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Remittance is the process of transferring payment for goods from a buyer (remitter) to a seller (beneficiary) through banks. There are four parties involved: the remitter, beneficiary, remitting bank, and paying bank. Remittance can occur through mail transfer, where payment is authorized by mail, or telegraphic transfer, where payment is authorized by telegraph and is faster but more expensive.
Remittance is the process of transferring payment for goods from a buyer (remitter) to a seller (beneficiary) through banks. There are four parties involved: the remitter, beneficiary, remitting bank, and paying bank. Remittance can occur through mail transfer, where payment is authorized by mail, or telegraphic transfer, where payment is authorized by telegraph and is faster but more expensive.
Remittance is the process of transferring payment for goods from a buyer (remitter) to a seller (beneficiary) through banks. There are four parties involved: the remitter, beneficiary, remitting bank, and paying bank. Remittance can occur through mail transfer, where payment is authorized by mail, or telegraphic transfer, where payment is authorized by telegraph and is faster but more expensive.
Remittance is to deliver the payment of the goods to the
seller by bank transfer. In remittance, there are four parties involved: the remitter, the beneficiary, the remitting bank, and the paying bank. From a legal point of view, the remitter remits the money to the beneficiary as it is required by the contract concluded between them. And when the remitter comes to the remitting bank, he fills an application form for the bank to effect the payment, which, upon acceptance, will be binding upon the remitting bank. And the paying bank pays the beneficiary because it is the branch bank or correspondent bank of the remitting bank in the country of the seller. Types of Remittance Remittance is of two types: Mail transfer (M/T) Telegraphic Transfer (T/T) Mail Transfer (M/T) By Mail Transfer, the buyer will hand over the payment of the goods to the remitting bank that will authorize its branch bank or correspondent bank in the country of the beneficiary by mail to make the payment to him. Telegraphic Transfer (T/T) By Telegraphic Transfer, the buyer will hand over the payment of the goods to the remitting bank which will authorize its branch bank or correspondent bank in the country of the beneficiary by telegraphic means to make the payment to him. Mail Transfer is less expensive, but it costs more time, while telegraphic transfer is more expensive but is much sooner.
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