REMITTANCE TRANSFER through proper channel of communication and are done between the sender and receiver. The central communication hub called the remittance transfer service provider provides a formal way to send and receive funds. Normally there will be two remittance service providers will be involved; one which will serve the sending of money and another receiving of money. Remittance service providers are the money transfer companies which provide assistance and way through which workers from foreign countries send money to their families living in home countries.
KEY PARTICIPANTS IN REMITTANCE TRANSFER
The common practice in remittance transfer is the transfer of credit. The transfer is initiated by the instructions and demands given by the sender to the remittance transfer service. Different debt instruments are utilized for this such as cheques, debit cards, etc.
The process of remittance transfer is composed of different steps. From the sender to crediting the transfer to the other end of the receiver, there are various servicing ways. The payments for the transfer could be made by cash, by debiting or crediting a bank account, or by use of prepaid funds like electronic money. Within this process, the exchange of information regarding the transfer is also included in the process.