companies as the recipient’s bank. On occasion, the recipient’s bank cannot directly receive a transfer. In this case, an intermediary bank will accept the incoming funds, and then deliver them to the recipient’s bank, and, of course, change a fee for their service. Because of this process, wire transfers tend to take up to 5 business days to process. 

An alternative to the wire transfer is an electronic funds transfer (EFT). This is a much more efficient process, often completed in just one business day. EFTs are done through phone and tablet apps and internet sites through a computer network, eliminating the paperwork that a wire transfer or other payment methods may require. 

Money transfer services may have lower rates and faster transfer times, depending on the service you choose and the countries involved in the transaction. This is an option best used for a person you know, according to the U.S. Federal Trade Commission, as scam artists commonly use this system. get details

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