Money Transfer | Remittance Services
Online Money Transfers Work
It is simply a completely electronic way of transferring money from one bank account to another bank account. Data is exchanged; paper money is not. Using a debit card at a store transfers money from your checking account into the store's banking account. Direct deposit payroll moves money from your employer's bank account into yours. Both of these transactions are examples of online money transfer.
The procedure of online money transfer is as follows:
1. Online money Transfer can be made to a friend or family member or use it to pay a bill that is due soon.
2. Make sure you have a reliable internet connection. You should not use a public computer to do online money transfers. Do online money transfer only from your home or your office computer to which only you have access to.
3. Go to the website of the company you use to make online money transfer. Next, enter the country you are sending money to as well as the person's name and location. Fill in the amount of money that you want to transfer.
4. Continue to select if you are a new customer or a returning customer. If you already have an account, you can proceed to transfer the money. If not, you will be prompted to create an account, which will include your personal information such as name, mailing address and a bank account to link to.
5. You can pay for the transaction either by making a payment directly from your bank account, or with a debit or credit card.
6. Confirm the amount and verify all information is correct.
7. Send the request to transfer money. You will receive a confirmation e-mail to verify that the transfer was successful. The person you sent the money to will also be notified.
Remittance processing is the process of sending money to remove an obligation. This is most often done through an electronic network, wire transfer or mail. The term remittance refers to the amount of money being sent to remove the obligation. A remittance advice is a letter sent by a customer to a supplier to inform the supplier that their invoice has been paid. If the customer is paying by cheque, the remittance advice often accompanies the cheque. The advice may consist of a literal letter or of a voucher attached to the side or top of the cheque.
Remittance processing involves streamlining your receivables processing, getting faster access to funds or slashing your payment processing costs. Remittance services can streamline your internal processes by providing timely reporting and automatic updates to your AR systems through secure electronic transmissions. What’s more, remittance processing speeds access to critical information from paper receivables, allowing you to be more agile, pro-active and customer-focused. A remittance processing platform should efficiently and accurately handle wholesale, whole-tail and retail lockbox transactions as well as exceptions items.
Remittance Processing provides you with the ability to receive payments, apply them to your payer's account, and deposit the checks in your bank.
